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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Safety the Focus as Heavy Lifting Picks Up

Modern heavy lift capabilities are crucial for safe, efficient operations offshore Heavy lift operations offshore are an awe-inspiring feat, but an operation that

STEM: SeaPerch Underwater Robotic Championships

University of Southern Mississippi Site for Fourth National SeaPerch Challenge – Underwater Robotic Championships Excitement continues to build for the Fourth Annual National SeaPerch Challenge,

CNR: Innovation Maintains US Naval Advantages

An interview with Rear Adm. Matt Klunder, U.S. Navy Chief of Naval Research What are your near term, mid-term and long term science and technology (S&T) objectives?

Finance

Wärtsilä Reports Healthy Ship Power Sector in Q1 2014

In its interim financial report January to March 2014 Wärtsilä notes healthy development in ship power and services offsetting challenges in power generation markets.

No Lift for Konecranes as Q1 2014 Profit Slips

Finnish crane maker Konecranes on Thursday reported a 32-percent fall in its core quarterly operating profit amid slow demand and tight competition. January-March 2014 operating profit,

GulfMark Offshore Records Highest Ever Q1 Revenue

Houston-based GulfMark Offshore President & CEO Quintin Kneen commented on his company's first quarter 2014 financial report: "We recorded our highest first quarter revenue ever,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Salvage Ship Electronics 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: 0.1085 sec (9 req/sec)