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Increasing Defense Expenditures Boost The Autonomous Underwater Vehicles Market: Strengthening the Growth Trajectory of the Autonomous Underwater Vehicles Market
Autonomous Underwater Vehicles Market
What Is the Expected CAGR for the Autonomous Underwater Vehicles Market Through 2025?
In recent times, the market size for autonomous underwater vehicles has seen exponential growth. The estimated growth is from $2.41 billion in 2024, escalating to $2.91 billion in 2025, reflecting a compound annual growth rate (CAGR) of 20.5%. The historical growth of this market is linked to the increased need for ocean exploration, requirements for defense and military applications, amplified demand for underwater surveying, growing awareness about climate change, progress in energy exploration and the efficiency of data collection, and cost-effectiveness of underwater exploration.
What's the Projected Size of the Global Autonomous Underwater Vehicles Market by 2029?
The market size for autonomous underwater vehicles is estimated to witness a swift expansion in the coming years. By 2029, this market is projected to surge to $5.77 billion, with a compound annual growth rate (CAGR) of 18.6%. The elevation in the prediction interval is attributed to the amplified demand for underwater monitoring, tracking the impact of climate change, deep-sea mining exploration, commercial utilization in fisheries, advanced autonomous navigation abilities, and superior autonomous decision-making. Key trends fronting the prediction interval involve the integration of artificial intelligence (AI), miniaturization and concise designs, technological progression, augmented investment in AUV technology, technological miniaturization, and evolving battery technology.
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Top Growth Drivers in the Autonomous Underwater Vehicles Industry: What's Accelerating the Market?
The autonomous underwater vehicles market is experiencing growth fueled by escalating oceanic exploration and expanding defense budgets. Research in the scientific study of oceans provides necessary data and tools that enhance comprehension of the Earth's oceans and atmosphere. Worldwide defense structures play a significant role in ocean research, utilizing manned submersibles to collect geological, biological, and archaeological materials from deep-sea floors, an activity made more accessible with autonomous underwater vehicles. For example, in April 2022, as per the Stockholm International Peace Research Institute (SIPRI), a Sweden-based world-renowned authority on weaponry control, arms transfers, and non-proliferation, it was noted that Russian military expenditure increased by an estimated 9.2% to around $86.4 billion in 2022, which represents 4.1% of the country's GDP, a rise from 3.7% in 2021. As such, elevated ocean exploration and increased defense spending globally are concurrently driving the progression of the autonomous underwater vehicles market.
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What Trends Will Shape the Autonomous Underwater Vehicles Market Through 2029 and Beyond?
A significant trend gaining traction in the autonomous underwater vehicles market is technological innovation. The sector's leading players are striving to cultivate technologically advanced solutions to maintain their market standing. For example, Kongsberg Gruppen, a Norway-based aerospace firm, rolled out HUGIN Edge, a new generation medium-sized autonomous underwater vehicle (AUV) from the HUGIN family of AUVs in March 2022. This vehicle is equipped with innovative battery technology and state-of-the-art features such as synthetic aperture sonar, a high-frequency multibeam echosounder and an interchangeable camera or sub-bottom profiler. Weighing in at about 300kg, the HUGIN Edge boasts impressive durability and dependability.
What Are the Main Segments in the Autonomous Underwater Vehicles Market?
The autonomous underwater vehicles market covered in this report is segmented -
1) By Type: Shallow, Medium, Large
2) By Payload Type: Cameras, Sensors, Synthetic Aperture Sonar, Echo Sounders, Acoustic Doppler Current Profilers
3) By Technology: Collision Avoidance, Communication, Imaging, Navigation, Propulsion,
4) By Application: Archeological And Exploration, Environmental Protection And Monitoring, Military And Defense, Oceanography, Offshore Renewable Energy, Oil And Gas, Search And Salvage Operation
Subsegments:
1) By Shallow: Small-Scale AUVs, Inspection And Monitoring AUVs
2) By Medium: Research AUVs, Survey AUVs
3) By Large: Long-Range Exploration AUVs, Military AUVs
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Which Top Companies are Driving Growth in the Autonomous Underwater Vehicles Market?
Major companies operating in the autonomous underwater vehicles market include Fugro N.V., Kongsberg Gruppen A.S.A, Boston Engineering Corporation, Teledyne Technologies Inc, The Boeing Company, Atlas Elektronik Gmbh, Riptide Autonomous Solutions, Tianjin Sublue Ocean Science & Technology Co. Ltd, Falmouth Scientific Inc., Terradepth, ecoSUB Robotics Limited, Eelume AS, BaltRobotics Sp.z.o.o., Hydromea SA, Bluefin Robotics Corporation, Chesapeake Technology Inc, Exocetus Development LLC, OceanServer Technology Inc., Phoenix International Holdings Inc., Teledyne Technologies Inc., Thales Underwater Systems, ECA Group, Hydroid Robotics Inc., OceanServer Inc., Mitsubishi Electric Corporation, Toshiba Corporation, Kawasaki Heavy Industries Ltd.
Which Regions Will Dominate the Autonomous Underwater Vehicles Market Through 2029?
Asia-Pacific was the largest region in the autonomous underwater vehicles market in 2024. The regions covered in the autonomous underwater vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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