Market Size of North America AUV Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America AUV Market Analysis
The North American AUV market is projected to register a CAGR of over 7% during the forecast period. The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.
Over the medium term, factors such as the increase in oil and gas exploration and increasing deep-water offshore oil and gas production in the region are expected to drive the growth of the market studied. On the other hand, increasing awareness about climate change and decreasing dependency on oil and gas in the future is expected to restrain the growth of the North American AUV market.
Nevertheless, by integrating artificial intelligence, unmanned vehicles can conduct long-range attacks, surveillance operations, and minefields in real-time communication, undersea strikes, autonomous navigation, and surveys. Several companies are developing autonomous vehicles with excellent long-range endurance, intelligence, surveillance, and minefield capabilities. These factors are expected to provide growth opportunities in the market studied.
The United States dominates the market. It is also expected to witness the highest CAGR during the forecast period. The growth is mainly driven by the increased procurement of advanced AUVs from the US Navy for ISR operations, search and rescue, and other missions.
