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Autonomous Underwater Vehicle (AUV) Market worth $4.3 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, Aug. 19, 2024 /PRNewswire/ — The autonomous underwater vehicle (AUV) market is valued at USD 2.0 billion in 2024 and is projected to reach USD 4.3 billion by 2029; it is expected to grow at a CAGR of 15.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Factors accelerating the growth of the autonomous underwater vehicle (AUV) market are technological advancements in autonomous underwater vehicles, rising deployment of advanced technologies to ensure border and maritime security, shifting preference toward renewable energy sources, increasing investments in offshore oil and gas drilling activities, and increasing adoption of autonomous underwater vehicles for deep sea exploration for exploration of critical minerals and seabed resources.

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Browse in-depth TOC on “Autonomous Underwater Vehicle (AUV) Market” 

219 – Tables
72 – Figures
274 – Pages

Autonomous Underwater Vehicle (AUV) Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 2.0 billion

Estimated Value by 2029

$ 4.3 billion

Growth Rate

Poised to grow at a CAGR of 15.9%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Shape, Type, Technology, Payload and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Risk of data loss and prolonged research timelines due to challenging marine environment

Key Market Opportunities

Rising use of AUVs to protect subsea cables and seabed environment

Key Market Drivers

Shifting preference toward renewable energy sources

Large AUVs segment is expected to grow at the highest CAGR during the forecast period.

The market for large AUVs is projected to grow at the highest growth rate during the forecast period due to the increasing demand for such AUVs for use in military & defense and oil & gas exploration applications. UK Ministry of Defense (MoD) has recently placed an order to deliver an extra-large AUV (XL-AUV) to support the Royal Navy and explore the utility of uncrewed submarines in the future underwater battlespace. Similarly, the Chinese Navy is focusing on developing many Al-enabled underwater vehicles. China’s push for advancements is to counter US dominance in the Indo-Pacific region.

The medium AUV type segment for environmental protection & monitoring applications is expected to grow at the highest CAGR during the forecast period.

The autonomous underwater vehicle (AUV) market for medium AUVs segment for environmental protection & monitoring applications is expected to grow at the highest CAGR during the forecast period. Medium AUVs can operate at depths of up to 1,000 m, which is ideal for environmental protection and monitoring applications. This is due to the AUVs ability to reach a wide range of underwater environments. These AUVs have increasingly been adopted for applications such as water sampling, habitat research, oceanographic research, marine pollution monitoring, fishery studies, and emergency response is likely to grow during the forecast period.

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The US holds the largest market share in autonomous underwater vehicle (AUV) market during the forecast period.

In North America, the US accounted for the largest market share of the autonomous underwater vehicle (AUV) industry in 2023 and is expected to retain its position during the forecast period due to heavy investment done by the US government in the defense sector. The increasing offshore activities, such as mine hunting, are expected to boost AUV adoption in the country. Like for instance, recently, the US Navy signed a USD 18.6 million contract with Anduril Industries (US) to build five of its Dive AUVs. The company has also announced the establishment of a new center in Quonset Point, Rhode Island, to increase its Dive-LD AUV production. The factory will cover up to 150,000 square feet and include dedicated service bays, testing laboratories, and additional spaces to accommodate lifecycle tasks from research through sustainment. The center is expected to boost the assembly of Dive-LD’s family of AUVs to more than 200 annually. Such contracts undertaken by leading companies have contributed to the growth of the commercial exploration segment of the US autonomous underwater vehicle market.

Key Players

Some of the leading companies operating in the autonomous underwater vehicle (AUV) companies are KONGSBERG (Norway), Teledyne Technologies Incorporated (US), General Dynamics Corporation (US), Saab (Sweden), Exail Technologies (France), Lockheed Martin Corporation (US), Fugro (Netherlands), ATLAS ELEKTRONIK (Germany), Boston Engineering Corporation (US), L3Harris Technologies, Inc. (US), Graal Tech S.r.l. (Italy), International Submarine Engineering Limited (Canada), Boeing (US), Riptide Autonomous Solutions (US), MSubs (China), Falmouth Scientific, Inc. (FSI) (China), Terradepth (US), among others.

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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HYPERGROWTH CX SOFTWARE PROVIDER ANNOUNCES NEW HIRES TO FUEL UK GROWTH AND US EXPANSION

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CloudInteract announces new senior hires to support UK growth and US expansion, as it sets sights on supporting an industry predicted to grow to over USD 22 billion by 2030

LONDON, Sept. 24, 2024 /PRNewswire/ — CloudInteract, a rapidly growing, UK-based provider of customer experience (CX) platforms, announces new senior hires to support its UK growth plans and expansion into the US market.

Founded by customer workplace communications experts, Nick Seagrave and Simon Leyland, CloudInteract launched in 2023, providing customers, including education provider, Pearson, life sciences enterprises, and online consumer services providers, such as Swoop with innovative CX software, as well as supporting industry partners, including Amazon Web Services.

Through the delivery of AI-driven platforms and omnichannel systems, CloudInteract empowers companies to scale and continuously adapt to their evolving customer service needs.

Simon Leyland, CEO and co-founder of CloudInteract, explains, “CloudInteract was born out of Nick’s and my mission to reimagine customer experience, by making contact centre interactions better for both customers and users alike. We understand that in a world full of technology providers, the difference lies in how technology transforms real-world experiences.”

To support its UK growth plans and expansion of its US presence, CloudInteract has onboarded new talent to its 50% female senior leadership team. The company recently welcomed Marketing Director, Louise Mahrra, Head of Business, North America, Nancy Van Delist and UK Head of Business Development, Julian Degg.

They will work alongside Change Director, Eliza Taylor and co-founders, Chief Technology Officer, Nick Seagrave and CEO Simon Leyland.

“As CloudInteract expands its operations and brings in new talent to support strategic growth in an industry predicted to mature to over USD 22 billion by 2030, we are firmly fixated on helping businesses unlock the full potential of their customer experience platforms by turning every interaction into a competitive advantage.”

“By doubling down on our investment in people, partnerships, and platforms, we’re positioning CloudInteract as the go-to partner for businesses that want to unlock the power of AI, data, and communication to transform their customer interactions,” concluded Simon.

About CloudInteract: https://www.cloudinteract.io/ 

CloudInteract builds customer experience platforms to unlock the potential of data to improve customer interactions. Our solutions leverage AI, automation, and integration to create smarter, seamless customer experiences that are built to last.

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Tata Elxsi Delivers World’s First RDK-B Integration on Qualcomm 5G Fixed Wireless Access Platform

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SAN DIEGO and BENGALURU, India, Sept. 24, 2024 /PRNewswire/ — Tata Elxsi, a global leader in design and technology services, today announced the successful integration of the RDK-B software stack with the Qualcomm® 5G FWA Gen 3 Platform. This first-of-its-kind integration opens a new pathway for operators to deliver fast, reliable, and scalable high-speed FWA solutions. Integration of the RDK-B middleware includes key features, such as Wi-Fi 6 connectivity, packet statistics, and advanced security options, ensuring the platform is versatile and can be deployed in both indoor and outdoor environments. Operators can now deliver value-added services, like Quality of Service (QoS), band steering, parental control, and VPN, enhancing the overall broadband experience. 

Gautam Sheoran – VP and GM, Wireless Broadband and Communications at Qualcomm Technologies, Inc., stated: 

“We are proud to collaborate closely with Tata Elxsi, who has leveraged their considerable expertise to port the RDK-B stack to our 5G FWA Gen 3 Platform, featuring the Snapdragon® X75 Modem-RF System. This critical step empowers operators to accelerate time-to-market, deliver high performance FWA solutions, and reduce development efforts, as they deploy powerful new FWA CPE solutions. We look forward, through continued collaboration with Tata Elxsi, to expanding our engagement with the broader RDK community, giving operators more choices and flexibility in deploying state-of-the-art solutions.”

Priya S Kumar – Head, Media and Communications at Tata Elxsi, stated:

“This integration broadens the RDK ecosystem and silicon diversity, which has traditionally centered on wired technologies like DOCSIS and Fiber-to-the-Home (FTTH). By incorporating RDK-B into the cellular-managed WAN space, Tata Elxsi is excited to collaborate in positioning the Snapdragon X75 platform as a future-ready solution for high-performance broadband applications. Tata Elxsi’s continuous commitment to the RDK ecosystem enables SoCs, OEMs and operators to rapidly innovate and scale, addressing the demands of next-generation broadband technologies.”

Looking ahead, Tata Elxsi will upgrade the platform to include next-generation features such as Wi-Fi 7. This upgrade will further enhance FWA devices, offering operators more flexible, scalable, and cost-effective solutions, setting the stage for the next generation of wireless innovation. 

About Tata Elxsi

Tata Elxsi is among the world’s leading design and technology services providers across industries, including Automotive, Broadcast, Communications, Healthcare and Transportation.

We are helping customers reimagine their products and services through design thinking and applying digital technologies, such as IoT (Internet of Things), Cloud, Mobility, Virtual Reality and Artificial Intelligence. For more information, visit www.tataelxsi.com

Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Snapdragon is a trademark or registered trademark of Qualcomm Incorporated.

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Huawei Calls to Expand Partnerships to Drive Global Digital Inclusion through TECH4ALL

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SHANGHAI, Sept. 24, 2024 /PRNewswire/ — At the TECH4ALL Digital Inclusion Forum hosted at Huawei Connect 2024, Huawei called for more partners to join its TECH4LL initiative to drive global digital inclusion.

Launched in 2019 and aligned with the UN SDGs, TECH4ALL is Huawei’s long-term action plan for enabling an inclusive and sustainable digital world, focusing on the education, environment, health, and development domains.

At the forum, attendees explored TECH4ALL inclusion projects and digital inclusion advances in China outlined in the 2024 China Digital Inclusion Report produced by China Academy of Information and Communications Technology (CAICT).

“Promoting digital inclusion can not only effectively deal with problems that may exist in the development and application of digital technology, but also improve the realization of our overall goals,” said Xin Yongfei, Director of the CAICT Institute for Policy and Economics.

Discussions focused on how technology can help bring down barriers to information accessibility, equal opportunities, and a high quality of life. A key theme at the forum concerned the importance of cross-sector partnerships in maximizing the efficacy of inclusion projects such as those Huawei’s runs under TECH4ALL.

“Huawei is a committed to supporting China’s digital inclusion strategy,” said Jeffrey Zhou, President of ICT Marketing at Huawei. “We work with governments, enterprises, scientific research institutions, universities, and NGOs to implement projects that provide a useful reference for the world to seize the opportunities of digital transformation and share the inclusive benefits of digitalization.”    

Partners from both the deaf and vision-impaired communities looked at the role of technology in enabling digital inclusion. Huawei shared how it considers the needs of people with disabilities, the elderly, and children from the beginning of product design. As well as Bluetooth connectivity for hearing aids, Huawei smartphones, provide 15 accessibility features that are used by around 10 million people each month. These include technologies that can identify and send alerts for job recommendations tailored for people with disabilities.

“As a visually impaired device user and Huawei partner, I think it’s crucial to share the message that technology can give everyone an equal opportunity to participate in society, use public resources, and help eliminate the digital divide,” said Yin Nan, Chairman of Tianjin Hongqiao District Blind Association.

With partners the China Association of the Deaf and E-Times Digital Technology, Huawei TECH4ALL has also developed the Trouble-Free Hearing app. Based on Huawei Cloud AI, the app provides speech-to-text and text-to-speech translation and a real-time online sign language hub for use in potentially complex situations such as healthcare, legal consultations, and at service windows.

The forum also explored education inclusion through the TECH4ALL China DigiSchool project, which aims to provide online resources and teacher training for the delivery of STEAM curriculum. To date, 4,800 teachers and students have benefited in 29 schools.

Huawei also runs a range of education and training initiatives across the globe, including the Open School project with UNESCO, Instant Schools Network with Vodafone Foundation, and Skills and Wheels projects with global and local partners. Skills on Wheels, for example, brings free digital skills training to remote communities via truck-mounted mobile classrooms, reaching 93,000 people in 18 countries so far.

TECH4ALL education projects have reached more than 400,000 people across the globe, with technology and partnerships the key to success of each project.

About Huawei TECH4ALL

TECH4ALL is Huawei’s long-term digital inclusion initiative. Enabled by innovative technologies and partnerships, TECH4ALL aims to promote inclusion and sustainability in the digital world.

For more information, visit the Huawei TECH4ALL website: https://www.huawei.com/en/tech4all 

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