Autonomous Underwater Vehicles Market Overview 2024-2033 – Growth Analysis and Forecast
Posted by Ramakrishna TBRC on January 30th, 2024
The Autonomous Underwater Vehicles by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Autonomous Underwater Vehicles, The autonomous underwater vehicles market size has grown exponentially in recent years. It will grow from .04 billion in 2023 to .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 .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..
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 (,25,4 billion) in 2021 with a 6% increase from 2020. Furthermore, defense research and technology (R&T) spending amounted to €3.6 billion (.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.
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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
Technological advancements are a major trend gaining popularity in the autonomous underwater vehicles market. Major companies operating in the autonomous underwater vehicles market are focused on developing technologically advanced solutions to sustain their market position. For instance, in March 2022, Kongsberg Gruppen, a Norway-based aerospace company launched HUGIN Edge, a next-generation medium-sized autonomous underwater vehicle (AUV) of the HUGIN family of AUVs equipped with new battery technology. The HUGIN Edge consists of cutting-edge technologies such as synthetic aperture sonar, a high-frequency multibeam echosounder, and a swappable camera or sub-bottom profiler and weighs approximately 300kg offering exceptional durability and reliability.
The autonomous underwater vehicles market report table of contents includes:
1. Executive Summary
2. Autonomous Underwater Vehicles Market Characteristics
3. Autonomous Underwater Vehicles Market Trends And Strategies
4. Autonomous Underwater Vehicles Market - Macro Economic Scenario
5. Global Autonomous Underwater Vehicles Market Size and Growth
....
31. Global Autonomous Underwater Vehicles Market Competitive Benchmarking
32. Global Autonomous Underwater Vehicles Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Autonomous Underwater Vehicles Market
34. Autonomous Underwater Vehicles Market Future Outlook and Potential Analysis
35. Appendix
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