Report: AUV Market Reaches $671M in 2017
- Business & Finance
The global market for autonomous underwater vehicles (AUVs) reached $671 million in 2017, according to ReportLinker.
Estimated values used have been based on manufacturers’ total revenues.
The market should reach $835 million by 2022, growing at a compound annual growth rate (CAGR) of 4.5% from 2017 to 2022.
According to the report, the global market for AUVs in commercial application reached $441.8 million in 2017. The market should reach $537.2 million by 2022.
The global market for AUVs in military and defense sector reached $170.6 million in 2017. The market should reach $229 million by 2022.
This report focuses on four product families of AUVs: portable, low weight, heavyweight and large size.
The report considered the prospective demand for AUVs in the commercial, military and research sectors over the next five years. Highest growth is expected to come from the commercial sector, which will enable a wide range of applications to emerge in the offshore oil and gas industry and also in civil hydrography, in addition to existing pipeline route surveys.
The study reveals that North America will continue to dominate global AUV expenditures, which predominantly come from military unmanned technology. Africa and Latin America are forecast to experience the highest growth, driven by deepwater oil and gas activities in deep sea bed.
Demand in Asia will be come from varied sources, including research activities in Japan, deepwater expenditures in India, Indonesia and Malaysia, and military investments in China.