Autonomous underwater vehicles market to reach $596.7 million by end of 2027
The autonomous underwater vehicle market is expected to be valued at $371.3 million in 2019 and from now to 2027 is projected to register a CAGR of over 6%, according to Persistence Market Research's new report, "Autonomous Underwater Vehicle Market: Global Industry Analysis 2013–2017 and Forecast, 2018–2027."
Autonomous underwater vehicles are generally used in aquaculture systems for a variety of underwater tasks such as tank water monitoring in fish farming. Aquaculture production has been increasing rapidly, making fish farming one of the fastest growing industrial sectors across the world. This has been significantly contributing to the growth of the global autonomous underwater vehicle market.
Moreover, autonomous underwater vehicles are also used for the monitoring of sea water to maintain its quality. For this, government bodies such as the U.S. Environment Protection Agency (EPA) have implemented regulations on the quality of sea water to be used, which in turn is expected to affect the demand for autonomous underwater vehicles over the forecast period.
Numerous, if not all, ocean-based or maritime industries depend on autonomous underwater vehicles for the setting up or expansion of the respective industry. Maritime industries are expected to experience significant growth in the coming decade, owing to global economic development and increasing demand.
Industries such as shipping, shipbuilding, coastal aquaculture, fishing, offshore oil and gas, offshore wind, and maritime tourism tidal and wave energy are projected to witness robust growth over the period, which in turn is expected to boost the demand for autonomous underwater vehicles in the coming years.
Increasing offshore oil and gas exploration activities are expected to create robust demand for autonomous underwater vehicles. Autonomous underwater vehicles play an important role in offshore oil and gas exploration activities, as they provide surveying, dredging, installation, and maintenance support. With more than half the offshore oil and gas potential yet to be explored, and growing investments in the industry, the autonomous underwater vehicle market is expected to witness significant demand in the coming years.
Autonomous underwater vehicles are deployed for a limited number of operations because of technological uncertainties and subsequent risks as water rapidly absorbs electromagnetic radiation waves, making communication systems ineffective and inefficacious. In addition, aquatic environments also create challenges for autonomous underwater vehicles. These factors collectively affect the overall sales of autonomous underwater vehicles.
An increasing number of research studies pertaining to ocean exploration and sampling as well as substantial growth of the oil and gas industry and scientific research organizations are expected to create a significant opportunity for autonomous underwater vehicles during the forecast period.
Some of the key players involved in the autonomous underwater vehicle market included in this study are General Dynamics, Teledyne Gavia, Kongsberg Maritime, Saab, Atlas Elektronik, ECA Robotics, Fugro, L3 OceanServer, Hydromea, and International Submarine Engineering.