Autonomous Underwater Vehicle Market Size, Analytical Overview, Growth Factors, Demand and Trends Forecast to 2027

Posted September 22, 2020 by priyankauke2013

The global autonomous underwater vehicle market size is expected to reach USD 2.10 Billion by 2027 according to a new study by Polaris Market Research.
New York, NY 22 Sep 2020: The global autonomous underwater vehicle market size is expected to reach USD 2.10 Billion by 2027 according to a new study by Polaris Market Research. The report “Autonomous Underwater Vehicle (AUV) Market Share, Size, Trends, Industry Analysis Report By Technology (Collision avoidance, Navigation, Communication, Imagery, Propulsion); By AUV Type (Shallow, Medium, Large); By Payload (Sensors, Cameras, Synthetic Aperture Sonars, Echo Sounders, Acoustic Doppler Current Profilers, Others); By Application (Army & defense, Petroleum & gas, Environmental security & tracking, Oceanography, Archeology & exploration, Search & rescue activities); By Regions – Segment Forecast, 2020 – 2027”gives a detailed insight into current market dynamics and provides analysis on future market growth.

Autonomous underwater vehicles or AUVs can also be used to track illegal trafficking in human beings and drugs alongside the smuggling of products and equipment. Autonomous underwater vehicles are helpful for a broad spectrum of tasks such as shipwrecks, rock formations mapping, and other obstacles that could be hazardous to recreational and commercial navigation ships. Autonomous underwater vehicles are fitted with state-of – the-art sensor systems, such as sonar systems and oceanographic sensors, which, instead of operator interference, can finish the entire task.

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Increasing numbers of research operations in the oil & gas industry, combined with growing public expenditure on marine water surveillance to preserve the equilibrium of aquatic life, are anticipated to drive the global AUV market over the forecast period. The creation of an intricate seabed map ensures that petroleum and gas enterprises build pipelines and facilities is assisted by the use of autonomous underwater vehicles. Furthermore, mapping the ocean floors by autonomous underwater vehicles makes installation of submerged floors more cost-effective without harm to the underwater environment.

The growth of the AUV industry is hampered by the high capital investment and the difficulties in the establishment of connections at deep water levels. This hinders the vehicles in transmitting or sending data and other relevant information above sea level. Although sales volumes are rising, the use of vehicles that hinder the AUV sector is regulated by several government organizations.

Furthermore, in autonomous vehicles, the automotive manufacturers and their technology partners are engaged in the development of AI-driven systems to enable autonomous underwater vehicle. These systems integrate a broad range of AI-enabled technologies, including NLP and neural networks. These technologies offer several features that increase the understanding of underwater vehicles, enabling the safe drive with or without driver on board.

Autonomous underwater vehicle manufacturers are found to adopt primarily three kinds of approaches, namely acquisitions, collaborations and product launches, to create distinctive brand value and enrich their global market shares. Manufacturers of autonomous underwater vehicles are installing state-of-the-art sensor systems like Sonar. Atlas Elektronik GmbH, Bluefin Robotics, Saab Group, Lockheed Martin Corporation, Boston Engineering Corporation, Oceanserver Technology, International Submarine Engineering (ISE) Ltd., Kongsberg Groups, Teledyne Technologies, Eca Group, Graal, Inc., and Fugro are major players working in the AUV market. The increasing rivalry among AUV players to maintain their position by providing innovative and unique technology-based cars is progressively making them invest in multiple R&D operations and helping to eliminate the disadvantages provided by current vehicles.

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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.
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Contact Email [email protected]
Issued By polaris market research
Phone 1–646–568–9980
Business Address 30 Wall Street 8th Floor, New York City, NY 10005, United States
Country United States
Categories Electronics , Research , Semiconductors
Tags Autonomous Underwater Vehicle Market Size , Autonomous Underwater Vehicle Market Share , Autonomous Underwater Vehicle Market Trends
Last Updated September 22, 2020