Autonomous Underwater Vehicle Market Summary
As per Market Research Future Analysis, the global Autonomous Underwater Vehicle (AUV) market is projected to grow at a CAGR of 17.89% from 2020 to 2030, reaching an estimated valuation of USD 9,389.9 million by 2030. AUVs operate without human intervention and are utilized across various sectors, including oil and gas, military, oceanography, and environmental monitoring. The market is driven by increasing demand in the oil and gas industry and rising military expenditures, although challenges such as high operational costs and limited flight range may hinder growth. The COVID-19 pandemic has impacted production and demand, but recovery is anticipated as defense budgets are expected to increase. Recent advancements in AUV technology, including improved battery life and operational capabilities, are expected to further enhance market growth.
Key Market Trends & Highlights
Key trends influencing the Autonomous Underwater Vehicle market include technological advancements and increased military applications.
- Market growth driven by increasing capital expenditure in the offshore oil and gas industry.
- AUV market expected to recover post-COVID-19 with enhanced military spending.
- ROV segment held 46.2% market share in 2020, indicating strong demand for unmanned underwater vehicles.
- North America dominated the market with a 34.5% share in 2020, supported by technological advancements.
Market Size & Forecast
| Market Size in 2020 | USD 2,500 million |
| Projected Market Size by 2030 | USD 9,389.9 million |
| CAGR from 2020 to 2030 | 17.89% |
Major Players
Boston Engineering Corporation (US), Kongsberg Maritime (Norway), The ECA Group (France), Teledyne Technologies Incorporated (US), Lockheed Martin Corporation (US), General Dynamics Corporation (US), Graal Tech Srl (Italy), Saab AB (Sweden), Fugro (Netherlands), International Submarine Engineering Limited (Canada)
