Autonomous Underwater Vehicle Market to Reach $835.0 Million by 2022
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 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.
- Commercial 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.
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 ne....