Autonomous Underwater Vehicle Market to Reach $835.0M by 2022
WELLESLEY, Mass., Feb. 07, 2018 (GLOBE NEWSWIRE) -- Growing demand for underwater surveys, the inspection of submerged structures, undersea mapping and undersea cable laying is helping to boost the global market for autonomous underwater vehicles, according to a first-ever report by BCC Research.The global market is expected to see a compound...WELLESLEY, Mass., Feb. 07, 2018 (GLOBE NEWSWIRE) -- Growing demand for underwater surveys, the inspection of submerged structures, undersea mapping and undersea cable laying is helping to boost the global market for autonomous underwater vehicles, according to a first-ever report by BCC Research.The global market is expected to see a compound annual growth rate of 4.5 through 2022, when the sector could be worth $835 million, according to the Autonomous Underwater Vehicles: Global Markets to 2022.Research HighlightsCommercial applications lead the market in size, with a projected 2022 value of $537.2 million. Military and defense applications will lead the market in growth, with a compound annual growth rate through 2022 of 6.1.Lightweight class autonomous underwater vehicles (AUVs) will lead the market in value through 2022, with a projected market totaling $366.7 million in 2022. Heavyweight class AUVs will lead the market in growth, with a projected compound annual growth rate through 2022 of 5.7.In the military and defense segment, growth will be led by the force protection subsegment, which has a projected compound annual growth rate of 7.5 through 2022. By size, antisubmarine warfare will be the leading subsegment, with a projected 2022 value of $61.9 million. “AUVs are fast becoming accepted as highly useful data gathering platforms within the worldwide marine science community, as both the range and depth envelopes are being pushed by developments in battery technology, propulsive efficiency and pressure vessel technologies,” said BCC Research analyst and report author B.L. Gupta. “It is already accepted that AUVs can provide substantial benefits in data quality and cost, in, for example, geophysical surveys for oil and gas exploration. But within the science community, there is the perception that AUVs are expensive, complex and risky to use.”North America Will Continue to Lead the Global Market Market data suggest that North America will continue to dominate global AUV expenditures, with military unmanned technology leading the way. In 2017, North America accounted for nearly 40 of the global AUV market. By 2022, North America’s market share is projected to grow to 42.3 of the global market. By 2022, the value of the North American AUV market is projected to reach $353.1 million. In North America through 2022, the search and salvage market is projected to grow at a compound annual growth rate of 7.4 while the use of AUVs to service offshore oil and gas pipelines is projected to grow at 5.1 annually through the period. Other leading growth segments in North America include oceanography (8.6 CAGR), antisubmarine warfare (9.5 CAGR), and mine countermeasures (7.8 CAGR).Major players in the field mentioned in this report include Allied Vision Technologies, Boston Engineering, Deepwater Buoyancy, Edgetech, Fugro, Gabri, Hydroid, International Submarine Engineering, Klein Marine Systems, Lockheed Martin, Mitsui Engineering and Shipbuilding, National Oceanography Centre, Oceaneering International, Paroscientific, Sea-Bird Scientific and Woods Hole Oceanographic Institution, among others.About BCC ResearchBCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearchCONTACT: Editors/reporters requesting analyst interviews should contact email@example.com.
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