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Autonomous Underwater Vehicle Market Growth Outlook with Industry Review by 2024

News   •   Jan 09, 2018 02:32 EST

Autonomous Underwater Vehicle Market size will gain momentum over the coming years owing to its growing need for reliable security measures at maritime borders. AUVs are being deployed for exploration activities for deep water surveying applications such as pipe surveys in the oil & gas industry. In addition, the rising demand for the systems in the navy and defense sectors majorly attributes toward the AUV market growth. They provide a cost-effective option to the navies and aid in revolutionizing their ability to protect key ports.

Autonomous underwater vehicles aid scientists & researchers in habitat & oceanography studies owing to their ability to capture images of the seabed and the neighboring habitat with the usage of imaging systems. These systems provide precise information, such as size and color of the area under consideration, which is a crucial factor driving the AUV market growth. Several companies provide real-time & fast data transmission and high-standard hydrographic surveys for the research and exploration activities.

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R&D investments, high initial investments, and excessive cost of operations will hamper the AUV market growth. Connectivity issues in deep-sea levels is also a major challenge in applications wherein the vehicles communicate or send data and other relevant information above the sea level. Though the demand for vehicles is rising, several government organizations are imposing regulations on using the vehicles, which are hindering the AUV market growth.

The AUV market can be segmented into technology, type, and applications. Based on technology, the industry is classified into collision avoidance, navigation, communication, imaging, and propulsion technologies. The navigation technology will witness a high growth over the coming years as the information, such as the location of vehicles, is necessary for safe operation and recovery. The technology is essential for achieving an accurate underwater mission completion. The navigation of AUVs is improved with the help of an underwater acoustic positioning system, which is a tracking system for underwater vehicles and divers with the help of acoustic distance measurements.

The AUV market is segmented by type into shallow, medium, and large units. Shallow systems are used in applications for observations of water column properties and benthic zones while medium and large systems are used as deep-water surveys. In very few cases, the vehicles are required to be operated in shallow waters while they are mostly used for operations in the deep-sea levels. The large systems are equipped with a wide range of sensors and navigation & positioning systems and are robust owing to which several companies are investing in the R&D of large AUVs.

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Based on the applications, the AUV market can be segmented into military & defense, oil & gas, environmental protection & monitoring, oceanography, archeological & exploration, and search & salvage operations. The archeological & exploration segment is anticipated to grow steadily owing to the use of vehicles in underwater exploration activities, which include the extraction of minerals such as magnesium, zinc, and cobalt. These minerals are being used in the fabrication of hybrid cars, laptops, and smartphones, which are driving the AUV market growth. In addition, the vehicles are being used in oceanography applications to map obstructions, rock formations, and submerged wrecks for usage in security applications.

The Asia Pacific AUV market will witness a high growth owing to its implementation in several regional navy applications. High GDP growth in several countries in the region will create several growth opportunities. Rising awareness regarding the growing security requirements in countries, such as China, India, Japan, and South Korea, has enhanced the adoption of these vehicles. Moreover, the presence of major players, such as Atlas Elektronik GmbH, Lockheed Martin Corporation, and Saab Group in the region, is providing a strong base for the AUV market over the coming years.

Major players operating in the AUV market are Atlas Elektronik GmbH, Saab Group, Bluefin Robotics, Boston Engineering Corporation, Lockheed Martin Corporation, International Submarine Engineering (ISE) Ltd., Oceanserver Technology, Teledyne Technologies, Kongsberg Gruppen, Graal, Inc., Eca Group, and Fugro. The rising competition amongst the players in the AUV market to sustain their position by offering innovative and distinctive technology based vehicles is making them invest increasingly on various R&D activities and is helping in the elimination of the disadvantages offered by the existing vehicles.

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