Market Size of Autonomous Underwater Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 13.05 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Autonomous Underwater Vehicles Market Analysis
The Autonomous Underwater Vehicles market is valued at USD 1.04 billion in 2023 and is projected to reach USD 2.15 billion in 2028, registering a CAGR of 13.05% during the forecast period.
The rising global military aggression is a keen factor in multiple nations investing significantly in upgrading their military and naval capabilities. Thus, they are either upgrading or adding AUVs to their naval defense fleet. Furthermore, the ongoing war between Russia and Ukraine necessitated various countries in proximity to remain vigilant and constantly monitor their naval borders. A huge resource influx in the supply of AUVs has been witnessed in recent times to cater to this.
The increased need for deep sea exploration for oil and gas and mineral extraction triggered a need for autonomous underwater vehicles that are bound to reduce the risks for human lives and reach further underwater depths, attracting considerable buyer attraction in recent times. It is expected to drive major demands for AUVs, which can also help in underwater surveillance to warn submarines and ships of any potentially fatal mines that could be planted.
Autonomous Underwater Vehicles Industry Segmentation
An Autonomous Underwater Vehicle is an uncrewed underwater vehicle that operates on a pre-programmed function without any human intervention and no human on board.
The Autonomous Underwater Vehicles (AUVs) market is segmented by application, propulsion system, and geography. By application, the market is segmented into military and civil. By propulsion system, the market is segmented into electrical, mechanical, and hybrid. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the World. The report also covers the market sizes and forecasts in major countries across different regions. The market sizing and forecasts for each segment are represented based on value (USD).
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Autonomous Underwater Vehicles Market Size Summary
The Autonomous Underwater Vehicles (AUV) market is experiencing significant growth, driven by increasing military investments and the need for advanced naval capabilities. The geopolitical tensions, particularly in regions like Asia-Pacific, have prompted countries to enhance their defense systems, leading to a surge in AUV deployments. The demand for AUVs is further fueled by the need for deep-sea exploration in the oil, gas, and mineral sectors, where these vehicles offer safer and more efficient solutions for underwater surveys and surveillance. The civil segment of the market is also expanding, with applications in oceanography, hydrology, and scientific exploration, as well as advancements in AUV technology, such as the development of robotic arms and swarm robotic systems.
The market is semi-consolidated, with major players like General Dynamics Corporation, The Boeing Company, and Lockheed Martin Corporation actively participating through acquisitions and technological advancements. Companies are focusing on developing new AUVs to meet the growing demand, as evidenced by collaborations and contracts in various countries. The market's growth is supported by strategic initiatives, such as India's indigenous AUV development and the UK's Royal Navy's procurement of AUVs. These developments highlight the increasing importance of AUVs in both military and civil applications, positioning the market for continued expansion in the coming years.
Autonomous Underwater Vehicles Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Civil
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2.1.1.1 Petroleum & Gas Exploration
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2.1.1.2 Oceanography
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2.1.2 Military
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2.1.2.1 Search & Rescue
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2.1.2.2 Minesweeping
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2.2 Propulsion System
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2.2.1 Electrical
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2.2.2 Mechanical
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2.2.3 Hybrid
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 France
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2.3.2.4 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Rest of the World
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Autonomous Underwater Vehicles Market Size FAQs
What is the current Autonomous Underwater Vehicles Market size?
The Autonomous Underwater Vehicles Market is projected to register a CAGR of 13.05% during the forecast period (2024-2029)
Who are the key players in Autonomous Underwater Vehicles Market?
Lockheed Martin Corporation, The Boeing Company, General Dynamics Corporation, Teledyne Marine (Teledyne Technologies Inc.) and Exail Technologies are the major companies operating in the Autonomous Underwater Vehicles Market.
