Market Size of South America AUV Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America AUV Market Analysis
The South American AUV market is projected to register a CAGR of over 5% 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 like increasing oil & gas exploration and deep-water offshore oil & gas production in the region may drive the market growth.
- On the other hand, the high costs associated with maintenance, manufacturing, research and development, and system complexity are causing the slow adoption of AUVs, which restrains the market growth.
- 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.
- Brazil dominates the market and is also likely to witness the highest CAGR during the forecast period. The growth is mainly driven by the increased procurement of advanced AUVs for offshore oil exploration in the country.
