Autonomous Underwater Vehicle Market Size to Surpass US$ 14.58 Billion by 2034: Fact.MR Report

Autonomous Underwater Vehicles Being Used Extensively to Monitor Illicit Human Activities Such as Drug Trafficking

ROCKVILLE, MARYLAND, UNITED STATES, May 27, 2024 /EINPresswire.com/ -- Besides widespread adoption for mining and military purposes, autonomous underwater vehicles are also used to monitor illegal human activities such as drug trafficking, as well as the smuggling of supplies and equipment. Fact.MR’s latest report reveals that the global autonomous underwater vehicle market is projected to increase from a value of US$ 3.42 billion in 2024 to US$ 14.58 billion by the end of 2034.

Autonomous underwater vehicles are being deployed for investigations into aviation crashes and shipwrecks. In the future, fuel cell technologies and a combination of separate batteries and power management systems with supercapacitors are also projected to be employed by autonomous underwater vehicles.

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One of the most lucrative opportunities in the market for unmanned underwater vehicle manufacturers is expected to emerge from the research industry for the underwater studies of lakes, deep oceans, and marine species. Autonomous underwater vehicles are used in sophisticated imaging and navigation systems for safe operations in challenging environments, particularly in the oil and gas sector. This involves tasks such as bathymetric surveys, pipeline inspections, platform inspections, and search and rescue missions.

Key Takeaways from Market Study:

Sales of autonomous underwater vehicles across the world are expected to reach US$ 3.42 billion in 2024.
The market is forecasted to reach US$ 14.58 billion by the end of 2034.

Sales of autonomous underwater vehicles in the United States are set to reach a value of US$ 843.8 million in 2024.
China occupies 60% share of the East Asia market in 2024.

Sales of autonomous underwater vehicles in Japan are forecasted to reach US$ 283.6 million in 2024.

The East Asia market is forecasted to expand at a CAGR of 14.4% through 2034.

“Sales of autonomous underwater vehicles are projected to increase as a result of their widespread use in the mining, military, and oil and gas sectors. Advancements in marine technology and government investments in underwater exploration are driving market growth,” says a Fact.MR analyst.

Key players in the autonomous underwater vehicle market are Lockheed Martin, ThyssenKrupp (Atlas Elektronik GmbH), General Dynamics, L3 Ocean Server, Saab, Kongsberg Gruppen ASA, FUGRO NV-CVA, StedY - Groupe Gorgé (ECA Group), International Submarine Engineering Ltd., Boston Engineering, and Mitsubishi Heavy Industries.

Growing Emphasis by Countries on Strengthening Underwater Warfare Capacities

Substantial investments in modernizing the armed forces and naval fleet are driven by the reliability, efficiency, and versatility of electric propulsion systems. Nations are enhancing their underwater warfare capabilities amid rising military tensions worldwide. These capabilities are crucial for environmental monitoring, resource exploration, and scientific research. Large AUVs are indispensable for inspecting underwater pipelines in the gas and oil industries. They can conduct autonomous, cost-effective, and efficient inspections in challenging environments, eliminating the need for human divers.

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Recent Developments:

• India's first autonomous underwater vehicle (AUV) with mine detection capabilities was launched in July 2023. According to officials, MSME organization AEPL and warship manufacturer Garden Reach Shipbuilders and Engineers (GRSE) Ltd., both based in Kolkata, collaborated to create the AUV known as Neerakshi.

• 6,000-meter autonomous underwater vehicles (AUVs) of the French National Institute for Ocean Science (IFREMER) use subsea technology from iXblue, which combines sonar, acoustic positioning, and inertial navigation.

Country-wise Insights:

East Asia holds a significant share of the autonomous underwater vehicle market in 2024 and is expected to maintain its dominance throughout the forecast period. The AUV market in East Asia is projected to grow at a CAGR of 15.6% through 2034.

Autonomous underwater vehicles are essential for studying oceanography, underwater ecosystems, and geological features, according to experts globally. In the United States, the demand for autonomous solutions, resource exploration, and technological advancements are driving market growth. These vehicles support deep-sea exploration by enabling researchers to gather extensive data for sea mapping.

Explore More Related Studies Published by Fact.MR Research:

Underwater Drones Rental Market: Valued at $23.8 million in 2023, is projected to reach $57.4 million by 2033, growing at a CAGR of 9.2% from 2023 to 2033.

Underwater Robot Market: Valued at $1.54 billion in 2024, is expected to grow at a 13.7% CAGR, reaching $5.57 billion by 2034.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the autonomous underwater vehicle market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges the autonomous underwater vehicle market based on type (small, medium, large), propulsion (electric system, mechanical system, hybrid system), application (scientific research, defense, oil & gas industry), and payload (cameras, sensors, inertial navigation system), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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