According to the new market research report on the "Autonomous Underwater Vehicles Market by Type (Shallow, Medium, and Large AUVs), Technology (Collision Avoidance, Communication, Navigation, Propulsion, Sonar, and Imaging), Application (Oil & Gas, Oceanography, Military & Defense) - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to grow from USD 211.8 Million in 2016 to USD 497.9 Million in 2022, at a CAGR of 15.31% during the forecast period.
The autonomous underwater vehicle market is driven by the features and specifications possessed by autonomous underwater vehicles necessary for carrying out active and vigorous research, the growing importance of more reliable security measures across the globe, and increase in the offshore oil & gas production. The high rate of adoption of autonomous underwater vehicles for military & defense applications considering the ability to reach large depths is also one the key factors driving the autonomous underwater vehicle market in North America.
Large AUVs are expected to lead the global AUV market between 2016 and 2022
Large AUVs held a major market share in 2015 and is expected to grow between 2016 and 2022. The deep operating capability (more than 1,000 meters) of large AUVs makes them suitable for applications such oceanography, habitat research, and search and salvage operations applications. Apart from this, the large AUVs have been adopted vastly for the mine countermeasure application in the military & defense sector. These are the key factors contributing to a large market share of large AUVs among other types of the AUVs in this market.
The military & defense application is expected to hold the largest market share in 2016
There would be a significant rise in the market for the military & defense application between 2016 and 2022; many countries such as the U.S., Canada, France, and China have been adopting autonomous underwater vehicles for the military & defense applications such as border security and surveillance, antisubmarine warfare, monitoring smuggling of illegal goods, environmental assessment, and mine countermeasures. Many incidences such as Malaysian flight MH-370 crash have been increasing, leading to increased adoption of AUVs for search and salvage operations.