Autonomous Underwater Vehicle Market to Reach USD 17.71 Billion by 2032 Owing to Growing Demand for Deep-Water Exploration and Military Applications | Research by SNS Insider

Austin, July 26, 2024 (GLOBE NEWSWIRE) -- The Autonomous Underwater Vehicle (AUV) Market Size was valued at USD 3.12 billion in 2023 and it is expected to reach USD 17.71 billion by 2032 and grow at a CAGR of 21.25% over the forecast period 2024-2032.

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The demand for advanced AUVs is driven by the increasing complexity of underwater operations, where high efficiency of data collection and processing is a necessity. Several countries are investing extensively in the development and reinforcement of their naval forces, providing ample funding for the further advancement of autonomous underwater vehicles through continuous R&D. For example, for 2025, the U.S. Navy is allocated USD 70.2 billion allocated for operations and maintenance, USD 64 billion for procurement, USD 43.8 million for military personnel, USD 22.7 for research and development, and USD 3.9 for military construction. The trend is also likely to feature the advanced development of intelligence and efficiency of endurance of the autonomous systems.

Autonomous Underwater Vehicle Market Report Scope:

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KEY PLAYERS:

The key players in the Autonomous Underwater Vehicle (AUV) Market are ECA GROUP, BAE Systems, Boeing, Eca Group, Hydromea, Graal Tech, Atlas Elektronik, Boston Engineering Corporation, Bluefin Robotics, Fugro, International Submarine Engineering & Other Players.

Segment Analysis:

By Type: 

• Shallow AUVs (up to 100 m)
• Medium AUVs (up to 1,000m)
• Large AUVs (>1,000m)

The large AUV segment was the market leader, covering over 35% of the market share in 2023. Large AUVs are utilized in deep-water surveys as well as in the oil and gas sector. These vehicles have a higher delivery time, enhanced payload applications, and advanced technology. As a result, they are required for systems that necessitate the monitoring of significant distances and the collection of submarine data. The shallow segment is likely to expand at a faster CAGR during 2024-2032, as demand for shallow unmanned ships grows in the navy. Divers detection, as well as monitoring and search and rescue, are examples of such missions.

By Payload Type: 

• Cameras
• Sensors
• Inertial Navigation System
• Others

The inertial navigation system segment dominated with over 35% market share in 2023 as it is widely used for navigating AUVs. INS depends on internal accelerometers and gyroscopes for the measurement of the subject vehicle’s acceleration and angular velocity. The sensors segment is expected to have the highest CAGR during 2024-2032. These sensors collect data and help in the navigation of the vehicle. Sonar systems are one such example that is the device used to map the underwater surroundings of the vehicle or AUV. Acoustic modems are a type of sensor that is used to transfer data or information from AUV to the surface ship or any other submerged units.

By Shape

• Torpedo
• Streamlined Rectangular Style
• Laminar Flow Body
• Multi-hull Vehicle

By Technology

• Collision Avoidance
• Navigation
• Imaging
• Communication
• Propulsion

By Application

• Scientific Research
• Defense
• Oil & Gas Industry

Regional Development: 

North America captured the maximum market share of around 36% in 2023. This high share can be attributed to the region’s highest defense budget and the spending on research and development to make naval forces stronger. The rising procurement of advanced AUVs by the U.S. Navy for ISR operations, search and rescue, and other purposes is estimated to accelerate the market in the region. For example, the Remus 600, which is utilized by the U.S. Army for the naval forces, can work at 600 meters below sea level for about 24 hours with one battery charge.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period 2024-2032, due to increasing expenditure on military and rising commercial application of the AUVs in China, India, and Japan.

Recent Developments:

• In May 2024, Northrop Grumman conducted key tests for a prototype unmanned underwater vehicle as part of the Manta Ray program commissioned by DARPA, which is intended to push forward technologies for autonomous UUVs capable of projecting power across longer ranges and longer periods.
• In July 2024, the U.S. Navy decided to proceed with technical assistance by Boeing Co. and nominally funded it in the profile budget for fiscal 2025. The scope of the intended work is not known, but sources have revealed that it is to be related to long-endurance missions of the Orca Extra Large Unmanned Undersea Vehicle.

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Key Takeaways:

• In-depth analysis of the AUV market which would enable to understand the market dynamics, trends, and also growth opportunities.
• Learning the latest technological advances and also the innovations taking place in the market which would enable the clients to understand the capabilities and competencies which have been deployed in their competitor’s products.
• Understanding the areas in which the market is growing which enables the clients to be knowledgeable regarding the areas that would offer them maximum opportunities for growth.
• Knowledge of key players, recent launches of products in the market, and also mergers & acquisitions that have taken place in the market would enable the clients to gain competitive knowledge.
• Better understanding of key regional developments which enable the clients to understand the local market, potentials in the market, and also the dynamics in a market.

Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

5. Porter’s 5 Forces Model

6.  Pest Analysis

7. Autonomous Underwater Vehicle Market Segmentation, By Type

8. Autonomous Underwater Vehicle Market Segmentation, By Payload Type

9. Autonomous Underwater Vehicle Market Segmentation, By Shape

10. Autonomous Underwater Vehicle Market Segmentation, By Technology

11. Autonomous Underwater Vehicle Market Segmentation, By Application

12. Regional Analysis

13. Company Profiles

14. Competitive Landscape

15. Use Case and Best Practices

16. Conclusion

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