Dublin, Aug. 30, 2024 (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 2029" report has been added to ResearchAndMarkets.com's offering.
The autonomous underwater vehicle (AUV) market is valued at USD 2 billion in 2024 and is projected to reach USD 4.3 billion by 2029; it is expected to grow at a CAGR of 15.9% from 2024 to 2029.
The rising use of autonomous underwater vehicles to protect subsea cables and seabed environment, integration of NiMH batteries into high-speed autonomous underwater vehicles, and growing demand for AUVs in offshore energy exploration provide lucrative opportunities to the autonomous underwater vehicle (AUV) market. 
Sensors segment of the AUV payload market is expected to grow with the highest growth rate during the forecast period
The sensors segment of the AUV payload market is projected to grow at a higher CAGR during the forecast period owing to the increasing use of sensors for scanning, detection, mapping, and remote sensing applications in mine detection, pipeline layout planning, and oil & gas exploration. Autonomous underwater vehicles use sensors to map their environments and detect objects of interest for anti-submarine warfare (ASW) missions and pipeline inspections. These sensors are also used to identify the location of ferrous objects in the seabed, examine undersea cables, and detect and classify a wide variety of chemicals in seawater.
Military & defense application segment in Mexico is expected to register highest growth rate during the forecast period
The Mexican autonomous underwater vehicle market for military & defense applications is expected to grow at the highest CAGR during the forecast period. The rising deployment of AUVs in the Gulf of Mexico and the North Pacific Ocean to secure the borders is one factor propelling the country's market growth. The autonomous underwater vehicles are being increasingly used to monitor coastal areas, detect suspicious activities, and gather intelligence. They are also employed for detailed seabed mapping in naval operations.
China is expected to hold the largest market share during the forecast period
China held the largest market share of the autonomous underwater vehicle (AUV) market in Asia Pacific, in 2023, due to the increasing adoption of AUVs by the Chinese navy. China focuses on the development of cost-effective and innovative technological solutions for AUVs. Since mid-90s, China has been involved in a military modernization program with an aim to win regional conflicts as well as its expanding global interests. Following is the breakup of the profiles of the primary participants for the report.
Research Coverage
The report defines, describes, and forecasts the autonomous underwater vehicle (AUV) market based on Technology, Type, Shape, Speed, Payload Type, Application, and Region. It provides detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the autonomous underwater vehicle (AUV) market. It also analyses competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and actions conducted by the key players to grow in the market.
The report profiles key autonomous underwater vehicle (AUV) market players and analyzes their market shares. Players profiled in this report are KONGSBERG (Norway), Teledyne Technologies Incorporated (US), General Dynamics Corporation (US), Saab (Sweden), Exail Technologies (France), Lockheed Martin Corporation (US), Fugro (Netherlands), ATLAS ELEKTRONIK (Germany), etc.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $2 Billion |
| Forecasted Market Value (USD) by 2029 | $4.3 Billion |
| Compound Annual Growth Rate | 15.9% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Increasing Investments in Offshore Oil & Gas Drilling
- Deployment of Advanced Technologies to Ensure Border and Maritime Security
- Shifting Preference Toward Renewable Energy Sources
- Technological Advancements in AUVs
- Restraints
- High Development, Operational, and Maintenance Costs
- Limited Endurance and Range
- Opportunities
- Integration of NiMH Batteries into High-Speed AUVs
- Rising Use of AUVs to Protect Subsea Cables and Seabed Environment
- Growing Demand in Offshore Energy Exploration
- Challenges
- Low Speed, Signal Processing, and Environmental Issues During Underwater Surveys
- Risk of Data Loss and Prolonged Research Timelines due to Challenging Marine Environment
- Legal and Ethical Concerns
Pricing Analysis
- Average Selling Price Trend
- Average Cost Split of Various AUV Components
Technology Trends
- Internet of Things
- Research on Standard Operating Systems in Robots
- Artificial Intelligence Chips
- Digital Marine Automation Systems
- Improved Battery Technology
Case Study Analysis
- Terradepth Offers Ocean Data as a Service Using AUVs
- Terradepth's Absolute Ocean Increases Operational Efficiency for S. T. Hudson
- Long-Endurance AUV Development with Shallow Water Simplicity
Companies Featured
- Kongsberg
- Teledyne Technologies Incorporated
- Fugro
- General Dynamics Corporation
- Saab
- Exail Technologies
- Lockheed Martin Corporation
- Atlas Elektronik
- L3Harris Technologies, Inc.
- Boston Engineering
- International Submarine Engineering Limited
- Msubs
- Falmouth Scientific, Inc.
- Terradepth
- Ecosub Robotics Limited
- Eelume As
- Hydromea
- Boeing
- Graal Tech S.R.L.
- Riptide Autonomous Solutions LLC
- Baltrobotics
- Sonardyne
- Oceanscan-Mst
- Xylem
- Rtsys
For more information about this report visit https://www.researchandmarkets.com/r/91y4ch
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