The
autonomous
underwater vehicle market is expected
to grow from USD 362.5 Million in 2017 to USD 1,206.9 Million by 2023, at a
CAGR of 22.20% between 2017 and 2023. The growth of this market can be
attributed to factors such as the growing importance of more reliable security
measures worldwide and the increasing offshore oil & gas production.
Among
all applications, the autonomous underwater vehicle market for archeological
and exploration applications is expected to grow at the highest rate between
2017 and 2023. AUVs are widely used as an important tool for underwater
exploration activities to extract minerals such as cobalt, zinc, and magnesium;
these minerals are used in the fabrication of smartphones, laptops, and hybrid
cars, among others. However, military & defense applications are expected
to hold the largest share of the autonomous underwater vehicle market in 2017.
The
market for large AUVs is expected to grow at a high rate between 2017 and 2023.
Large AUVs can operate at a depth of more than 1,000 meters and are widely used
for hydrographic exploration, deep ocean search, and deep water surveys. The
AUVs intended for exploration activities in deep waters are specifically used
for deep water mapping and surveying applications, including pipe surveys for
the oil & gas sector. There is a growing demand for new energy sources
worldwide, which can be met with the help of large AUVs as this type of AUVs
can reach great depths underwater.
Navigation
technology held a major share of the AUV market in 2016. As navigation
information, such as the location of an autonomous underwater vehicle, is
essential for the safe operation and recovery of an autonomous underwater
vehicle, this technology is critical for achieving an accurate mission
completion. However, among all the technologies, the AUV market for imaging
technology is expected to grow at the highest rate between 2017 and 2023.
Among
all the payloads that can be mounted on an AUV, cameras held the largest share
of the AUV payload market in 2016. However, the market for sensors is expected
to grow at the highest rate between 2017 and 2023. The growth of the market for
sensors can be attributed to the increasing adoption of sensors in scanning,
detecting, mapping, and remote sensing applications.
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North
America held the largest share of the autonomous underwater vehicle market in
2016. The increasing adoption of AUVs for military & defense applications
in the US is driving the growth of the AUV market in North America. However,
among all regions, the AUV market in APAC is expected to grow at the highest
rate between 2017 and 2023. The rising need for energy, along with the high GDP
growth rate, in developing countries in APAC, such as China and India, is
creating huge opportunities for manufacturers of AUVs in this region.
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