Worldwide Automatic Underwater Vehicle (AUV) Market Expected To Reach USD 377.5 Million 2020
Worldwide Automatic Underwater Vehicle (AUV) market to grow at a CAGR of 15.49% during the period 2016 to 2020, reach USD 377.5 Million. Growing energy needs, emerging economies, high adoption rate of AUVs across application areas in defense & scientific research and offshore oil & gas explorations and increasing defense spending provide the ample growth opportunities for the AUV market to thrive.
Europe will have high AUV market growth with North Sea and Norwegian Sea being the major subsea pipeline inspection equipment’s market. Demand in Asia will be diverse with deep water expenditure in India, Indonesia and Malaysia; research activities in Japan, and military investment in China.
The key sectors for AUV market applications in the report are commercial, scientific, and defense. Among all, the defense application is expected to hold the largest share of the market accounting for 49% in 2015.
There has been the growing need for scientific research applications being addressed for oceanography and environmental protection & monitoring, high adoption rate of AUVs across application areas in defense & scientific research and offshore oil & gas explorations; and increasing defense spending has led to increase in demand for AUV market. But stringent government regulations regarding oil & gas leaks, Higher Installation Cost, water contamination, environmental & public health is one of the biggest restraints faced by this industry. The level of spending in the government-to-government investments into the defense, scientific research and oil and gas sectors has driven the market.
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Joanna | Executive – International Business and partner Relations
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