Autonomous Underwater Vehicle Market Forecast and Growth 2031

The Autonomous Underwater Vehicle Market size is projected to reach US$ 6.94 billion by 2031 from US$ 1.79 billion in 2023. The market is expected to register a CAGR of 18.5% in 2023–2031. Increasing government focus on strengthening the defense system of several countries is one of the major drivers for the autonomous underwater vehicle market. Additionally, the growing application of autonomous underwater vehicles for deep underwater research and mine explorations is also acting as a major driver for the market.

Autonomous Underwater Vehicle Market Analysis

Autonomous underwater vehicles primarily operate without human interaction. They are available in a few kinds, like small, medium, and large. Autonomous underwater vehicles generally carry various payloads, such as cameras, sensors, and engineered opening sonars, among others. Autonomous underwater vehicles have wide applications in the oil and gas industry, along with their utilization in ecological security, military and oceanography, observing, archaeological and investigation, and search and rescue operations.

Autonomous Underwater Vehicle Market Overview

Autonomous underwater vehicles have a extensive range of utilization in several military applications such as submarine fighting, payload conveyance, oceanography, mine counter, and among others. In addition, autonomous underwater vehicles can also be utilized for research activities, monitoring remains of air crashes and boat accidents. The autonomous underwater vehicle market is being segmented into type, propulsion system, payload, and application. Based on type, the market is classified into small, medium, and large. On the basis of propulsion system, the market is categorized into mechanical system, electric system, and hybrid system. Based on payload, the market is classified into camera, sensors, inertial navigation system, and others. Based on application, the autonomous underwater vehicle market is segmented into scientific research, military and defense, the oil & gas industry, and others.

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Autonomous Underwater Vehicle Market: Strategic Insights

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Autonomous Underwater Vehicle Market Drivers and Opportunities

Growing Defense Spending in Various Nations is Expected to be the Prime Driver for the Autonomous Underwater Vehicle Market

The changing modern warfare and defense scenario requires governments of various countries across the globe to allocate substantial funds and financial aid toward respective defense and military forces. The defense budget allocation supports army and military forces to obtain increased technologies and equipment from domestic or international developers. On the other hand, military and army system upgrades are expanding owing to expanding defense budget allocation. Furthermore, the improving governmental spending displays the government's focus on improving national defense forces. There is an augmented need to reinforce defense and military forces with advanced autonomous underwater vehicles, among others; hence, naval forces across the globe are focusing on investing substantial amounts in obtaining advanced technologies. Defense forces' constant inclination to acquire new technologies for non-combat and combat operations further boosts defense expenditure worldwide., which is anticipated to drive the autonomous underwater vehicle market globally.

Increasing Offshore Oil & Gas Production

Investment and focus on offshore oil and gas production are growing across the globe. For instance, in October 2022, the Italian government announced plans to increase its gas production capacity. This proposal also includes the formation of new offshore gas rigs across the country. In May 2023, the Chinese government stated that it had accomplished the construction of a new 12,000-ton offshore drilling rig. In June 2023, the government announced drilling deeper into offshore platforms to lower its dependency on other nations regarding the import of oil and gas. Thus, mounting investment for the development of offshore oil and gas production is anticipated to fuel the application of autonomous underwater vehicles for monitoring and surveillance activities, which is anticipated to drive the growth of autonomous underwater vehicles over the forecast period.

Autonomous Underwater Vehicle Market Report Segmentation Analysis

Key segments that contributed to the derivation of the autonomous underwater vehicle market analysis are type, propulsion system, payload, and application.

• Based on type, the autonomous underwater vehicle market has been divided into small, medium, and large. The large segment held a larger market share in 2023.
• Based on the propulsion system, the autonomous underwater vehicle market has been divided into electric system, mechanical system, and hybrid system. The electric system segment held a larger market share in 2023.
• In terms of payload, the market has been segmented into camera, sensors, inertial navigation system, and others. The inertial navigation system segment dominated the market in 2023.
• In terms of application, the market has been segmented into scientific research, military and defense, the oil & gas industry, and others. The military and defense segment dominated the market in 2023.

Autonomous Underwater Vehicle Market Share Analysis by Geography

The geographic scope of the Autonomous Underwater Vehicle Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

North America led the autonomous underwater vehicle Market in 2023. The North America region includes the US, Canada, and Mexico. Strong defense and naval force and high investment in research and development activities for strengthening the region's defense system are acting as a major driver for the autonomous underwater vehicle market in North America. The growing government focus on procuring advanced autonomous underwater vehicles for intelligence, surveillance, target acquisition, and reconnaissance activities is also having a positive impact on the autonomous underwater vehicle market in North America.

Autonomous Underwater Vehicle Market Regional Insights

The regional trends and factors influencing the Autonomous Underwater Vehicle Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Autonomous Underwater Vehicle Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Autonomous Underwater Vehicle Market Report Scope

Autonomous Underwater Vehicle Market Players Density: Understanding Its Impact on Business Dynamics

The Autonomous Underwater Vehicle Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Autonomous Underwater Vehicle Market are:

1. Fugro N.V.
2. General Dynamics Corporation
3. International Submarine Engineering Ltd.
4. Kongsberg Gruppen A.S.A.
5. L3Harris Technologies, Inc.
6. Lockheed Martin Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

Autonomous Underwater Vehicle Market News and Recent Developments

The Autonomous Underwater Vehicle Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Autonomous Underwater Vehicle Market and strategies:

• On February 2024, On February 2024 Pentagon Tech Hub collaborated with Anduril Industries, Inc. to get a large underwater drone for the Navy. (Source: Anduril Industries, Inc, Press Release/Company Website/Newsletter)

Autonomous Underwater Vehicle Market Report Coverage and Deliverables

The “Autonomous Underwater Vehicle Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles with SWOT analysis