Currently, as the need for shrinking the span between research and innovation launch is rising, offshore autonomous underwater vehicle is observed to gain high popularity in the oil & gas industry. The deep waters hold many secrets that can contribute significantly to the development of mankind. The extensive use of offshore autonomous underwater vehicle in underwater exploration that can speed-up research and aid in the quick roll-out of effective innovations is expected to impel the market growth. Additionally, the expansiveness of the oil and gas industry is expected to bolster the offshore autonomous underwater vehicle market growth.
MRFR listed Saab AB (Sweden), ECA Group (France), Boston Engineering Corporation (US), General Dynamics Corporation (US), Fugro (Netherlands), International Submarine Engineering Limited (Canada), Graal Tech SRL (Italy), Lockheed Martin Corporation (US), Kongsberg Maritime AS (Norway), and Teledyne Technologies Incorporated (US) as some of the major key players that functioning in the global offshore autonomous underwater vehicle (AUV) market.
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According to MRFR (Market Research Future), on the global offshore autonomous underwater vehicle (AUV) market is likely to value at USD 83,382.5 thousand by 2024 and expand at a CAGR of 15.70% across the forecast period of 2018 to 2024. An increase in underwater exploration activities in the oil and gas industry is expected to be the crucial factor that is likely to underpin the expansion of the global market of offshore autonomous underwater vehicles.
The offshore autonomous underwater vehicle (AUV) market has been segmented by type, payload, technology, and application.
By type, the market has been sectioned into medium, shallow, and large. The large segment is likely to increase to a valuation of USD 54,924 thousand by 2024 from USD 22,935.5 thousand in 2018. The ability of large AUVs to support long-range operations and manage underwater docking are likely to support the market growth . The medium segment is anticipated to expand at 15.60% CAGR over the evaluation period.
By technology, the market has been sectioned into collision avoidance, communication, imaging, navigation, and propulsion. The navigation segment was valued at USD 8,968.6 thousand in 2018 and is poised to touch a valuation of USD 21,170.8 thousand by 2024. The communication segment is likely to thrive at 16.17% CAGR over the forecast period.
By payload, the market has been sectioned into sensors, synthetic aperture sonars, cameras, and others. The ability of synthetic aperture sonars (SAS) to provide HD underwater images without disturbing the resolution is encouraging their adoption for serving oil & gas exploration. Hence synthetic aperture sonars segment is expected to expand at the highest CAGR across the forecast period.
By application, the market has been sectioned into oil & gas, military & defense, archaeological and exploration, oceanography, environmental protection and monitoring, and search and salvage operations. The oil & gas segment is expected to dominate in the evaluation period.
North America is expected to spearhead in the growth line of the global offshore auv market and is expected to surpass a valuation of USD 14,998.6 thousand by 2024. Renowned key players residing in the region and increase in sites identified for exploration are factors that are expected to contribute to the expansion of the regional market. The North America market is anticipated to thrive at a CAGR of 13.34% across the forecast period. By 2024, the Europe market is likely to expand at a CAGR of 16.37%. MRFR asserts that the Asia Pacific market is expected to thrive at a CAGR of 20.09% and is poised to value at USD 20,470.4 thousand by 2024.
Table of Content:
1 Executive Summary
1.1 Market Attractiveness Analysis
1.1.1 Global Offshore Autonomous Underwater Vehicle (AUV) Market, By Type
1.1.2 Global Offshore Autonomous Underwater Vehicle (AUV) Market, By Technology
1.1.3 Global Offshore Autonomous Underwater Vehicle (AUV) Market, By Payload
1.1.4 Global Offshore Autonomous Underwater Vehicle (AUV) Market, By Application
1.1.5 Global Offshore Autonomous Underwater Vehicle (AUV) Market, By Region
2 Market Introduction
2.2 Scope of The Study
2.3 Market Structure
2.4 Key Buying Criteria
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Top-Down and Bottom-Up Approaches
3.6 Forecast Model
3.7 List of Assumptions
Continued. . .
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List of Tables:
TABLE 1 LIST OF ASSUMPTIONS
TABLE 2 MAJOR GRANTED PATENTS ON OFFSHORE AUTONOMOUS UNDERWATER VEHICLE (
TABLE 3 GLOBAL OFFSHORE AUTONOMOUS UNDERWATER VEHICLE (AUV) MARKET, BY TYPE, 2018–2024
TABLE 4 SHALLOW: GLOBAL OFFSHORE AUTONOMOUS UNDERWATER VEHICLE (AUV) MARKET, 2018–2024
TABLE 5 SHALLOW: GLOBAL OFFSHORE AUTONOMOUS UNDERWATER VEHICLE (AUV) MARKET, BY REGION, 2018–2024
TABLE 6 MEDIUM: GLOBAL OFFSHORE AUTONOMOUS UNDERWATER VEHICLE (AUV) MARKET, 2018–2024
TABLE 7 MEDIUM: GLOBAL OFFSHORE AUTONOMOUS UNDERWATER VEHICLE (AUV) MARKET, BY REGION, 2018–2024
Continued. . .
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