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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