DUBLIN--(BUSINESS WIRE)--The "Autonomous Marine Vehicles Global Market Opportunities And Strategies To 2031: COVID-19 Impact And Recovery" report has been added to ResearchAndMarkets.com's offering.
The autonomous marine vehicles market reached a value of nearly $1,994.3 million in 2021, having grown at a compound annual growth rate (CAGR) of 14.2% since 2016. The market is expected to grow from $1,994.3 million in 2021 to $4,148.0 million in 2026 at a rate of 15.8%. The market is then expected to grow at a CAGR of 16.8% from 2026 and reach $9,021.5 million in 2031.
Growth in the historic period resulted from increasing military expenditure, low interest rates, strong economic growth in emerging markets and a rise in oceanographic surveys.
Going forward, the increasing focus towards unmanned platforms, labor shortage, increasing demand from offshore sector and faster economic growth will drive the growth. Factors that could hinder the growth of the autonomous marine vehicles market in the future include stringent regulations, cyber-attacks and low funding and budgets.
The autonomous marine vehicles market is segmented by type into surface vehicle and underwater vehicle. The underwater vehicle market was the largest segment of the autonomous marine vehicles market segmented by type, accounting for 69.7% of the total in 2021. Going forward, the underwater vehicle market is expected to be the fastest growing segment in the autonomous marine vehicles market segmented by type, at a CAGR of 17.1% during 2021-2026.
The autonomous marine vehicles market is segmented by application into military and defense, archeological, exploration, oil and gas, environmental protection and monitoring, search and salvage operations, and oceanography. The military and defense market was the largest segment of the autonomous marine vehicles market segmented by application, accounting for 32.7% of the total in 2021. Going forward, the military and defense market is expected to be the fastest growing segment in the autonomous marine vehicles market segmented by application, at a CAGR of 16.0% during 2021-2026.
The autonomous marine vehicles market is segmented by technology into imaging, navigation, communication, and collision avoidance. The collision avoidance market was the largest segment of the autonomous marine vehicles market segmented by technology, accounting for 24.1% of the total in 2021. Going forward, the navigation market is expected to be the fastest growing segment in the autonomous marine vehicles market segmented by technology, at a CAGR of 17.6% during 2021-2026.
Asia Pacific was the largest region in the autonomous marine vehicles market, accounting for 42.9% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the autonomous marine vehicles market will be Africa, and, Middle East where growth will be at CAGRs of 20.4% and 19.0% respectively. These will be 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 marine sector was impacted by the stringent rules put in place because of the COVID-19 pandemic. With maritime being a key backbone of the global economy, the growth of the economy was restricted. As per the International Maritime Organization (IMO), in December 2020, an estimated 400,000 seafarers remained onboard commercial vessels, unable to be repatriated and past the expiration of their contracts. Furthermore, various ports were forced to shut due to quarantine periods, leading to lesser demand for cargo. Rising disputes were seen in laytime settlement between owners and charters, and many smaller companies engaged in the maritime and shipping industry had to file bankruptcy due to the fall in demand and their inability to remain solvent in this situation.
The global autonomous marine vehicles market is highly concentrated, and the market has limited number of players. The top ten competitors in the market made up to 83.91% of the total market in 2020. This can be due to high entry barriers along with high research and development costs associated with product development, licensing and commercialization. General Dynamics (Bluefin Robotics) was the largest competitor with 17.17% share of the market, followed by L3Harris Technologies, Inc with 16.66%, Kongsberg with 12.08%, BAE Systems with 12.01%, Saab AB with 5.99%, 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 top opportunities in the autonomous marine vehicles market segmented by type will arise in the underwater vehicle segment, which will gain $1,667.1 million of global annual sales by 2026. The top opportunities in segment by application will arise in the military and defense segment, which will gain $717.3 million of global annual sales by 2026. The top opportunities in segment by technology will arise in the communication segment, which will gain $517.1 million of global annual sales by 2026. The autonomous marine vehicles market size will gain the most in China at $632.7 million.
Market-trend-based strategies for the autonomous marine vehicles market include adopting artificial intelligence in products due to their versatility and wide array of features, adopting the use of 3D printing to manufacture light, customizable and inexpensive components, offer autonomous vehicle fleet to the oil and gas industry, adopt recent technological advancements in the sector, focus on strategic alliances for the expansion of distribution and focus on improving battery capacity and efficiency for enhancing mission durations.
Player-adopted strategies in the autonomous marine vehicles market include expanding maritime operations through building new facilities, focus on new product design and developments for military applications, increasing product reach through strategic collaborations and partnerships and expanding business through strategic acquisition of companies with similar business.
To take advantage of the opportunities, the publisher recommends the autonomous marine vehicles companies to focus on utilizing artificial intelligence (AI) in autonomous marine vehicles, utilize 3D printing technologies in autonomous marine vehicles, focus on advancements in batteries, set up authorized distributors and sales representatives, expand in developed markets, outsource activities to low-cost countries to save costs, consider offering innovative features at skimmed prices, offer premium pricing for new and innovative autonomous marine vehicles, leverage social media use to maximize reach, focus on direct marketing, participate in trade shows and events, focus on post purchase 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 Marine Vehicles
- Use of Autonomous Marine Vehicles For Oil and Gas Applications
- Technological Advancements
- Increasing Partnerships And Collaborations
- Advancements in Batteries
Key Mergers And Acquisitions In The Autonomous Marine Vehicles Market
- Ocean Power Technologies Acquired Marine Advanced Robotics
- MedSmart Group Acquired Milanion Limited
- Huntington Ingalls Acquired Spatial Integrated Systems
- Huntington Ingalls Acquired Hydroid
- BAE Systems Inc. Acquired Riptide Autonomous Solutions
- L3 Technologies Acquired ASV Global
Autonomous Marine Vehicles Market Competitive Landscape And Company Profiles
- General Dynamics Corporation
- L3Harris Technologies
- Kongsberg
- BAE Systems plc
- SAAB AB
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