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). 

Increasing defense spending worldwide, increasing capital investment by companies in the offshore oil and gas industry and increasing use of autonomous underwater vehicles are some of the primary factors as well as important factors that are likely to drive the growth of the market. On the other hand, the development and integration of advanced technologies in AUVs will further help by providing immense opportunities for the growth of the global autonomous underwater vehicle market during the forecast period. Based on SkyQuest analysis, in December 2023, the French Defence Procurement Agency (DGA) has awarded the Naval Group an agreement for the design, production and testing of Unmanned Combat Underwater Vehicle (UCUV). The Russian government has made Poseidon UVV for targeting ports or aircraft carriers during the war. The Ukraine government initiative namely, Brave1 initiative, a defense project which includes Toloka TLK-150 UUVs, having a small size of about 2.5 meters. Lack of high safety and security concerns in this software solution acts as a market restraint for autonomous underwater vehicles during the forecast period.  

AUVs generally have less than 24 hours of battery life; however, battery life significantly decreases when the AUV operates in deep water. This is due to the high-power consumption of the motors in AUVs when operating in deep water. Despite that, new vehicle and sensor developments increase the functionalities of AUVs, while advances in artificial intelligence enhance reliability and flexibility. In the next few years, AUVs are expected to rely on innovations in terms of battery life, autonomy and control capabilities. The development and integration of advanced technologies in AUVs is expected to provide opportunities for market players to increase market revenue. Based on SkyQuest analysis, in 2023, Boeing has made the autonomous extra-large unmanned underwater vehicle (XLUUV), Orca for the U.S. Navy.

US Autonomous Underwater Vehicles (AUV) Market is poised to grow at a sustainable CAGR for the next forcast year.