The global Autonomous Underwater Vehicles (AUVs) Market was valued at $1.16 billion in 2020 and is projected to grow significantly, reaching $4.17 billion by 2028. This represents a compound annual growth rate (CAGR) of 17.80% from 2021 to 2028, according to a report by Fortune Business Insights™.

The demand for AUVs is on the rise, driven by their increasing use in both military and commercial sectors. These vehicles are becoming essential for tasks like border security, oil and gas exploration, and scientific research. The need for AUVs in activities such as sea mapping and seafloor imaging is expected to accelerate in the coming years.

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Major Players in the Market

The report highlights key players in the AUV market:

• Fugro N.V. (Netherlands)
• General Dynamics Corporation (U.S.)
• International Submarine Engineering Ltd. (Canada)
• Kongsberg Gruppen A.S.A. (Norway)
• L3Harris Technologies, Inc. (U.S.)
• Lockheed Martin Corporation (U.S.)
• Oceaneering International Inc. (U.S.)
• SAAB AB (Sweden)
• Teledyne Technologies Inc. (U.S.)
• Boeing (U.S.)

Market Segmentation

The market is divided into several segments:

• Type: Large, medium, and small AUVs
• Application: Defense, scientific research, and oil & gas
• Propulsion System: Mechanical, electric, and hybrid systems
• Payload: Inertial navigation systems, sensors, cameras, and others
• Geography: North America, Asia Pacific, Europe, the Middle East, Latin America, and Africa

Report Highlights

The report offers a comprehensive view of the AUV market through both quantitative and qualitative analyses. It combines top-down and bottom-up approaches to map out product strategies of leading players and new entrants. The report includes insights from primary sources such as interviews with stakeholders and secondary sources like annual reports and press releases.

Drivers and Challenges

The market is expected to grow due to increasing defense sector investments and rising demand from commercial sectors like oil and gas. For example, the U.S. Navy is actively using AUVs for various applications including surveillance and mine countermeasures. Additionally, AUVs are becoming crucial in ocean exploration as natural gas demand rises. However, challenges such as communication system reliability and operational performance issues may affect growth.

Regional Insights

• Asia Pacific: This region is expected to see substantial growth driven by investments in oil and gas exploration and naval expansion in countries like China and India.
• North America: The market here is anticipated to grow due to strong defense policies and increased investment in advanced AUV technologies.
• Europe: Investment in the oil and gas sector and defense will drive growth, with significant opportunities in the U.K., France, and Germany.

Competitive Landscape

Key industry players are focusing on expanding their product offerings through mergers, acquisitions, and new product developments. Notable developments include:

• March 2021: Kongsberg Maritime received a contract to supply four autonomous vessels to Norway’s Institute of Marine Research, including two Kongsberg AUVs.
• August 2021: L3Harris Technologies showcased its advanced AUV capabilities through the Iver3 model in collaboration with Marine Tech Systems.

Overall, the AUV market is poised for rapid growth with increasing investments and technological advancements.