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 Drivers

Increasing Offshore Production of Deepwater Oil and Gas to Stimulate Market Growth

• 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.

Growing Demand for AUVs for Border and Coastal Security to Fuel Market Growth

• Autonomous underwater vehicles have become a staple of military, naval and coastal security forces, especially undersea operations. U.S. Navy uses these vehicles in a wide variety of applications, such as mine countermeasure (MCM), intelligence, surveillance, inspection/detection (ID), and underwater vehicles to combat the greater challenge that the Chinese Navy would take on rapid procurement strategies.

Autonomous Underwater Vehicles (AUV) Market Restraints

Low Reliability and Operational Uncertainty in Networks Hinder Market Growth  

• An AUV is an autonomous vehicle equipped with advanced features that can be used for various underwater applications without human intervention. It is equipped with multisensory network and navigation system hardware along with signal transmission for real-time communication, and data collection, which makes it difficult to operate collectively leading to low reliability. Communication and signal transmission are major problems in underwater technology.

Legal Restrictions Imposed by the Authorities Hinders the Growth

• The major restraints in the global autonomous underwater vehicle (AUV) market are regulatory restrictions imposed by maritime authorities and environmental agencies. This regulation determines AUV operational aspects, including safety standards, environmental protection measures and restrictions on underwater activities in certain areas.