Large AUVs to Lead the Global Autonomous Underwater Vehicle Market
August 28, 2017 | PRNewswireEstimated reading time: 2 minutes
According to the new market research report "Autonomous Underwater Vehicle Market by Type (Shallow, Medium, and Large AUVs), Technology (Navigation, Imaging), Payload (Cameras, Sensors, Echo Sounders), Application (Military & Defense, Archeological and Exploration), Region - Global Forecast to 2023", published by MarketsandMarkets , the said market is expected to grow from USD 362.5 Million in 2017 to USD 1,206.9 Million in 2023, at a CAGR of 22.20% during the forecast period. The growth of this market can be attributed to factors such as the growing importance of more reliable security measures worldwide and the increasing offshore oil & gas production.
Large AUVs to lead the global autonomous underwater vehicle market between 2017 and 2023
Large AUVs held the largest share of the autonomous underwater vehicle market in 2016; the market for autonomous underwater vehicles is expected to grow at a high rate between 2017 and 2023. The capability of large AUVs to operate at great depths (more than 1,000 m) makes them suitable for oceanography, habitat research, search and salvage operations, and other applications. Apart from these, large autonomous underwater vehicles are widely adopted for mine countermeasure applications in the military & defense sector. These factors are contributing to the growth of the market for large AUVs.
Military & defense applications to hold the largest share of the AUV market in 2017
The market for military & defense applications is expected to witness a high growth between 2017 and 2023. Countries such as the US, Canada, France, and China are widely adopting autonomous underwater vehicles for military & defense applications, such as border security and surveillance, antisubmarine warfare, monitoring of smuggling of illegal goods, environmental assessment, and mine countermeasures. However, among all the applications, the market for archeological and exploration applications is expected to grow at the highest rate during the forecast period.
AUV market in APAC is to grow at the highest rate between 2017 and 2023
The AUV market in APAC is expected to grow at a high rate between 2017 and 2023. The rising need for energy, along with the high GDP growth rate, in developing countries in APAC, such as China and India, is creating huge opportunities for manufacturers of AUVs in this region. North America is expected to hold the largest share of the autonomous underwater vehicle market in 2017. The increasing adoption of AUVs for military & defense applications in the US is driving the growth of the AUV market in North America.
The market is currently dominated by players such as Kongsberg Maritime (Norway), Teledyne Gavia ehf. (Iceland), Bluefin Robotics (US), ECA Group (France), and Saab AB (Sweden).
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Suggested Items
IDTechEx Report on Quantum Technology: Nano-scale Physics for Massive Market Impact
04/30/2024 | PRNewswireThe quantum technology market leverages nano-scale physics to create revolutionary new devices for computing, sensing, and communications. Across the industry, quantum technology offers a paradigm shift in performance compared with incumbent solutions.
Guerrilla RF Completes Strategic Acquisition of GaN Device Portfolio from Gallium Semiconductor
04/29/2024 | BUSINESS WIREGuerrilla RF, Inc. has finalized the acquisition of Gallium Semiconductor's entire portfolio of GaN power amplifiers and front-end modules. Effective April 26th, 2024, GUER acquired all previously released components as well as new cores under development at Gallium Semiconductor.
Amphenol Reports Q1 2024 Results, Announces New Stock Repurchase Program
04/26/2024 | BUSINESS WIREAmphenol Corporation reported first quarter 2024 results. In addition, the Company is announcing a new three-year, $2 billion stock repurchase program.
Chinese Smartphone Market Maintains its Recovery Momentum at 6.5% Growth in 1Q24,
04/26/2024 | IDCAccording to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, China smartphone shipments grew 6.5% year over year (YoY) to 69.3 million units in 1Q24.
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).