AUV Manufacturing a Growth Industry Says New Report

Press Release/IBISWorld
Friday, May 24, 2013

Strong revenue growth will continue over the next five years as AUV's (Autonomous Underwater Vehicle) are increasingly used in commercial scenarios predicts IBISWorld's market research.

The Autonomous Underwater Vehicle (AUV) Manufacturing industry has generated robust growth over the past five years. From 2008 to 2013, industry revenue has posted double-digit gains, growing at an average annual rate of 13.8% to an estimated $156.9 million in revenue.

According to IBISWorld industry analyst Caitlin Moldvay: “First developed in the 1960s, AUVs are underwater vessels programmed to perform a set task that can travel independently with their own power source.”

The industry generates the majority of its revenue from military and security markets given that AUVs are used for surveillance, reconnaissance, mine countermeasures and anti-submarine warfare. Rising defense spending over the past five years has generated stable growth from this downstream market, with federal funding for defense rising on average 1.5% over the past five years. AUVs are also used for scientific research, primarily for mapping the ocean floor, testing water samples and polar ice research.

However, the industry has generated its fastest growth from rising usage of AUVs by oil and gas companies for mapping the ocean floor and performing pipeline inspections. “Increasingly, AUVs are being used in place of remotely operated vehicles (ROVs) given that they are more cost effective, have higher resolution capabilities and can travel at faster speeds,” says Moldvay. Consequently, expanding commercial applications of AUVs has driven robust industry growth over the past five years. In 2013, IBISWorld projects that the industry will continue expanding, with industry revenue expected to rise 17.5%.
 
For more information click here.

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Shipyards Rising Competitive Stirrings

A mini order boom fueled by gas, “green-tech”, tankers and new rules is underway in shipbuilding. It won’t fill all yards, but changes like the July 2015 cap on

IMEI Certification - Unique Achievement

For Institute of Marine Engineers of India having achieved standardisation and maintainenace of quality processes simultaneously not just at their Head Office

DNV GL Wins Frame Agreement with CLP Hong Kong

DNV GL, the technical advisor to the oil and gas industry, has been awarded a framework agreement by CLP Hong Kong to deliver risk management advisory services for its Asia Pacific operations.

Finance

Oil Soars in Biggest One-day Rally in Years

Oil rocketed as much as 10 percent higher on Thursday, posting its biggest one-day rally since 2009 as recovering equity markets and news of diminished crude supplies

Odfjell Reports Best Quarter Since 2008

In what it is calling its best quarterly performance since third quarter 2008, the Odfjell Group for the second quarter of 2015 reported net results of $7 million.

ASRY 2015 Strategy Combats Challenging Market

Up to May 2015, ASRY (Arab Shipbuilding & Repair Yard), was seeing encouraging results from it’s 2015 strategy to combat the widespread challenges facing the maritime repair market,

 
 
Maritime Security Maritime Standards Navigation Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.5618 sec (2 req/sec)