Global Offshore AUV Market Growth 2019-2024
Autonomous Operated Vehicles (AUV) is the unmanned underwater vehicles which are operated without direct human intervention. They are being designed to perform underwater survey missions required in commercial, scientific research, and defense sectors. They are capable of carrying out an entire mission independently and return to the pre-programmed location where the data is collected and analyzed. Autonomous underwater vehicles are used in key application areas in commercial, scientific research, and defense.
Currently, the Defense market makes up approximately 58% of AUV sales. The Scientific Research market makes up approximately 14% of the AUV market. The Commercial market makes up approximately 28% of AUV sales. Defense and scientific research markets are expected to make up more than 64% of projected sales through 2023. AUVs will be increasingly used in the Commercial market, primarily because of the cost of using ROVs. The increased functionality in AUVs and the demand for floating production systems and remote fields also are drivers for adopting AUVs.
The market for large AUVs is expected to grow at a high rate between 2018 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.
North America held the largest share of the autonomous underwater vehicle market in 2017. 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 2018 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.
According to this study, over the next five years the Offshore AUV market will register a 15.7% CAGR in terms of revenue, the global market size will reach US$ 83 million by 2024, from US$ 40 million in 2019. In particular, this report presents the global market share (sales and revenue) of key companies in Offshore AUV business, shared in Chapter 3.
This report presents a comprehensive overview, market shares, and growth opportunities of Offshore AUV market by product type, application, key manufacturers and key regions and countries.
This study considers the Offshore AUV value and volume generated from the sales of the following segments:
Segmentation by product type: breakdown data from 2014 to 2019, in Section 2.3; and forecast to 2024 in section 11.7.
Shallow AUV (depth up to 100 m)
Medium AUVs (depth up to 1000 m)
Large AUVs (depth more than 1000 m)
Segmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 11.8.
This report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.
Middle East & Africa
The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report: Breakdown data in in Chapter 3.
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
To study and analyze the global Offshore AUV consumption (value & volume) by key regions/countries, product type and application, history data from 2014 to 2018, and forecast to 2024.
To understand the structure of Offshore AUV market by identifying its various subsegments.
Focuses on the key global Offshore AUV manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Offshore AUV with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the consumption of Offshore AUV submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.