Autonomous Marine Vehicles Market Projected to Reach $4.9 Billion in 2027
The global autonomous marine vehicles market is set to experience a significant growth in the coming years, with a projected value of $4.9 billion by 2027. This surge in market value is driven by the increasing demand for autonomous underwater vehicles (AUVs) and autonomous surface vehicles (ASVs) across various industries such as defense, oil and gas, environmental research, and underwater exploration.
The advancement in technology, along with increasing investments in research and development, are driving the growth of the autonomous marine vehicles market. These vehicles are equipped with advanced sensors, cameras, and communication systems, enabling them to operate independently and carry out complex tasks such as underwater inspections, oil and gas exploration, and oceanographic surveys. Additionally, the rising need for cost-effective and efficient solutions for underwater exploration and surveillance is fueling the demand for autonomous marine vehicles.
In the defense sector, autonomous marine vehicles are being increasingly deployed for underwater surveillance, mine countermeasures, and anti-submarine warfare operations. The ability of these vehicles to operate in harsh underwater environments, without the need for human intervention, makes them highly valuable for defense applications. Moreover, the growing investments in naval modernization and the increasing focus on maritime security are expected to further drive the demand for autonomous marine vehicles in the defense sector.
The oil and gas industry is also embracing autonomous marine vehicles for offshore exploration, pipeline inspection, and environmental monitoring. These vehicles can significantly reduce operational costs and improve safety by eliminating the need for human divers to perform underwater tasks. As a result, many oil and gas companies are increasingly adopting autonomous marine vehicles to enhance their operational efficiency and minimize risks associated with underwater operations.
Furthermore, the growing concerns regarding environmental conservation and the need to explore and understand the underwater ecosystem are driving the demand for autonomous marine vehicles in the environmental research and oceanographic survey sectors. These vehicles are equipped with advanced sensors and cameras, enabling researchers to study underwater habitats, monitor marine life, and collect valuable data for environmental conservation and management.
Geographically, North America is expected to dominate the autonomous marine vehicles market, owing to the presence of established defense, oil and gas, and research industries. Moreover, the region has witnessed significant investments in the development and adoption of autonomous marine vehicles for various applications.
In conclusion, the autonomous marine vehicles market is poised for substantial growth in the coming years, driven by technological advancements, increasing demand from various industries, and rising investments in research and development. The ability of these vehicles to operate autonomously in harsh underwater environments, along with their potential to revolutionize industries such as defense, oil and gas, and environmental research, will continue to fuel their demand and drive the market towards the projected value of $4.9 billion by 2027.
The global autonomous marine vehicles market reached a value of nearly $2.3 billion in 2022, having grown at a compound annual growth rate (CAGR) of 14.5% since 2017, according to the Autonomous Marine Vehicles Market Report 2023.
The market is expected to grow from $2.3 billion in 2022 to $4.9 billion in 2027 at a rate of 16.3%. The market is then expected to grow at a CAGR of 16.6% from 2027 and reach $10.5 billion in 2032.
Key Drivers in the Autonomous Marine Vehicles Market
Advancements in Technology
During the forecast period, advancements in technology will support the growth of the autonomous marine vehicles market. Advancements in technology are crucial for the development and utilization of autonomous marine vehicles.
Increase in the Number of Oceanographic Surveys
The autonomous marine vehicles market will be driven by a rise in oceanographic surveys conducted globally. An oceanographic survey helps in the accurate understanding of marine and freshwater environments, for port and harbor development, wastewater and industrial outfalls, power plant intakes/outfalls and offshore disposals. An autonomous surface vehicle (ASV) provides an efficient method of undertaking an oceanographic survey, as it saves both cost and time. It is also flexible and convenient, which allows for faster deployment for several survey requirements, from event surveys to large coastal surveys.
For instance, in April 2023, China surveyed the Indian Ocean, to expand its naval footprint. The Chinese research/survey vessel, Hai Yang Shi You 760, crossed the Malacca Straits, after conducting ocean bed mapping in the Indian Ocean for nearly four months.
Key Competitors and Player Adopted Strategies
The global autonomous marine vehicles market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 88.92% of the total market. L3Harris Technologies, Inc was the largest competitor with 21.0% of the market, followed by BAE Systems General Dynamics (Bluefin Robotics), Asv Global/ASV Unmanned Marine Systems, Atlas Elektronik, Teledyne Technologies, ECA Group, and Sea Robotics Inc., and more.
Two major player-adopted strategies in the autonomous marine vehicles market include the use of artificial intelligence (AI) in autonomous marine vehicles and business expansion through strategic acquisition of companies with similar businesses.
Companies operating in the autonomous marine vehicles market are focusing on artificial intelligence (AI) to improve their product offerings in the market. AI is used in both manned and unmanned marine vehicles to enhance the safety and control of vessels. AI technology helps automate and optimize speed and immediate-course and whole-voyage-routing for fuel-efficiency—ultimately, providing cost-saving for vessel owners and fleet managers. It also helps provide real-time weather, current data, an automatic identification system (AIS) and sensor data paired with computer vision and modelling, that helps set direction decisions and may help recognize whether to avoid or pursue any obstacle in the underwater environment.
Strategic partnerships and collaborations are gaining attraction in the autonomous marine vehicles market. Companies in the autonomous marine vehicles market are focusing on partnerships and collaborations to expand their product portfolio and geographic presence. For instance, in March 2023, Huntington Ingalls Industries (HII), a US-based military shipbuilding company, partnered with Ocean Aero, a US-based company that provides autonomous underwater and surface vehicles (AUSV). The partnership aims to advance the combined capabilities of their respective unmanned maritime platforms and autonomy software.
Learn more in-depth about the autonomous marine vehicles market to develop well-informed strategies. The Autonomous Marine Vehicles Global Market Report 2023 by The Business Research Company describes and explains the autonomous marine vehicles market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
About The Business Research Company
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology. Find the company on LinkedIn, Twitter, Facebook, or YouTube for more.