Overview
Key Developments
In March 2019, the ECA Group signed a 10-year contract worth USD 508.8 million (450 million Euros) with the Belgian navy. As per the terms of the contract, it will provide AUVs, towed sonars, and mine identification & destruction systems (MIDS) composed of ROV for the identification and destruction of mines, and the unmanned surface vehicles. It helped improve the company’s financial position in the global AUV market.
Global Autonomous Underwater Vehicle (AUV) Market is expected to reach USD 1,198.1 Million by 2023 at a CAGR of 21.89% during the forecast period of 2019 to 2023.
The oil & gas industry is expected to witness steady growth during the forecast period after the global slowdown in 2014. Obtaining oil & gas from both non-conventional and conventional sources is becoming more dynamic in the current scenario. The need for oil & gas in various industries will necessitate the implementation of robotics and automation in rugged offshore environments to enhance efficiency and improve productivity. Thus, the demand for AUVs for oil & gas applications is expected to increase in the forecast period.
On the basis of application, the global autonomous underwater vehicle market has been classified as military & defense, oil & gas, oceanography, environmental protection and monitoring, archaeological and exploration, and search and salvage operations. The military & defense segment is expected to exhibit the highest CAGR of 23.33% during the forecast period. Military & defense operations pose various risks to human life as they are carried out in dangerous conditions. AUVs with multiple capabilities, such as cameras and sensors, are capable of operating underwater and in restricted spaces, identifying suspicious objects, and destroying unmanned vehicles while keeping humans safe. AUVs can be used in mine detection and classification with the help of mine-hunting capabilities. Moreover, ROVs are equipped with GPS and navigation systems that can be used to survey nuclear, biological, and chemical-contaminated locations, eliminating the need for human intervention in hazardous conditions.
Competitive Analysis
The Key Players in the Global Autonomous Underwater Vehicle Market are Boston Engineering Corporation (US), Lockheed Martin Corporation (US), Fugro (Netherlands), General Dynamics Corporation (US), Kongsberg Maritime (Norway), Graal Tech Srl (Italy), Teledyne Technologies Incorporated (US), The ECA Group (France), Saab AB (Sweden), and International Submarine Engineering Limited (Canada).
In April 2018, Fugro signed a contract with seafloor mineral exploration company, Nauru Ocean Resources Inc. (NORI), a subsidiary of DeepGreen Metals Inc. to reform detailed site characterization surveys in the deep waters of the eastern Pacific Ocean. The contract helped it to increase its financial position in the global AUV market.
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