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Autonomous Underwater Vehicles (AUV) Market to Surpass USD 6.84 Billion by 2031; Adoption for Military & Defense Applications Boosts Growth | SkyQuest Technology
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From resource exploration in the oil & gas industry to deepwater exploration activities large AUVs are preferred due to their endurance and better data collection capabilities. Rapidly expanding oil & gas exploration activities to satisfy the surging demand for energy is also estimated to benefit autonomous underwater vehicle market growth via this sub-segment. Large autonomous underwater vehicles can deliver higher payloads and carry more sensors and instruments required for deepwater exploration and other crucial marine explorations.
Meanwhile, the use of small AUVs is projected to increase at a rapid pace over the coming years. Limited budgets of certain organizations push them to opt for small AUVs and the growing use of autonomous underwater vehicles for military applications is helping this sub-segment boost market growth at a rapid pace. The use of small AUVs for search and rescue operations will also create new opportunities for autonomous underwater vehicle manufacturers in the long run.
Growing demand for underwater surveillance and reconnaissance around the world amidst mounting geopolitical tensions around the world is allowing the military & defense sub-segment to augment market growth. High investments in enhancements of marine security and the need for combating underwater threats are also contributing to the high market share of this sub-segment. A growing number of governments increasing their military & defense spending budgets are also helping boost sales of autonomous underwater vehicles through this sub-segment.
Environment protection and monitoring applications emerge as the most opportune segment for autonomous underwater vehicle providers. Growing emphasis on sustainability and increasing water pollution levels are guiding the demand for autonomous underwater vehicles over the coming years. High investments of governments and environmental organizations to preserve marine ecosystems are also slated to benefit sales of autonomous underwater vehicles.
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High concerns about pollution spread by fossil fuels are projected to bolster the demand for clean energy propulsion systems. Growing emphasis on making a smooth transition towards clean propulsion systems is projected to promote the adoption of hybrid propulsion systems that are compatible with conventional fuels but are much more efficient and less polluting than traditional propulsion systems.
Autonomous underwater vehicle companies need to target the use of electric propulsion systems to make their business future-proof in the long run. Autonomous underwater vehicle providers can generate a good amount of revenue by investing in military and defense applications as the focus on marine defense increases around the world. Small AUVs is projected to emerge as the most opportune sub-segment for incoming as well as established autonomous underwater vehicle manufacturers in the long run.
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