Growth in Traditional Maritime Industry to Drive Autonomous Underwater Vehicle Market, Global Market Value to See over 6% CAGR during 2018-2027
According to a study, the autonomous underwater vehicle market is expected to be valued at US$ 371.3 Mn in 2019. During the course of the forecast period, the market is expected to register a CAGR of over 6%.
Aquaculture & Maritime Applications Deploy Maximum Autonomous Underwater Vehicles
Autonomous underwater vehicles are generally used in aquaculture systems for a variety of underwater tasks such as tank water monitoring in fish farming. Aquaculture production has been increasing rapidly, making fish farming one of the fastest growing industrial sectors across the world. This has been significantly contributing to the growth of the global autonomous underwater vehicle market.
Moreover, autonomous underwater vehicles are also used for the monitoring of sea water quality in order to maintain sea water quality. For this, government bodies such as the US Environment Protection Agency (EPA) have implemented regulations on the use of sea water quality, which in turn is expected to fillip the demand for autonomous underwater vehicles over the forecast period.
Numerous, if not all, ocean-based or maritime industries depend on autonomous underwater vehicles for the setting up or expansion of the respective industry. Maritime industries are expected to experience significant growth in the coming decade, owing to global economic development and increasing demand.
Industries such as shipping, shipbuilding, coastal aquaculture, fishing, offshore oil & gas, offshore wind, maritime tourism tidal and wave energy are projected to witness robust growth over the projected period, which in turn is expected to boost the demand for autonomous underwater vehicles in the coming years.
Strong Resurgence of Oil & Gas Industry to Benefit Autonomous Underwater Vehicles Market
Increasing offshore oil & gas exploration activities are expected to create robust demand for autonomous underwater vehicles. Autonomous underwater vehicles play an important role in offshore oil & gas exploration activities as they provide surveying, dredging, installation and maintenance support. With more than half the offshore oil & gas potential yet to be explored, and growing investments in the industry, the autonomous underwater vehicle market is expected to witness significant demand in the coming years.
Autonomous underwater vehicles are deployed for a limited number of operations, on account of technological uncertainties and subsequent risks as water rapidly absorbs electromagnetic radiation waves, making communication systems ineffective and inefficacious. In addition, aquatic environments also create challenges for autonomous underwater vehicles. These factors collectively affect the overall sales of autonomous underwater vehicles.
Increasing number of research studies pertaining to ocean exploration and sampling as well as substantial growth of the oil & gas industry and scientific research organizations are expected to create a significant opportunity for autonomous underwater vehicles during the forecast period.
(Source: Persistence Market Research)
Sea News, December 3