Persistence Market Research (PMR) analyses the autonomous underwater vehicle market in its new publication titled “Autonomous Underwater Vehicle Market: Global Industry Analysis 2013–2017 and Forecast, 2018–2027”. The autonomous underwater vehicle market study considers 2017 as the base year with market values estimated for 2018 and a forecast developed for the duration of 2018 to 2027.
The key objective of this study is to identify the dynamics of the market and illustrate recent updates and insights that may impact the different segments of the global autonomous underwater vehicle market. The CAGR (Compound Annual Growth Rate) has been represented for the forecast period 2018 to 2027.
This autonomous underwater vehicle market study includes various viewpoints of the global market, including value chain analysis, market dynamics, macro-economic factors, competition analysis, pricing analysis, cost structure, regulatory outlook, segmental and regional growth comparison and autonomous underwater vehicle industry growth analysis, along with segment-level projections in an inclusive representation.
According to PMR’s research, the global autonomous underwater vehicle market is anticipated to register a CAGR of 6.1% during the forecast period. Growing production of new autonomous vehicles, coupled with the increasing exploration and research activities, is expected to drive the global autonomous underwater vehicle market over the forecast period.
PMR’s report on the autonomous underwater vehicle market analyses the market at a regional and global level through market segmentation on the basis of key parameters, i.e. product type, end users, technology type and region. Market consolidation is a market characteristic observed during the study. Importantly, autonomous underwater vehicles are mainly sold through authorized dealers or prominent manufacturers in the global market.
Autonomous underwater vehicles have gained popularity in recent years, owing to advancements in the application of revolutionary technologies to combat challenges in autonomous operations carried out underwater. Technological momentum in the area of underwater robotics has been on an upward trajectory, leveraging the convergence of systems, mechanical, and electrical engineering. As the evolving landscape of the Navy necessitates more critical missions that decide payload, size, processing power, and battery capacity of AUV, there has been a marked significance in the integration of researcher resourcefulness and management software into entrepreneurial technologists.
Additionally, it is highly likely that efficiency and productivity in autonomous underwater vehicle manufacturing will increase in the foreseeable future, given sustained prospects in the constructive competition, which involve operating and interface standards.
The autonomous underwater vehicle market report has been designed to enable the reader to obtain detailed knowledge about the global autonomous underwater vehicle market. The global autonomous underwater vehicle market report starts with a market introduction, definitions and taxonomy, followed by the market view point, market dynamics and market analysis by key segments, regional analysis and competition landscape.
Individual sections covered in the report include a qualitative as well as quantitative assessment based on several facts, historical as well as ongoing trends gaining momentum in the global autonomous underwater vehicle market. The key highlight of the report is considered to be the in-depth primary survey conducted around the globe. The survey focuses on the qualitative as well as cross-sectional information in the autonomous underwater vehicle market.
The global autonomous underwater vehicle market report starts with an overview of the market, providing a summarized view of the report and provides market definitions and taxonomy. In the subsequent section, the report defines the market viewpoint, which includes primary survey, macroeconomic factors, forecast factors, value chain and various other qualitative data regarding the market. The section that follows includes market dynamics, such as drivers, trends, restraints, and opportunities, impacting the global autonomous underwater vehicle market during the forecast period.
The following sections of the report provide global market value (US$ Mn) projections on the basis of the aforementioned segments. The global market values represented in these sections have been derived by gathering information and data at a country as well as regional level. The next section of the report represents a concise view of the global autonomous underwater vehicle market based on six prominent regions considered in the study. The section includes regional market position, growth potential and market attractiveness analysis for each of these regions.
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR (Compound Annual Growth Rate) but also analyse the autonomous underwater vehicle market on the basis of key parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the autonomous underwater vehicle market and identify the right opportunities available for value chain participants.
Another crucial feature included in PMR’s comprehensive report is the analysis of all the key segments in the autonomous underwater vehicle market and the regional adoption, along with the revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market; however, the absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve in the autonomous underwater vehicle market.
In order to offer an accurate forecast, PMR started by sizing the current market, which forms the basis of how the global autonomous underwater vehicle market is expected to develop in the coming years. Given the characteristics of the global autonomous underwater vehicle market, we triangulated the outcome of three different types of analysis, based on primary research, secondary research and our own analysis.
However, forecasting the market in terms of various autonomous underwater vehicle segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalising them after the completion of the forecast exercise.
Global Autonomous Underwater Vehicle Market: Competition Landscape
In the final section of the report, PMR has provided the global autonomous underwater vehicle market structure and a detailed competition landscape with company market share and performance to provide a dashboard view of key players operating in the global autonomous underwater vehicle market along with their business strategies to report audiences. In addition to this, the section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the autonomous underwater vehicle market.
This section includes market share analysis and tier structure analysis of the key manufacturers in the global autonomous underwater vehicle market. Detailed profiles of the providers have also been included under the scope of the report to evaluate their long- and short-term strategies, key offerings and recent developments in the autonomous underwater vehicle market.
Some of the key players involved in the manufacturing of autonomous underwater vehicles and included in this study are Kongsberg Marine, Teledyne Gavita ehf, Bluefin Robotics, ECA Group, Saab AB, Furgo, ATLAS ELEKTRONIL GmbH, L3 Oceanserver, Boston Engineering Corporation, Hydromea SA, and International Submarine Engineering Ltd., among others.
Growth of Traditional Maritime Industries, and Flourishing Aquaculture & Fish Farming Sectors to Drive the Autonomous Underwater Vehicle Market
The global autonomous underwater vehicle market is projected to reach US$ 596.7 Mn by the end of the forecast period, 2018-2027, registering a CAGR of 6.1%.
Factors Influencing Autonomous Underwater Vehicle Market Growth
Autonomous underwater vehicles are useful for a wide range of missions such as shipwrecks, mapping rock formations, and other barriers, which could prove dangerous for recreational and commercial navigation vessels. Autonomous underwater vehicles are equipped with cutting-edge sensor technologies; for instance, sonar system and oceanographic sensors, which can complete the entire mission in lieu of operator intervention.
After completion of mission, these autonomous underwater vehicles return to their origin place or location where data is unruffled and administered in the same format to vessel or shipboard systems. Increasing number of research activities in the oil & gas industry, coupled with the increasing government spending for sea water monitoring to maintain aquatic life balance, are expected to drive the global autonomous underwater vehicle market over the forecast period.
Moreover, rapid growth in fish farming is also paving way for the growth of the autonomous underwater vehicle market as these vehicles can provide an affordable and reliable platform for aqua farmers to monitor water quality parameters, such as turbidity, temperature, and conductivity, and observe fish behavior during feeding processes in aquaculture.
On the flip side, autonomous underwater vehicles employ state-of-art communication systems that use electromagnetic radiation waves to communicate from object to ship or vessels. Water absorbs electromagnetic radiation waves and subsequently makes communication systems ineffective, which is expected to lead to a decline in the sales of autonomous underwater vehicles during the forecast period.
Large AUVs to Remain at the Forefront in Terms of Value Share in Autonomous Underwater Vehicle Market
The large AUVs segment is estimated to account for more than a 30% revenue share in the global autonomous underwater vehicle market throughout the forecast period and gain 126 BPS by 2027 as compared to 2018. Moreover, significant growth in navy budgets for safety and security, coupled with increasing number of oceanography, research and other projects or investments, is anticipated to drive the large autonomous underwater vehicle market over the stipulated time period.
Oceanography Projected for a Significant CAGR in Autonomous Underwater Vehicle Market
Oceanographers are using autonomous underwater vehicles to check the water quality of sea as well as maintain the quality of aquatic life. The segment is projected to create an absolute $ opportunity worth~US$ 46.8 Mn during the forecast period. The military & defense segment is estimated to be a prominent segment in the global autonomous underwater vehicle market, owing to the increasing adoption of these vehicles in navies around the globe.
Communication Remains the Top Ranking Technology Type in Autonomous Underwater Vehicle Market
By technology type, the market has been segmented into communication, propulsion, collision avoidance, imaging, and navigation. Among these segments, collision avoidance, communication, and imaging are expected to grow with leading value shares in the global autonomous underwater vehicle market, owing to the rising awareness of autonomous underwater vehicles as compared to conventional underwater vehicles.
However, autonomous underwater vehicles emit electromagnetic waves to communicate with ships or other onboard vessels and this technology may affect the communication process, owing to the fact that water absorbs these electromagnetic waves, rendering communication systems ineffective.
Key Strategies Adopted by Autonomous Underwater Vehicle Market Players
Manufacturers of autonomous underwater vehicles are observed to be adopting mainly three types of strategies, namely acquisitions, collaborations and product launches, in order to establish unique brand value and enrich their market shares around the globe. Autonomous underwater vehicle manufacturers are installing cutting-edge sensor technologies such as Sonar.
Autonomous Underwater Vehicle Market Structure
The global autonomous underwater vehicle market is consolidated by 10-12 players with the significant presence of large- and medium-sized manufacturers.
Kongsberg Maritime AS, Teledyne Gavia ehf accounts for approximately 15% to 20% in the global autonomus underwater vehicle market. The remaining share of the global autonomous underwater vehicle market is projected to be commanded by other leading players such as Saab AB, ECA Robotics SAS, and Fugro N.V., among others.
Some of the prominent players covered in this study on the global autonomous underwater vehicle market include General Dynamics Corp., Teledyne Gavia ehf, Kongsberg Maritime AS, Saab AB, Atlas Elektronik GMBH, ECA Robotics SAS, Fugro N.V., L3 OceanServer, Hydromea SA, and International Submarine Engineering Ltd.
Key Questions Answered in the Report