Global Offshore Autonomous Underwater Vehicle (AUV) Market is expected to reach USD 83,382.5 thousand by 2024 at a CAGR of 15.70% during the forecast period.
The oil & gas industry is expected to witness steady growth during the forecast period after the global slowdown in 2014. Obtaining oil & gas from both non-conventional and conventional sources is becoming more dynamic in the current scenario. The need for oil & gas in various industries will necessitate the implementation of robotics and automation in rugged offshore environments to enhance efficiency and improve productivity. Thus, the demand for AUVs for oil & gas application is expected to increase in the forecast period.
The global offshore autonomous underwater vehicle (AUV) market has been segmented based on type, technology, payload, and application.
By type, the global offshore autonomous underwater vehicle (AUV) market has been classified as shallow, medium, and large. The large segment is projected to dominate the market with a valuation of USD 22,935.5 thousand in 2018 and reach USD 54,924 thousand by 2024. This is due to large AUVs have the potential to dive up to 3000-meter seawater (MSW). These AUVs assist in long-range operations and support multiple capabilities such as obstacle avoidance and underwater docking. The medium segment is expected to exhibit a CAGR of 15.60% during the forecast period.
Based on technology, the global offshore autonomous underwater vehicle (AUV) market has been divided into communication, collision avoidance, navigation, imaging, and propulsion. The navigation segment is expected to lead the market with a value of USD 8,968.6 thousand in 2018 and reach USD 21,170.8 thousand by 2024. Offshore AUVs support 3D imaging sensors and software that support GPS and cameras. GPS and cameras provide accurate location information and assist operators to navigate accurately to the mines. The communication segment is expected to register a 16.17% CAGR during the forecast period.
On the basis of payload, the global offshore autonomous underwater vehicle (AUV) market has been classified as sensors, cameras, synthetic aperture sonars, and others. The synthetic aperture sonars segment is expected to grow at the highest CAGR during the forecast period. Synthetic aperture sonar (SAS) is a type of sonar in which post-processing of sonar data is used to produce a narrow effective beam. SAS provides high-definition underwater images where the resolution is not affected by range. Growing adoption of AUVs for infrastructure monitoring, mine countermeasures, and oil & gas exploration is driving the SAS segment as they provide a wide coverage area and offer high-definition imagery.
Based on application, the global offshore autonomous underwater vehicle (AUV) market has been classified as military & defense; oil & gas; oceanography; environmental protection and monitoring; archaeological and exploration; and search and salvage operations. The oil & gas segment is dominating the market with a valuation of USD 11,711.9 thousand in 2018. The exploration of oil & gas fields is now taking place at greater depths than ever before, making the employment of humans impractical. Offshore AUVs are built to work in specific subsea applications such as channel crossing inspection, internal pipe inspection of non-piggable lines, drilling, development, and repair, and subsea line evaluation. Therefore, the adoption of offshore AUVs for oil & gas exploration is increasing from the last few years.
The global offshore autonomous underwater vehicle (AUV) market has been segmented, by region, into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America is leading the market with a valuation of USD 14,998.6 thousand in 2018. The presence of major market players, such as Lockheed Martin Corporation and General Dynamics Corporation, is expected to drive market growth in North America. The regional market is expected to reach USD to register a CAGR of 13.34% during the forecast period.
Europe is projected to be the second-largest market during the review period. The regional market is expected to reach USD 18,802.8 thousand by 2024 at a CAGR of 16.37% during the forecast period. Asia-Pacific is projected to be the third-largest market during the review period. The regional market is expected to reach USD 20,470.4 thousand by 2024 at a CAGR of 20.09% during the forecast period.
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The key players in the global offshore autonomous underwater vehicle (AUV) market are Boston Engineering Corporation (US), ECA Group (France), Fugro (Netherlands), General Dynamics Corporation (US), Graal Tech SRL (Italy), International Submarine Engineering Limited (Canada), Kongsberg Maritime AS (Norway), Lockheed Martin Corporation (US), Saab AB (Sweden), and Teledyne Technologies Incorporated (US).
In April 2019, Saab Seaeye Limited, a subsidiary of Saab AB, signed a contract with Modus Group, LLC to provide its Hybrid Autonomous Underwater Vehicle (HAUV). This contract will help increase the financial position of the company in the global offshore AUV market.
In October 2017, Lockheed Martin Corporation signed a contract worth USD 43.2 million with US Navy to provide Extra Large Unmanned Underwater Vehicle (XLUUV).