According to a report by Altus Market Research titled, “Autonomous Marine Vehicles Global Market 2022 Opportunities And Strategies To 2031: By Type: (Surface Vehicle; Underwater Vehicle); By Application; By Technology: (Imaging; Navigation; Communication; Collision Avoidance; Propulsion)”, 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.
Market Growth Drivers:
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.
Market Growth by Key Players:
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%.
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Other Players Covered in the report
Huntington Ingalls Industries, Rafael Advanced Defense Systems Ltd., Teledyne Technologies, Inc, Atlas Elektronik, Textron Inc., Daewoo Shipbuilding & Marine Engineering Co., Mitsubishi Heavy Industries, Samsung Heavy Industries, Tsuneishi Holdings, Cochin Shipyard Limited, Hindustan Shipyard Limited, Ocius Technology Ltd, China International Marine Containers (Group) Co Ltd, CIMC Modular Building Investment Co., Ltd., Dongguan CIMC Intelligent Technology Co., Ltd., Beijing CIMC Jingxin Xiangneng Technology Co., Ltd., Atlantic Shipping, Beijing Jiatie Multimodal Transport Consulting Service Co., Ltd., Naval Yards Kiel GmbH (Germany), Lloyd Werft Bremerhaven (Germany), Neptune Werft GmbH (Germany), Schiffswerft Hermann Barthel GmbH (Germany) , Meyer Werft (Germany), PIRIOU (France), SOCARENAM (France),
Strategies by Key Players:
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.
Market Growth by Segments:
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.
Market Growth by Applications:
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.
Market Growth by Region:
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.
COVID-19 Impact
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.
Future Investment Opportunities:
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
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.
Growth Strategies by Altus Market Research for Companies in the Market:
To take advantage of the opportunities, Altus Market Research 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.
