Westford,USA, June 10, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Autonomous Underwater Vehicles (AUV) Market will attain a value of USD 6.84 Billion by 2031, with a CAGR of 17.80% over the forecast period (2024-2031). It is anticipated that manufacturing enterprises operating in the industry will find appealing chances in the underwater robot or underwater vehicle technologies. Major OEMs brought in cutting-edge and dependable communication technologies that can address complex issues with undersea vehicles. In the future, the market will increase at a large rate thanks to the development of affordable communication technology for underwater vehicles with excellent disturbance tolerance elements.
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Autonomous Underwater Vehicles (AUV) Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $1.85 Billion |
| Estimated Value by 2031 | $6.84 Billion |
| Growth Rate | Poised to grow at a CAGR of 17.80% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Type, Shape, Payload Type, Application |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Embracing the freedom provided by artificial intelligence to increase demand for AUVs |
| Key Market Opportunities | Upcoming expansion of Internet through 5G driving demand for underwater cables |
| Key Market Drivers | Increasing offshore production of deepwater oil and gas to stimulate market growth |
Large AUV's Versatility Support and Advanced Technological Features Enable Them to Dominate the Market
The world market is dominated by big AUVs as they can last longer, carry more cargo, and dive deeper than others. This makes them suitable for prolonged missions characterized by their complexity such as checking oil and gases, military operations or exploring the ocean floor. They continue to be ahead in the competitive market as they embrace the latest technology alongside being flexible.
Defence Applications' Autonomy and Stealth Enhance Demand for Transport Function
The versatility of Autonomous Underwater Vehicles (AUVs) for duties such as mine countermeasures, intelligence, surveillance, and reconnaissance missions is what drives their dominance in defence applications. Enhanced maritime security strategically helps defence forces, leveraging their autonomy, stealth and adaptiveness in extreme conditions. Hence, the demand for AUVs in defence applications results from the past performance in the use of military objectives.
Growing Advanced AUV Procurement Enables North America to Maintain a Large Market Share
Due to its vast coastline, numerous marine operations, and defence spending, North America has dominated the global market for autonomous underwater vehicles (AUVs) across a range of industries. For naval operations, marine science research, maritime energy development, and environmental monitoring, the region makes significant investments in cutting-edge AUV equipment. Moreover, renowned AUV producers and research facilities in the region support the expansion of the market.
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Autonomous Underwater Vehicles (AUV) Market Insight
Drivers:
- Increasing Offshore Production of Deepwater Oil and Gas to Stimulate Market Growth
- Growing Demand for AUVs for Border and Coastal Security to Fuel Market Growth
- Rising Defense Spending in Several Countries Worldwide
Restraints:
- Low Reliability and Operational Uncertainty in Networks Hinder Market
- Legal Restrictions
- High Operational Costs of AUVs
Prominent Players in Autonomous Underwater Vehicles (AUV)Market
- Lockheed Martin Corporation (US)
- Graal Tech S.r.l. (Italy)
- Teledyne Technologies Incorporated (US)
- ATLAS ELEKTRONIK GmbH (Germany)
- Exail Technologies SA (France)
- L3Harris Technologies, Inc. (US)
- General Dynamics Corporation (US)
- Fugro N.V. (Netherlands)
- Boston Engineering Corporation (US)
- Saab AB (Sweden)
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Key Questions Answered in Global Autonomous Underwater Vehicles (AUV) Market Report
- What will be the Global Autonomous Underwater Vehicles (AUV) market growth by 2031?
- What are the contributing causes to the analysis's emphasized dominance of large AUVs in the global market?
- What are some of the main causes of North America's sizable market share in the AUV sector?
This report provides the following insights:
- Analysis of key drivers (Operating underwater without human intervention, widely used underwater applications such as scientific research, commercial & defence, countries are using AUV as forefront technologies to safeguard their borders against underwater threats and increasing utilization in fish farming), restraints (Signal transmission are major problems in underwater technology, regulatory restrictions imposed by maritime authorities and prohibitive costs of research & development), opportunities (underwater cable systems are playing a key role in the field of cross-continental communications, maintenance & damage recovery for underwater connectors and operational underharsh ocean environments), and challenges (AUV survival is a concern in these challenging environments and increased research timelines due to the loss of important data) influencing the growth of autonomous underwater Vehicles (AUV) market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the autonomous underwater Vehicles (AUV)market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the autonomous underwater Vehicles (AUV)market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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