Global Autonomous Marine Vehicles Market Report 2022: Including Major Players General Dynamics, L3Harris Technologies, Kongsberg, BAE Systems, & SAAB; Market Value $9,021.5 in 2031
The market for Autonomous Marine Vehicles grew at a compound annual growth rate (CAGR) of 14.2% from 2016 to 2021, when its value was close to $1,994.3 million. At a rate of 15.8%, the market is projected to increase from $1,994.3 million in 2021 to $4,148.0 million in 2026. From 2026 to 2031, the market is projected to increase at a CAGR of 16.8%, reaching $9,021.5 million.
Increased military spending, cheap interest rates, robust economic growth in emerging economies, and an increase in oceanographic surveys all contributed to growth over the historical era.
Future development will be fueled by a growing interest in unmanned platforms, a workforce scarcity, rising offshore demand, and quicker economic expansion. Future market expansion for autonomous maritime vehicles may be hampered by factors such as strict restrictions, cyberattacks, and insufficient financing and budgets.
Surface vehicle and undersea vehicle are the two market segments for autonomous marine vehicles. In terms of type, the market for autonomous marine vehicles, the undersea vehicle market accounted for 69.7% of the total in 2021. With a CAGR of 17.1% between 2021 and 2026, the undersea vehicle industry is anticipated to have the fastest future growth in the Autonomous Marine Vehicles market.
Military and defence, archaeology, exploration, oil and gas, environmental protection and monitoring, search and rescue missions, and oceanography are the different application categories of autonomous maritime vehicles. When the market for autonomous marine vehicles was broken down by application in 2021, the military and defence sector accounted for 32.7% of the total.
With a CAGR of 16.0% between 2021 and 2026, the military and defence sector is anticipated to have the fastest future growth in the market for autonomous marine vehicles.
Imaging, navigation, communication, and collision avoidance are the four technological segments that make up the autonomous marine vehicles industry. When the market for autonomous marine vehicles was broken down by technology in 2021, the market for collision avoidance accounted for 24.1% of the total. With a CAGR of 17.6% between 2021 and 2026, the navigation industry is predicted to have the greatest growth in the market for autonomous marine vehicles.
With 42.9% of the market for autonomous marine vehicles in Asia Pacific in 2021, it was the largest region. North America came next, and after that came the other continents. Africa and the Middle East will have the fastest growth rates in the market for autonomous marine vehicles, with CAGRs of 20.4% and 19.0%, respectively. The markets in Asia Pacific and Eastern Europe are anticipated to rise at CAGRs of 17.2% and 16.0%, respectively, after these.
The COVID-19 pandemic-related strict regulations had an effect on the maritime sector, as they did on most other businesses. Due to the importance of the marine industry to the world economy,The economy’s expansion was constrained.
The International Maritime Organization (IMO) estimates that 400,000 seafarers will still be working aboard commercial ships in December 2020 even though their contracts have expired and they are unable to be repatriated. Additionally, due to quarantine periods, a number of ports had to close, which decreased the demand for cargo. Due to the drop in demand and their inability to remain viable in this circumstance, several smaller marine and shipping enterprises had to declare bankruptcy. Rising disagreements were noticed in laytime settlement between owners and charters.
The market for autonomous maritime vehicles is quite competitive and has a small number of manufacturers.
In 2020, the top 10 market rivals accounted for 83.91% of the whole market. Expensive entry barriers and high expenses for R&D related to product creation, licencing, and commercialization may be to blame for this. With a 17.17% market share, General Dynamics (Bluefin Robotics) was the main rival, followed by L3Harris Technologies, Inc., 16.66%, Kongsberg, 12.08%, BAE Systems, 5.99%, 5.99%, Huntington Ingalls Industries, 5.72%, 5.99%, Rafael Advanced Defense Systems Ltd., 5.08%, 4.39%, 2.57%, Atlas Elektronik , and 2.24% of the market.
The undersea vehicle category, which will increase worldwide annual sales to $1,667.1 million by 2026, will present the most lucrative prospects in the autonomous marine vehicles market, categorised by type. The military and defence market, which will increase worldwide yearly sales by $717.3 million by 2026, will offer the best chances by application. The communication industry, which will increase worldwide annual sales by $517.1 million by 2026, will have the best chances in terms of technology. The market for Autonomous Marine Vehicles will grow the greatest in China, reaching $632.7 million.
The adoption of artificial intelligence in products due to their adaptability and wide range of features, the adoption of the use of 3D printing to manufacture lightweight, customizable, and affordable components, the offering of an autonomous vehicle fleet to the oil and gas industry, the adoption of recent technological advancements in the sector, a focus on strategic alliances for the expansion of distribution, and a focus on improving business practises are just a few of the market-trend-based strategies for the autonomous marine vehicles market.
The expansion of maritime operations through the construction of new facilities, the focus on the design and development of new products for military applications, the extension of product reach through strategic partnerships and collaborations, and the expansion of business through the strategic acquisition of firms engaged in comparable industries are all player-adopted strategies in the market.
The publisher advises autonomous marine vehicle companies to concentrate on using artificial intelligence (AI) in autonomous marine vehicles, utilise 3D printing technologies in autonomous marine vehicles, focus on advancements in batteries, set up authorised distributors and sales representatives, expand in developed markets, outsource activities to low-cost countries to save costs, and consider offering innovative features at a lower price in order to take advantage of the opportunities.