AUV Demand to Grow 49% by 2020 -Report
Demand for autonomous underwater vehicles (AUVs) is expected to increase in the commercial, military and research sectors over the next five years at a CAGR of 10 percent, according to Douglas-Westwood’s new World AUV Market Forecast 2016-2020.
The military is expected to remain the greatest user of AUVs with demand in 2020 for over 700 units – 73 percent of total demand. Research will be the second largest sector – representing 22 percent – while the commercial sector will account for 4 percent of AUV unit demand.
The greatest growth in AUV usage is expected in the commercial sector, predominately from oil and gas operators – despite the volatility of oil prices. There has been substantial interest from oil and gas companies in the technology, as operators have begun to understand cost saving potentials. However, low oil prices have reduced budgets and stymied investment in research and development – presenting a barrier to growth over the forecast.