Rise in offshore drilling activities, Increasing demand for Life-of-field Inspections, Technological Advancements, Cost Effective Inspection System, Rising mechanical configuration of AUV’s, High adoption rate of AUVs across application areas in defence & scientific research and offshore oil & gas explorations, are the basic reasons behind increased demands for the Automatic Underwater Vehicle (AUV). Latin America and Africa are expected to experience the highest growth owing to deepwater oil & gas activities in pre-salt areas, Europe will have high growth with North Sea and Norwegian Sea being the major subsea pipeline inspection equipment's market. Demand in Asia will be diverse with deepwater expenditure in India, Indonesia and Malaysia; research activities in Japan, and military investment in China. The key sectors for the application of AUV in the report are commercial, scientific, and defense. Among all, the defense application is expected to hold the largest share of the market accounting for 49% in 2015.
There has been the growing need for scientific research applications being addressed for oceanography and environmental protection & monitoring, high adoption rate of AUVs across application areas in defence & scientific research and offshore oil & gas explorations; and increasing defence spending has led to increase in demand for AUV. But stringent government regulations regarding oil & gas leaks, Higher Installation Cost, water contamination, environmental & public health is one of the biggest restraints faced by this industry. The level of spending in the government-to-government investments into the defence, scientific research and oil and gas sectors has driven the market.
Global Automatic Underwater Vehicle (AUV) Market is forecasted to grow at a CAGR of 15.5% during 2016 – 2021F, on account of rising demand in the oil and gas energy along with significant government-to-government investments into the defence, scientific research and oil and gas sectors. Growing energy needs, emerging economies, high adoption rate of AUVs across application areas in defence & scientific research and offshore oil & gas explorations and increasing defence spending provide the ample growth opportunites for the AUV market to thrive.
The market in developed regions is matured and is witnessing consistent growth except for North America while the developing regions are expected to witness high growth in the Automatic Underwater Vehicle (AUV) Market especially in Africa & Asia Pacific.
According to Azoth Analytics research report, “Global Automatic Underwater Vehicle (AUV) Market: Trends, Opportunities and Forecasts (2016-2021) - (By Value – UUVs, ROVs, AUVs; AUV Market By Region – North America, Europe, Latin America, Asia Pacific, Middle East & Africa; Key Players; Recommendations)”, Global Automatic Underwater Vehicle (AUV) Market is projected to exhibit a CAGR of over ~15.49% during 2016 - 2021. Few of the leading companies operating in Automatic Underwater Vehicle (AUV) Market are Kongsberg Gruppen ASA, Teledyne Technologies Inc., Subsea, FUGRO.
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