A fresh Research and Markets report has projected the global autonomous underwater vehicles market’s growth to rise at 13.42 percent annually over the next five years, reaching $343.4 million by 2020.
Research and Markets stated that the report expects the commercial, scientific and defense sectors to drive demand for AUVs, with commercial applications projected to grow 17.36 percent year over year during the forecast period, Research and Markets.
Other market drivers include maritime security, research, energy and offshore oil and gas drilling.
Government regulation, high initial cost and investment in research and development will present challenges to the AUV market, according to Research and Markets.
The report predicts the Asia Pacific market will achieve a compound annual growth rate of 14.63 percent during the forecasted period.
Tier-one market players profiled in the report are Kongsberg Maritime, Teledyne Technologies, Bluefin Robotics, Saab AB, ECA SA and Ocean Server Technology.