Chicago, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The Autonomous Underwater Vehicle (AUV) Market by Shape (Torpedo, Laminar Flow Body, Streamlined Rectangular Style, Multi-hull Vehicle), Type (Shallow, Medium, & Large AUVs), Technology (Imaging, Navigation, Propulsion), Payload – Global Forecast to 2028", Factors accelerating the growth of the autonomous underwater vehicle (AUV) market are the increasing capital expenditure of companies in the offshore oil & gas industry, rising defense spending worldwide, and increasing focus on the use of renewable energy sources.
Scope of the Report
| Report Metric | Details |
| Estimated Market Size | USD 1.6 billion in 2022 |
| Projected Market Size | USD 4.9 billion by 2028 |
| Growth Rate | CAGR of 22.4% |
| Market size available for years | 2019–2028 |
| Base year considered | 2022 |
| Forecast period | 2023–2028 |
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Autonomous Underwater Vehicle (AUV) Market Dynamics
Driver: Technological advancements in navigation satellite and ground stations
The development of navigation satellites and satellite ground stations has benefited greatly from technological advancements, which have improved their functionality and performance in the field of satellite navigation systems. These developments have led to increased precision in locating, navigation, and timing data, as well as increased accuracy, dependability, and functionality. Technological developments have resulted in the deployment of next-generation satellite constellations with increased features and capabilities in the field of navigation satellites. For instance, the number of Global Navigation Satellite Systems (GNSS) that have been developed and put into use has increased the alternatives for satellite navigation. With more satellites in orbit, systems like GPS, Galileo, GLONASS, and BeiDou offer better coverage, signal availability, and redundancy. This makes it possible for users to simultaneously receive signals from several satellites, improving location accuracy and dependability.
Key Market Players in Autonomous Underwater Vehicle (AUV) Market
- Kongsberg Group ASA (Norway),
- Teledyne Technologies Incorporated (US),
- General Dynamics Corporation (US),
- Saab AB (Sweden),
- Exail Technologies SA (France),
- Lockheed Martin Corporation (US),
- Fugro N.V. (Netherlands)
“Browse in-depth TOC on "Autonomous Underwater Vehicle (AUV) Market Trends, Market Value, Market Forecast, Market Growth"
209 – Tables
60 – Figures
264 – Pages
Driver: Rising defense spending in several countries worldwide
Security issues, concerns over contested territories, and threats have significantly increased defense spending worldwide. For instance, according to new data on global military expenditure published on April 2023 by the Stockholm International Peace Research Institute (SIPRI), the total global military expenditure increased by 3.7% in real terms in 2022 to reach USD 2240 billion. The three largest spenders in 2022—the US, China, and Russia—accounted for 56% of the world's total.
Restraint: High operational costs of AUVs
Autonomous Underwater Vehicles (AUVs) have high operational costs. Several factors that contribute to the overall cost of operating AUVs are development and acquisition, maintenance and repairs, training, and personnel, mission-specific costs, logistics and support, and data processing and analysis. These are expensive maritime systems. For instance, the A18 AUV (Exail Technologies SA), with a depth rating of up to 3,000 m, has a cost ranging from USD 2–6 million. The deployment costs of AUVs used in exploration or surveying activities add to the actual cost of exploration and surveying missions. Moreover, the prohibitive costs of maintenance, manufacturing, research & development, and system complexity associated with AUVs also result in slow adoption. However, they are increasingly used in simple missions such as environmental monitoring.
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Opportunity: Upcoming expansion of Internet through 5G driving demand for underwater cables
Since the first underwater optical fiber cable came out in 1985, underwater cable systems have played a key role in the field of cross-continental communications. These systems offer several advantages, such as large capacity, high reliability, and excellent communication quality. However, underwater telecommunication cables are prone to suffer from potentially hazardous or environmental damages caused by natural causes, such as earthquakes and turbulent currents, or human activities (anchoring and fishing gear). AUVs are used extensively to resolve these issues. Also, AUVs are used in the maintenance and damage recovery for underwater connectors (also known as marine connectors or subsea connectors). These connectors are designed to withstand extreme environments, including corrosive seawater and pressure and vibration and shock, but they can sometimes fail in harsh ocean environments.
Challenges: Operational hindrances such as natural ocean hazards and bad ocean weather
Deep-water AUVs can dive close to the seabed (<5 m altitude in areas of low relief). This means that they can collect seafloor mapping, profiling, and imaging data with far higher spatial resolution and navigational accuracy than surface vessels and towed instruments. As a result, AUVs are widely used in these challenging environments. AUVs are currently used in different applications, such as oceanography and archeology. However, AUV survival is a concern in these environments. Consequently, the data being gathered by AUVs could be lost because of the risk of vehicle loss due to natural hazards. This factor not only has financial implications (resulting from equipment loss) but also can result in increased research timelines due to the loss of important data.
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