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Increase in Defense Expenditure
According to the Stockholm International Peace Research Institute, global military spending witnessed a 2.6% increase from 2017 to 2018, reaching a total of approximately USD 1.82 trillion in 2018. Notably, India surpassed the UK to become the fifth-largest defense spender globally. While there was a marginal decline in defense spending, the United States is anticipated to substantially augment its military budget over the next two years, emphasizing the modernization of both conventional and nuclear weapons. Concurrently, several countries are strategically investing in advanced technologies to expand, modernize, and enhance the operational capabilities of their armed forces.
Various factors contribute to the surge in military spending. Ongoing conflicts in the Middle East and Africa, longstanding tensions, territorial disputes in the Asia-Pacific region, efforts to counter terrorist activities, and combating drug cartels in the Americas are compelling governments to reinforce their defense capabilities. The escalating military spending directly stimulates growth in the defense equipment industry, encompassing a broad spectrum from aircraft and weapons to Autonomous Underwater Vehicles (AUVs).
The application of AUVs in the military domain has gained substantial importance due to their extensive capabilities in ensuring national security. Initially utilized for preliminary underwater observations and the recovery of lost weapons, AUVs are now gradually being adopted by defense forces worldwide for security reasons amid increasing global political conflicts. The current emphasis on enhancing maritime security has led to the integration of AUVs for the secure execution of underwater missions. Advanced AUVs with improved thrust are now available, making them well-suited for naval operations. The military and defense industry extensively employs this technology for research, reconnaissance, mine countermeasures, and other operations required during emergencies. Consequently, the surge in military spending and the prioritization of AUV procurement by defense organizations are anticipated to propel market growth throughout the forecast period.
In summary, the rise in global military spending, coupled with the growing emphasis on leveraging advanced technologies such as AUVs, signifies a substantial impetus to the defense industry, contributing to enhanced national security and operational capabilities.
Offshore Autonomous Underwater Vehicle Market Highlights:
Offshore Autonomous Underwater Vehicle (AUV) Market Overview
Offshore Autonomous Underwater Vehicle (AUV) Market Size is expected to reach USD 1.5 Billion by 2030, registering a CAGR of 23.1% during 2020-2030.
Technological advancements in today's generation have led to the development of different technology, and Autonomous Underwater Vehicle is one of them raising high demand due to their effective properties. The AUVs are have shown their wide application in the naval sectors. The military departments are demanding a huge number of AUVs for various operations. It has even shown its advantage in this field. Besides the military applications, the AUVs have many other usages. Therefore, these factors boost the Offshore Autonomous Underwater Vehicle (AUV) Market Size.
The growing demand for oceanography to explore the ocean world and research its habitat drives the Market Trends. These vehicles are used to protect and monitor the environment under the sea. They are capable of loading cameras, sensors, and other devices, helping the Offshore Autonomous Underwater Vehicle (AUV) Market Share flourish globally. The archaeological research activities demand AUVs find the fossils under the sea. The search operation process underwater is another propelling factor of the market. These growth factors largely drive the Industry Value.
The Offshore Autonomous Underwater Vehicle (AUV) Market notices growth hampering factors acting as obstacles for the market. The strategies of key players are boosting the market to overcome these issues. Their presence in major regions accelerates the global Industry Share. The new growth opportunities are focused on the further development of the market. In the upcoming years, the Market will succeed with advanced features and wide applications. The use of AUVs in different industrial sectors for research and development activities to help the market to grow at a higher speed.
COVID-19 Analysis
The COVID-19 pandemic has been a drastic period for most industries because it hampered revenue growth and economic loss. The Offshore Autonomous Underwater Vehicle (AUV) Market Analysiseven had tough challenges when strict lockdown rules were implemented to stop the spread of the virus. The market manufacturers faced various problems to drive their business because all the industrial units were closed, which further stopped the production process. Ultimately, the Offshore Marketfaced huge economic loss. But the players are looking for further developments and working on the features to get back into form. The new growth opportunities will neutralize the growth of the Market Outlookand will help it to register a successful CAGR during the evaluation period.
Chief Factors Existing In The Market
Key Market Drivers
The chief drivers are helping the market drive with the existing growth factors of the Offshore Autonomous Underwater Vehicle (AUV) Market Trends. The rise in demand for AUVs in the oil and gas industries is one of the major driving factors. The large investments in military sectors are boosting the growth rate of theAUV Market Size.
- Market Challenges
The challenging factors of the Offshore Autonomous Underwater Vehicle (AUV) Market are slowing down the growth rate. The pandemic loss was a tough situation for the market, which resulted in various challenges. But in the coming years, the AUV Market Outlookwill overcome these factors.
- Market Opportunities
The Marketis noticing huge growth opportunities propelling the market's growth. The advanced development in the naval field is setting open opportunities.
- Market Restraints
High-cost-related issues for the development of AUVs are a major constraint for the Offshore Autonomous Underwater Vehicle (AUV) Market Outlook. The restraining factors are considered to accelerate the market growth without being hampered.
Cumulative Evaluation Of The Market
The evaluated report of the Offshore Autonomous Underwater Vehicle (AUV) Marketshows its overall growth performance in recent years. The market dynamics role and effects were mentioned with its factors. The key drivers and opportunities are concentrated to achieve better results during the forecast period. The growth limiting factors are targeted to prevent the Market Growth. Despite the pandemic, the market will reach its estimated CAGR in the evaluation period.
Market Segmentation
The Marketis segmented based on type, technology, payload, and application.
By Type
The Offshore Autonomous Underwater Vehicle (AUV) Markettype segment is shallow, medium, and large. These types of AUVs are segmented based on their sizes.
By Technology
In the technology segment, the Offshore Autonomous Underwater Vehicle (AUV) Market Analysisis comprised of Communication, Collision Avoidance, Navigation, Imaging, and Propulsion. This segment states the usage of AUVs based on various technologies
By Payload
The Offshore Autonomous Underwater Vehicle (AUV) Market payload segment comprises sensors, cameras, synthetic aperture sonars, etc. These loads are loaded over the AUVs for various applications, especially during the investigation.
By Application
The Offshore Autonomous Underwater Vehicle (AUV) Market is comprised of Military & Defense; Oil & Gas; Oceanography; Environmental Protection and Monitoring; Archaeological and Exploration and Search and Salvage Operations in the application segment. This is the vast market segment; among these the oil and gas is considered the leading segment of the AUV Market Share.
Regional Analysis
According to the geographical status, the Offshore Autonomous Underwater Vehicle (AUV) Market Forecastcovers various major regions worldwide, such as North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is the largest market for holding the maximum share of the AUV Market Share.
Due to stringent government regulations and chief players such as Lockheed Martin Corporation and General Dynamics Corporation are accelerating theAUV Market Growth in the region. The presence of major regions such as the US and Canada are also driving the regional market of the North American region. The development of the naval sector is helping the market to set its trend. In Canada, growth initiatives undertaken by public safety organizations to develop unmanned underwater vehicles are also driving the market.
The countries of Europe such as Italy, France, the UK, and Germany are showing a steady growth rate. The market is showing its development in major regions of Asia Pacific such as China, India, Japan, and Australia. The market is even showing its core growth in other world regions.
Competitive Intensity Within the Industry
The key players of the Offshore Autonomous Underwater Vehicle (AUV) Marketare responsible for its tremendous growth. Their presence in various regions of the world is propelling regional growth. The plans and strategies of the chief players will drive the AUV Market Shareat the global level. Here is the list of key players in the market.
- Boston Engineering Corporation (US)
- ECA Group (France), Fugro (Netherlands)
- General Dynamics Corporation (US)
- Graal Tech SRL (Italy)
- International Submarine Engineering Limited (Canada)
- Kongsberg Maritime AS (Norway)
- Lockheed Martin Corporation (US)
- Saab AB (Sweden)
- Teledyne Technologies Incorporated (US)
Recent Market Developments
In March 2019, the ECA Group signed a contract worth USD 508.8 million with the Belgian navy to provide AUVs, towed sonars, and my identification & destruction systems (MIDS) composed of ROV for the identification and destruction of mines and unmanned surface vehicles. It further helped improve its financial position in the global Offshore Autonomous Underwater Vehicle (AUV) Market.
According to the recent news, Norwegian marine survey contractor Argeo signed an agreement with an undisclosed client to provide autonomous underwater vehicle (AUV) services in the Brazilian oil and gas sector.
Report Overview
The Offshore Autonomous Underwater Vehicle (AUV) Marketreport shows the market's tremendous growth at the global level. As per the estimation, the market will successfully attain its CAGR and USD value during the forecast period. The chief factor’s role was highlighted in the report with its effective role and impact. The market segments with their respective application are driving its global growth rate. The regional analysis shows the major regions diversely covered by the Offshore Autonomous Underwater Vehicle (AUV) Marketwith rising demand. The further developments will successfully help the market to drive its global growth.
Key Industrial Segments
By Type
- Shallow
- Medium
- Large
By Technology
- Communication
- Collision Avoidance
- Navigation
- Imaging
- Propulsion
By Payload
- Sensors
- Cameras
- Synthetic Aperture Sonars
- others
By Application
- Military &Defense
- Oil & Gas
- Oceanography
- Environmental Protection and Monitoring
- Archaeological and Exploration
- Search and Salvage Operations
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