Seattle, WA -- (SBWIRE) -- 11/08/2016 -- The market for autonomous underwater vehicles (AUVs) is expected to grow from USD 211.8 Million in 2016 to USD 497.9 Million by 2022, at a CAGR of 15.31% between 2016 and 2022. The features and specifications possessed by AUVs necessary for carrying out active and vigorous research and growing importance of more reliable security measures across the globe are the key factors responsible for the growth of the market. Furthermore, increase in the offshore oil & gas production propels the growth of the autonomous underwater vehicles market.
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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.
The AUV market in the APAC region is expected to grow at the highest rate between 2016 and 2022
The market in the APAC region is expected to grow at the highest CAGR between 2016 and 2022. The increasing energy needs backed by the high GDP growth rate in developing countries such as China and India creates opportunities for AUV manufacturers and propels the growth of the AUV market in APAC. North America is expected to capture the largest share of the AUV market in 2016. The high rate of adoption of autonomous underwater vehicles in the U.S. for military & defense applications is the key driving factor for the growth of the market in North America.
The present market is dominated by the players such as Kongsberg Maritime AS (Norway), Teledyne Gavia ehf. (Iceland), Bluefin Robotics Corporation (U.S.), ECA Group (France), and SaaB Group (Sweden) among many others.