According to the research report titled ‘Global Autonomous Underwater Vehicle (AUV) Market Size study with COVID-19 Impact, by Type (Shallow AUVs (up to 100 meters), Medium AUVs (up to 1,000 meters) and Large AUVs (more than 1,000 meters)), by Technology (Collision Avoidance, Communication, Navigation, Propulsion and Imaging), by Payload Type (Camera, Sensor, Synthetic Aperture Sonars, Echo Sounders, Acoustic Doppler Current Profilers and Others), by Application (Military & Defense, Oil & Gas, Environmental Protection & Monitoring, Oceanography, Archeology & Exploration and Search & Salvage Operations), by Shape (Torpedo, Laminar Flow Body, Streamlined Rectangular Style and Multi-hull Vehicle) and Regional Forecasts 2020-2027’, available with Market Study Report, global autonomous underwater vehicle market generated revenues worth USD 0.52 billion in the year 2019 and is predicted to expand with a CAGR of 20.8% between 2020 and 2027.
 

AUV (autonomous underwater vehicles) can be operated remotely and are available in large, medium or shallow types. These vehicles are integrated with technologies such as propulsions systems, imaging, navigation systems, collision avoidance, and communication. They are adapted for numerous applications such as search & salvage operations, archeological exploration, oceanography, environmental protection & monitoring and military & defense among others.
 

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Since these vehicles can be operated without human intervention, there has been an upsurge in demand for AUVs especially during the COVID-19 pandemic. Besides, escalating investments towards offshore oil & gas sector and surging defense spending are major factors driving the growth of global autonomous underwater vehicle industry. According to Statista, United States spent up to USD 466.76 billion towards military sector in the year 2000, which then reached USD 718.69 billion in 2019.
 

Innovative product launches and strategic collaborations among market majors is also facilitating the business scenario. In fact, Kongsberg Maritime introduced a launch & recovery system (LARS) for its HUGIN range of AUVs in order to reduce the risk of damage as well as improving performance of the vehicle. However, high operational costs associated with autonomous underwater vehicle may act as a restraining factor to the overall market growth.
 

As per the regional analysis, Asia-Pacific accounted for a substantial market share in 2019 and is expected to showcase similar trends in the ensuing years. Rising adoption of advanced technologies is augmenting the regional demand for AUVs, in turn complementing the business outlook in APAC.
 

International Submarine Engineering Ltd., Boston Engineering Corporation, Atlas Elektronik Gmbh, Fugro, Lockheed Martin Corporation, Saab AB, ECA Group, Bluefin Robotics Corp., Teledyne Marine, and Kongsberg Maritime are the major contenders in global autonomous underwater vehicle industry.