Dublin, March 11, 2024 (GLOBE NEWSWIRE) -- The "Autonomous Marine Vehicles Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The autonomous marine vehicles market size is expected to see rapid growth in the next few years. It will grow to $5.72 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The anticipated growth in the forecast period can be attributed to several factors, including increasing government support, advancements in technology, a rise in oceanographic surveys, and an increase in defense expenditure. Major trends expected in the forecast period include the use of artificial intelligence (AI) to enhance product offerings, a focus on technological advancements, the development of third-generation autonomous driving systems, the utilization of 3D printing, the deployment of autonomous marine vehicle fleets, advanced battery driving systems, and a focus on strategic partnerships and collaborations.
The surge in hydrographic, oceanographic, and environmental surveys conducted on a global scale is a primary driver stimulating growth within the autonomous marine vehicles market. Hydrographic surveys serve to delineate and map underwater features, pivotal for crafting navigational charts essential for safe vessel transit. Simultaneously, oceanographic surveys aid in comprehending marine and freshwater environments crucial for port and harbor development, industrial outfalls, power plant infrastructure, and offshore disposals. Autonomous surface vehicles (ASVs) emerge as efficient tools for hydrographic surveys, offering cost and time savings while providing flexibility and swift deployment for diverse survey needs. An exemplar is the world's first autonomous hydrographic survey conducted by 4D Ocean at the request of the channel Coastal Observatory (CCO), utilizing a SeaRobotics ASV 2.5 to map the seabed offshore of Hurst Spit, Western Solent.
The expanding oil and gas industry is anticipated to serve as a driving force propelling the growth of the autonomous marine vehicles market. This multifaceted industry encompasses activities ranging from exploration and extraction to production, refining, transportation, and marketing of hydrocarbon-based resources such as crude oil and natural gas. Vital underwater infrastructure such as pipelines, wellheads, and subsea installations are integral to this industry. Autonomous marine vehicles equipped with advanced sensors and imaging technologies play a pivotal role in inspecting and maintaining these critical assets, ensuring their integrity and minimizing environmental risks. For instance, as per the Government Digital Service's report in September 2023, the UK's oil and gas output generated a total revenue of $1.72 billion for the government during the tax year 2021 to 2022, marking a substantial increase from $0.37 billion the preceding year, signifying a significant $1.35 billion gain. Consequently, the burgeoning oil and gas industry stands as a significant catalyst propelling the growth of the autonomous marine vehicles market.
An emerging trend in the autonomous marine vehicle market involves the utilization of maritime drone swarming to bolster surveillance and investigative capabilities. Maritime drone swarms entail a collective of numerous underwater vehicles functioning cohesively for specific purposes. These drone swarms offer diverse applications in defense, capable of executing surveillance, investigative tasks, and even defensive or offensive measures. Their collaborative movement through underwater environments enables the swarms to sense and map a broader area more efficiently, utilizing various sensing techniques to create comprehensive environmental maps.
Report Scope
Markets Covered:
1) By Type: Surface Vehicle; Underwater Vehicle
2) By Technology: Imaging; Navigation; Communication; Collision Avoidance; Propulsion
3) By Application: Military and Defense; Archeological; Exploration; Oil and Gas; Environmental Protection and Monitoring; Search and Salvage Operations; Oceanography
Key Companies Mentioned: L3Harris Technologies, Inc; BAE Systems; General Dynamics (Bluefin Robotics); Kongsberg; Saab AB
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
For more information about this report visit https://www.researchandmarkets.com/r/6fhwcq
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