Global Autonomous Marine Vehicles Market Report 2022: A

DUBLIN, Sept. 22, 2022 (GLOBE NEWSWIRE) — Added the Autonomous Marine Vehicles Global Market Opportunities And Strategies To 2031: COVID-19 Impact And Recovery report ResearchAndMarkets.com Offer.

The autonomous marine vehicle market reached nearly $1,994.3 million in 2021 after growing at a compound annual growth rate (CAGR) of 14.2% since 2016. The market is expected to grow 15.8% from $1,994.3 million in 2021 to $4,148.0 million in 2026. The market is then projected to grow at a CAGR of 16.8% from 2026 and reach $9,021.5 million in 2031.

Growth over the historical period resulted from rising military spending, low interest rates, strong economic growth in emerging markets, and an increase in oceanographic surveys.

In the future, increasing focus on unmanned platforms, labor shortages, increasing demand from the offshore sector and faster economic growth will drive growth. Among the factors that may hamper the growth of the autonomous marine vehicle market in the future are strict regulations, cyber attacks, and low funding and budgets.

Autonomous marine vehicles market is segmented by type into surface vehicles and underwater vehicles. The underwater vehicle market was the largest segment of the autonomous water vehicle market segmented by type, accounting for 69.7% of the total market in 2021. Going forward, the underwater vehicle market is expected to be the fastest growing segment in the segmented autonomous watercraft market by type, at a CAGR of 17.1% over the period 2021-2026.

The autonomous maritime vehicles market is segmented by application into military and defense, archeology, exploration, oil and gas, environmental protection and surveillance, search and recovery operations, and oceanography. The military and defense market was the largest segment of the autonomous maritime vehicle market segmented by application, accounting for 32.7% of the total market in 2021. Looking ahead, the military and defense market is expected to be the fastest growing segment of the autonomous maritime vehicle market segmented by application, with a CAGR of 16.0% over the period 2021-2026.

Autonomous marine vehicles market is segmented by technology into imaging, navigation, communications and collision avoidance. The collision avoidance market was the largest segment of the autonomous marine vehicle market segmented by technology, accounting for 24.1% of the total market in 2021. Looking ahead, the navigation market is expected to be the fastest growing segment in the segmented autonomous marine technology market, at a CAGR of 17.6% over the period 2021-2026.

Asia-Pacific was the largest region in the autonomous sea vehicle market, accounting for 42.9% of the total market in 2021. North America followed, and then the other regions. Going forward, the fastest growing regions in the autonomous marine vehicle market will be Africa and the Middle East, where growth will be at CAGRs of 20.4% and 19.0%, respectively. This is followed by Asia-Pacific and Eastern Europe, where the markets are expected to grow at CAGRs of 17.2% and 16.0%, respectively.

Like most industries, the shipping sector has been affected by the strict regulations put in place due to the COVID-19 pandemic. As shipping is an important backbone of the world economy, the growth of the economy has been constrained. According to the International Maritime Organization (IMO), as of December 2020, there were an estimated 400,000 seafarers on board merchant ships who could not be repatriated and were beyond the expiry of their contracts. In addition, various ports had to be closed due to quarantine periods, resulting in lower cargo demand. There was increasing dispute over the management of laytime between owners and charterers and many smaller companies in the maritime and shipping industry were forced to file for bankruptcy due to the fall in demand and their inability to remain solvent in this situation.

The global autonomous marine vehicle market is highly concentrated and the market has a limited number of players. The top ten competitors in the market accounted for up to 83.91% of the total market in 2020. This can be due to high barriers to entry as well as high R&D costs associated with product development, licensing and commercialization. General Dynamics (Bluefin Robotics) was the biggest competitor with a 17.17% market share, followed by L3Harris Technologies, Inc with 16.66%, Kongsberg with 12.08%, BAE Systems with 12.01%, Saab AB with 5 .99% and Huntington Ingalls Industries with 5.72%, Rafael Advanced Defense Systems Ltd. with 5.08%, Teledyne Technologies, Inc. with 4.39%, Atlas Elektronik with 2.57% and Textron Inc. with 2.24%.

The greatest opportunity in the autonomous marine vehicle market segmented by type will be in the submersible vehicle segment, which is expected to generate $1,667.1 million in annual global revenue by 2026. The greatest opportunity in segments by application is in the military and defense segment, which will generate $717.3 million in global annual revenue through 2026. The largest opportunity in segment by technology will be in the communications segment, which is expected to generate $517.1 million in annual global revenue by 2026. Autonomous marine vehicle market size will grow the fastest in China at US$632.7 million.

Market trend-based strategies for the autonomous marine vehicle market include introducing artificial intelligence into products due to its versatility and wide range of functions, adopting 3D printing to manufacture lightweight, customizable and cost-effective components, and offering an autonomous vehicle fleet for the oil and gas industry, adopt the latest technological advances in the sector, focus on strategic alliances for distribution expansion, and focus on improving battery capacity and efficiency to extend service life.

Strategies adopted by players in the autonomous maritime vehicle market include expanding maritime operations by building new facilities, focusing on new product design and developments for military applications, increasing product range through strategic collaborations and partnerships, and expanding business through the strategic acquisition of companies with similar business areas.

To capitalize on the opportunities, the editor recommends autonomous ship vehicle companies to focus on leveraging artificial intelligence (AI) in autonomous ships, deploy 3D printing technologies in autonomous ships, focus on advances in batteries, set up authorized dealers and sales agencies , expand into developed markets, outsource activities to low-income countries to save costs, consider offering innovative features at discounted prices, offer premium prices for new and innovative autonomous maritime vehicles, use social media to maximize reach, themselves focus on direct marketing, attend trade shows and events, focus on post-sales services, and focus on targeting military and defense customers.

Autonomous Marine Vehicles Market Trends and Strategies

  • Artificial Intelligence in Autonomous Marine Vehicles
  • Use of 3D printing in autonomous ships
  • Deployment of autonomous marine vehicles for oil and gas applications
  • Technological advances
  • Expansion of partnerships and cooperations
  • Advances in Batteries

Major mergers and acquisitions in the autonomous marine vehicle market

  • Ocean Power Technologies acquires Marine Advanced Robotics
  • The MedSmart Group acquired Milanion Limited
  • Huntington Ingalls acquired Spatial Integrated Systems
  • Huntington Ingalls acquired Hydroid
  • BAE Systems Inc. acquired Riptide Autonomous Solutions
  • L3 Technologies acquires ASV Global

Autonomous Marine Vehicles Market Competitive Landscape and Company Profiles

  • General Dynamics Corporation
  • L3Harris Technologies
  • Kongsberg
  • BAE Systems plc
  • SAAB AB

For more information about this report, visit https://www.researchandmarkets.com/r/q5nr5m

  • Global market for autonomous marine vehicles

        

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