The global autonomous underwater vehicle market is expected to grow 6.1% to US$ 596.7 Mn around 2027
The new market research study from Persistence Market Research, titled “Autonomous Underwater Vehicle Market: Global Industry Analysis 2013–2017 and Forecast, 2018–2027,” analyses the autonomous underwater vehicle (AUV) market and projects its growth and development over the next nine years. By the end of the forecast period, which runs from 2018 to 2027, the global market for autonomous underwater vehicles is expected to reach US$ 596,7 million with a CAGR of 6.1%.
Atlas Elektronik GMBH, ECA Robotics SAS, Fugro N.V., General Dynamics Corp., Hydromea SA, International Submarine Engineering Ltd., Kongsberg Maritime AS, L3 OceanServer, Saab AB, and Teledyne Gavia ehf are some of the autonomous underwater vehicle market leaders included in the study.
The Utilisation of Maximum Autonomous Underwater Vehicles in Aquaculture and Maritime Applications
Fish farming is one of the fastest-expanding industries due to the rising production of aquaculture. As a result, this factor has been a major driver of the expansion of the international market for autonomous underwater vehicles.
Common uses for autonomous underwater vehicles (AUVs) in aquaculture include tank water monitoring in fish farming and other duties requiring access to the deep sea. Additionally, autonomous underwater vehicles are employed for the purpose of maintaining seawater quality. Government agencies, including the United States Environmental Protection Agency (EPA), have enacted laws on the usage of marine water quality, which is projected to fuel the need for autonomous underwater vehicles over the projection period.
Strong expansion in the shipping, shipbuilding, coastal aquaculture, fishing, offshore oil & gas, offshore wind, maritime tourism, tidal, and wave energy sectors is anticipated throughout the forecast period, which should increase demand for autonomous underwater vehicles.
Market for Autonomous Underwater Vehicles to Benefit from Oil and Gas Industry Recovery
During the projection period, the oil and gas industry and scientific research organisations are predicted to increase substantially, which will create a large need for autonomous underwater vehicles for ocean exploration and sampling.
Supporting surveying, dredging, installation, and maintenance efforts, autonomous underwater vehicles (AUVs) play a crucial role in offshore oil and gas development. The growing number of offshore oil and gas exploration projects is expected to drive significant demand for AUVs. Demand for autonomous underwater vehicles is predicted to increase rapidly in the future due to the fact that more than half of the offshore oil and gas potential has yet to be discovered and the industry is receiving increasing investments.
Unknowns and risks associated with technology limit the applications for AUVs. Since water is so good at absorbing electromagnetic radiation waves, it can effectively render electronic devices like radios and televisions inoperable. AUVs face additional challenges in aquatic environments. Together, these factors increase the overall need for AUVs.
To know more about AUVs and their future innovations, read this article
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