New York, Oct. 18, 2017 (GLOBE NEWSWIRE) -- For several years now, the autonomous underwater vehicle has been the undisputed champion in the case of niche underwater applications. However, the growing acceptance of these multi-purpose vehicles has now turned them into the de-facto choice for the subsea community. The last decade has seen the autonomous underwater vehicle market come into its own with AUV’s being chosen for most deep-water surveys. The scientific community has also opted for autonomous underwater vehicles for both deep exploration as well as work in shallow waters. New applications have surfaced in the autonomous underwater vehicle market as these vehicles are critical in search & rescue missions, salvage operations, and in archaeology. The autonomous underwater vehicle market is projected to record a robust CAGR of 6.1% from 2017 to 2022.
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The oil & gas segment has a revenue share of one-sixth in the autonomous underwater vehicle market by end user and is anticipated to lose market share. The oil & gas autonomous vehicle segment is estimated to have a value of approx. US$ 65 million at the end of the forecast period. The military & defense segment is considerably larger by comparison. Political disputes, territorial claims, and small skirmishes may well push countries into war which is why they are investing heavily in their defense preparedness and military budgets. Autonomous underwater vehicles perfectly complement their warships prowling the high seas. North America stands out as the region that should account for more than a third of the military & defense segment of the autonomous underwater vehicle market at the end of 2017
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In the age of global warming, environmental protection and monitoring is the need of the hour, especially for low-lying, coastal nations that will bear the brunt of rise in water levels. An absolute dollar opportunity of over US$ 24 million makes the environmental protection and monitoring segment of the autonomous underwater vehicle market very critical indeed. Furthermore, this segment is on track to gain share going forward. After North America, Europe has a strong focus on environmental protection and monitoring
It is often said that we have a better grasp of the surfaces of other planets than that of our own ocean floors. Therefore, oceanography has gained prominence recently. Oceanography has double-digit revenue share in the autonomous underwater vehicle market by end use segment and is poised to gain marginal share in the forecast period. The oceanography segment may well witness a robust CAGR of more than 6% for the five-year period and companies would do well to take this inot account
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True to its size, the large AUV segment has the largest contribution in the autonomous underwater vehicle market and should remain so for the foreseeable future. The North America large AUV segment is assessed to have a value of roughly US$ 38 million in 2017 alone
The companies profiled in the autonomous underwater vehicle market report are International Submarine Engineering Ltd, Hydromea SA, L3 OceanServer, ECA Robotics SAS, Atlas Elektronik GMBH, Saab AB, Kongsberg Maritime AS, Teledyne Gavia ehf, and General Dynamics Corporation
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