Autonomous Underwater Vehicle Market To Reach $6.26 Billion By 2030 By CIOTechOutlook Team

Autonomous Underwater Vehicle Market To Reach $6.26 Billion By 2030

CIOTechOutlook Team | Tuesday, 10 October 2023, 09:47 IST

The Autonomous Underwater Vehicle market is predicted to increase from US$ 1.55 billion in 2022 to US$ 6.26 billion by 2030, at a CAGR of 19.1% between 2022 and 2030. The rising need for subsea mapping and the expanding demand for undersea oil and gas exploration. However, natural disasters at the subsea level and expensive initial investment needs are projected to stymie industry expansion.

Autonomous underwater vehicles are unmanned vehicles that are designed for studying the underwater sea. These vehicles are used for detecting obstructions and hazardous conditions at the deep-sea level. These vehicles are used for geological navigation in the deep water in oceans. It consists of several devices for sampling and surveying the subsea level. It consists of several major components, including cameras, sonar, in-depth sensors and others, as per The Insight Partners

Furthermore, the global acceleration of oil and gas exploration operations is driving demand for the autonomous underwater vehicles market. These self-driving underwater vehicles are employed to investigate and assist ultra-deepwater finds. Oil and gas exploration deposits are surveyed and mapped using autonomous underwater vehicles. These vehicles aid in the access to remote, inaccessible regions as well as the delivery of accurate data. According to the International Energy Agency, worldwide oil and gas exploration spending reached US$ 528 billion in 2023, up 11% over the previous year.

Autonomous underwater vehicles are utilized for deepwater observation, surveillance, monitoring, and subsea level checks. These vehicles are outfitted with a variety of ocean sensors that give accurate sea level readings and observations. AUVs currently have limited range and capacity and are powered by sophisticated batteries.