Deep dive: Ongoing product improvements and increasing commercial use will spur growth
Autonomous Underwater Vehicle Manufacturing in the US
Autonomous underwater vehicle (AUV) manufacturers serve several markets, with the most notable being the US government, more specifically, the Department of Defense (DoD). The DoD is an essential downstream client for AUV manufacturers since they provide manufacturers with stability through contracts. The other two clients are research and oil and gas companies, which use AUVs for more commercial applications. During the period, AUV manufacturers have experienced strong demand from all downstream clients, but government contracts and oil and gas companies stood out the most. 2020 was a roadblock for many industries. However, a massive influx of government funds helped revenue boom during the year as demand from other downstream players fell. In the same light, during 2021, as the economy recovered, increased funds from the DoD halted, leaving operators scrambling to find revenue elsewhere. While increased demand in other areas helped to stem the bleeding, the overall drop in revenue during 2021 was massive. Despite this, strong growth across the period supported overall performance, with revenue for AUV manufacturers expected to grow at a CAGR of 4.7% to $520.1 million over the five years to 2023, with a 5.8% increase in 2023 alone, when profit is set to hit 9.7% of revenue.
This industry includes companies that manufacture autonomous underwater vehicles (AUVs), which are vessels that travel underwater without an operator and with its own power source. AUVs are used for commercial purposes (mainly in the oil and gas industries), military use and research purposes.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.