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

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. 

Asia-Pacific is the fastest growing region in the global autonomous underwater vehicle market and is estimated to grow at the highest CAGR during the forecast period. The rapid economic growth and increase in maritime activities are driving the demand for AUVs in this region. Increasing military expenditure on commercial operations from China, India and Japan, rising demand for AUVs is likely to drive the market in Asia-Pacific. Increasing investment in the oil and gas industry and navy consolidation is fueling the growth of the market across the region. Based on SkyQuest analysis, in February 2024, Japan and Australia announced their joint research on the future innovation of the UAVs which is maintaining a technological edge in our rapidly changing strategic environment.