Autonomous Underwater Vehicles Market Drivers, Demand, Insights 2024-2033

Overview and Scope

Autonomous underwater vehicles (AUVs) are unmanned, untethered, non-human powered, or self-propelled underwater vehicles used to carry out routine tasks with little to no human oversight. These tasks include gathering a lot of visual seawater data, remote navigation, detection, and mapping for a variety of marine-based applications, and oceanographic research.

Sizing and Forecast

The autonomous underwater vehicles market size has grown exponentially in recent years. It will grow from $2.04 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The growth in the historic period can be attributed to growing need for ocean exploration, defense and military applications, increased demand for underwater surveys, rising awareness of climate change, advancements in energy exploration, efficient data collection, cost-effective underwater exploration..

The autonomous underwater vehicles market size is expected to see rapid growth in the next few years. It will grow to $5.01 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%. The growth in the forecast period can be attributed to rising demand for underwater monitoring, climate change impact monitoring, deep-sea mining exploration, commercial applications in fisheries, autonomous navigation capabilities, enhanced autonomous decision-making.. Major trends in the forecast period include integration of artificial intelligence (ai), miniaturization and compact designs, technological advancements, increasing investment in auv technology, technological miniaturization, advancements in battery technology..

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Segmentation & Regional Insights

The autonomous underwater vehicles market covered in this report is segmented –

1) By Type: Shallow, Medium, Large

2) By Payload Type: Cameras, Sensors, Synthetic Aperture Sonar, Echo Sounders, Acoustic Doppler Current Profilers

3) By Technology: Collision Avoidance, Communication, Imaging, Navigation, Propulsion,

4) By Application: Archeological and Exploration, Environmental Protection and Monitoring, Military and Defense, Oceanography, Offshore Renewable Energy, Oil and Gas, Search and Salvage Operation

Asia-Pacific was the largest region in the autonomous underwater vehicles market in 2023. The regions covered in the autonomous underwater vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

Rising ocean research and increasing defense expenditures are propelling the growth of the autonomous underwater vehicles market forward. Scientific ocean research provides the data and tools needed to gain a better understanding of the Earth’s oceans and atmosphere. Defense systems across the globe are heavily involved in ocean research, employing human-operated submersibles capable of retrieving geological, biological, and archaeological cores, samples, and artifacts from the deep ocean floor which is made easy with the application of autonomous underwater vehicles. For instance, in December 2022, according to the annual defense data report for 2020-2021 published by the European Defense Agency (EDA). stated that total European defense spending accounted for €214 billion ($2,25,4 billion) in 2021 with a 6% increase from 2020. Furthermore, defense research and technology (R&T) spending amounted to €3.6 billion ($3.79 billion) which was a 42% increase compared to 2020. Therefore, the rising ocean research and increasing defense expenditure across the globe are subsequently propelling the autonomous underwater vehicles market forward.

Key Industry Players

Major companies in the autonomous underwater vehicle market are focused on strategic collaboration with major manufacturing companies to strengthen their position in the market. Strategic collaborations empower companies to forge alliances with other firms possessing the necessary expertise to transform their envisioned concepts into tangible realities. For instance, in June 2023, Petróleo Brasileiro S.A., a Brazil-based petroleum industry company, collaborated with Nauticus Robotics, a US-based ocean robot manufacturer and autonomy software and services company, to create and test the Aquanaut autonomous underwater vehicle (AUV). Through this strategic partnership, Petrobras’ offshore operations in Brazil will be improved by utilizing Aquanaut’s cutting-edge capabilities. Nauticus Robotics is a well-known manufacturer of artificial intelligence-powered autonomous robots for data collection and intervention services in the maritime sector.

The autonomous underwater vehicles market report table of contents includes: