Autonomous Underwater Vehicles (AUV) Market Size, Share, Growth Analysis, By Technology(Collision Avoidance, Communication, Navigation, Propulsion), By Type(Shallow AUVs, Medium AUVs, Large AUVs), By Shape(Torpedo, Laminar Flow Body, Streamlined Rectangular Style, Multi-hull Vehicle), By Payload Type(Cameras, Sensors, Synthetic Aperture Sonar, Echo Sounders), By pplication(Military & Defense, Oil & Gas, Environment Protection Monitoring, Oceanography Archaeology & Exploration), By Region - Industry Forecast 2024-2031

Autonomous Underwater Vehicles (AUV) Market size was valued at USD 1.57 billion in 2022 and is poised to grow from USD 1.85 billion in 2023 to USD 6.84 billion by 2031, growing at a CAGR of 17.80% in the forecast period (2024-2031). 

The market is competitive with new companies emerging and establishing competition with older ones. For instance, OceanTech can provide access to the Ocean Research Institute’s latest AUV models, enabling researchers to use state-of-the-art technology for their science missions. In return, feedback and insights gained from the Institute’s fieldwork can inform OceanTech’s product development direction and ensure that future AUV systems are optimized for research purposes. OceanTech can provide training programs and workshops for Ocean Research Institute researchers and students, providing the skills and knowledge they need to successfully operate AUVs in the field. This partnership not only enhances the institute’s research capabilities but also develops the talent pool in marine robotics.  'Kongsberg Maritime (Norway) ', 'Teledyne Marine (US) ', 'Bluebird Marine Systems Ltd. (UK) ', 'ECA GROUP (France) ', 'Saab AB (Sweden) ', 'Lockheed Martin Corporation (US) ', 'Fugro (Netherlands) ', 'ATLAS ELEKTRONIK GmbH (Germany) ', 'Boston Engineering Corporation (US) ', 'International Submarine Engineering Limited (Canada) ', 'GRAAL, Inc. (Poland) ', 'BAE Systems (US) ', 'Boeing (US) ', 'L3Harris Technologies, Inc. (US) ', 'Hydromea SA (Switzerland) ', 'General Dynamics Mission Systems, Inc. (US) ', 'Exail Technologies (France) ', 'Anduril Industries (US) ', 'ANB Sensors Limited (UK) ', 'Rovco (UK)'

An autonomous underwater vehicle is a robotic system that can be operated underwater without human intervention. These are widely used in marine research activities for many underwater applications such as scientific research, commercial and defence. In the previous years, major companies such as Shell, Chevron, Repsol and Equinor discovered new oil in the Gulf of Mexico. Shell has been successful in drilling for Deepwater wells, including an oil well discovery up to a depth of 400 ft. The new exploration was predicted to produce more than 900,000 barrels.

Embracing the Freedom Provided by Artificial Intelligence to Increase Demand for AUVs: Underwater robotic or underwater vehicle technology is supposed to offer exciting opportunities for manufacturing companies operating in the market. Major OEMs have introduced advanced and reliable communication technologies that can solve major problems in underwater vehicles. The development of cost-effective communication technologies for underwater vehicles with excellent turbulence tolerance features will further drive the market growth in the future. Major manufacturers such as Boeing, Thales and BAE Systems have introduced autonomous underwater vehicles. Independence is expected to dramatically change the landscape of underwater warfare.

North America dominated the global autonomous underwater vehicle market due to the highest levels of defense spending, spending on research and development. The North American region in the market gains momentum for ISR operations, advanced research. AUV purchases from the US. Navy, lifesaving and other purposes will boost the market in the region. The regions advanced technological infrastructures and investments in defense and marine research contribute to its dominance. Additionally, the region has an extensive coastline which drives its demand for AUVs in the military and the defense sector. The region shares key market players especially in US and Canada which leads towards its global presence in the market. The continuous advancement in this sector is further boosting market growth.