Home > Electronics & Media > Autonomous Underwater Vehicle (AUV) Market
Autonomous Underwater Vehicle (AUV) Market share is slated to rise commendably over 2023-2032, on account of an increase in underwater research. High-endurance autonomous underwater vehicles play a significant role in detecting and mapping submerged rocks, wrecks, obstructions, and other underwater survey missions.
Autonomous underwater vehicles refer to uncrewed, untethered vehicles designed to aid scientists in underwater research. These vehicles are independent and used to detect obstructions hazardous to navigation for recreational and commercial vehicles. They carry a variety of equipment for surveying and sampling, including sonar, cameras, and depth sensors.
The acceleration of oil and gas exploration projects is one of the prominent trends influencing the autonomous underwater vehicle (AUV) market outlook. These initiatives will amplify autonomous underwater vehicle projects to support ultra-deepwater and deepwater discoveries. Over the years, defense expenditure has also accelerated worldwide. AUV demand will therefore grow to conduct underwater survey missions for remote navigation and mapping.
The large AUV product segment will account for a substantial share of the autonomous underwater vehicle industry by 2032, considering the high emphasis on deep underwater projects. For example, in December 2022, the UK Ministry of Defense selected Plymouth-based MSubs to offer an extra-large autonomous underwater vehicle. This initiative was undertaken to support the Royal Navy to explore the uncrewed submarine utility in the underwater battlespace. Moreover, the introduction of autonomous, affordable large AUVs for surveillance, reconnaissance, and targeting for defense applications will propel industry dynamics over the forthcoming years.
Oil and gas will emerge as a lucrative application segment for the AUV market over the estimated timeline, owing to the growing offshore oil drilling and exploration.
North American autonomous underwater vehicle (AUV) market size will garner considerable profits over 2023-2032, given the escalating defense spending. As per statistics from the Government of Canada, in the FY 2021-2022, the country was the 6th largest contributor to the common funded budget of the North Atlantic Treaty Organization. These factors, alongside the expansion of wind power and offshore drilling projects, will accelerate regional industry trends in the upcoming years.
Leading players functioning in the autonomous underwater vehicle (AUV) market include Atlas Elektronik GmbH (ThyssenKrupp Technologies AG), Saab Group, Oceanserver Technology, Graal, Inc., Eca Group (Groupe Gorge), Fugro, International Submarine Engineering (ISE) Ltd., Teledyne Technologies, Kongsberg Gruppen, Lockheed Martin Corporation, Bluefin Robotics (General Dynamics Mission Systems), and Boston Engineering Corporation, among others.
Increases in fuel prices are predicted to set a decades-long record for inflation in the oil and gas industry, disrupting drilling and other exploration projects. With the supply-driven price shock, there has been a risk of price inelasticity, resulting in a decline in consumer spending on certain items. These factors may pose a risk to the broader economy and in turn, reduce autonomous underwater vehicle applications to some extent over the forecast period.