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

Technology

Northrop Grumman Sponsors Maritime RobotX Challenge

Northrop Grumman Corporation is expanding its support for science, technology, engineering and math (STEM) education across the globe by sponsoring the Maritime RobotX Challenge in Singapore, Oct.

Can Oil & Gas Superpower Lead on Climate Change?

A day before President Barack Obama addressed the United Nations to declare the nation is "stepping up to the plate" to tackle climate change, nearly 400,000

KBR, Daewoo win Eni FLNG FEED

KBR Inc. announced today that the KD Consortium, consisting of KBR and Daewoo Shipbuilding & Marine Engineering Company, Ltd, has been awarded a front end engineering

Finance

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

No Merger of Yara & CF Industrie

Yara International ASA and CF Industries have terminated their discussions regarding a potential merger of equals transaction. "This has been a constructive process,

Hurricane Ana Heads towards Hawaii

Tropical Storm Ana strengthened into a hurricane on Friday and was moving in the direction of Hawaii but was not expected to make a direct hit on the islands, the U.

Unmanned Vehicles

Northrop Grumman Sponsors Maritime RobotX Challenge

Northrop Grumman Corporation is expanding its support for science, technology, engineering and math (STEM) education across the globe by sponsoring the Maritime RobotX Challenge in Singapore, Oct.

Saipem in Subsea Deal with Chiyoda, Xodus

Italian oil service group Saipem said on Thursday it had set up a venture with energy consultant Xodus Group and Japanese engineering company Chiyoda to develop business in the subsea sector.

Maritime Robot on Mission South of England

The ASV C-Enduro embarked on a robotics mission along with six other unmanned marine vessels off the southwest of England. Selected to take part by the National Oceanography Centre (NOC),

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1546 sec (6 req/sec)