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

Technology

Martian Ocean Held More Water than the Arctic

The National Aeronautics and Space Administration say there was once more water on the planet Mars than in the Arctic Ocean on Earth.   In a new study in the journal Science,

Navis to Deploy Its N4 TOS to France's Largest Container Terminal

Navis has reached an agreement to deploy its N4 terminal operating system (TOS) to the largest container terminal in France, the company announced today.   The license agreement was with EUROFOS,

New Tool for Recovering Oil from Sunken Wrecks

A tool for removing oil trapped in submerged vessels has been developed in Norway by design specialists Miko Marine.   The launch of the Moskito aims to address

Finance

EC Okays Maritime Fisheries fund

European Commission has approved Malta’s Operational Program European Maritime Fisheries Fund (EMFF) for the 2014-2020 financial periods, announced Parliamentary

Irish Ferries Owner Revenues up 9.6%

Irish Continental Group, the company behind Irish Ferries, posted a 9.6pc increase in revenue last year (2014) in taking Euro 290.1 million.   ICG's ferry division

Are Megaships Game Changers?

Bragging rights for the world’s largest container ship have changed hands four times in as many months and keep on shifting again, says a report in the Bloomberg.

Unmanned Vehicles

New Tool for Recovering Oil from Sunken Wrecks

A tool for removing oil trapped in submerged vessels has been developed in Norway by design specialists Miko Marine.   The launch of the Moskito aims to address

Indian Navy to Buy 50 Ship Borne Drones

Seeking to enhance its surveillance capabilities on its warships, the Indian Navy (IN) has now announced a global competition for procuring ‘Ship-Borne Unmanned

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1368 sec (7 req/sec)