World AUV Market Forecast: Commercial AUV Demand to see 74% growth over the next 5 years
The latest edition of Westwood’s World AUV Market Forecast shows global AUV demand growing 37% over the 2018-2022 period, with the military sector accounting for 70% of the market. The commercial sector will see the largest growth (74%) – as AUVs continue to be adopted in oil & gas operations.
AUV Demand: Commercial Sector 2013-2022
Historically, the military has been the largest market for AUVs and this will continue to be the case through the forecast. The sector is expected to grow at a 10% CAGR over 2018-2022. Research will also account for a significant market share, as increasing environmental awareness and scientific interest in understanding the world’s oceans drives demand in the sector. Growth in the research sector will be limited to a 3% CAGR over the forecast period – attributed to smaller AUV fleet sizes required for projects.
The commercial sector, despite accounting for a relatively small share of the market, will see a significant demand increase of 74% from 2018 to 2022. As operators continue to move into deeper waters, Westwood anticipates a notable uptake in AUV utilisation for oil & gas operations. New subsea-hosted AUVs (currently in-development) will allow for more cost-effective inspections and interventions of subsea infrastructure than an ROV or surface vessel carrying out the work. Other applications such as pipeline inspection, site survey and rig move/hazard survey will see growing demand over the forecast.
Key Conclusions
- Commercial AUV demand to grow at a 15% CAGR over 2018-2022, driven by rapid growth in Life of Field Inspection. AUVs will help to reduce operational costs, increase safety and lower the environmental impact in the commercial sector
- Military AUV demand will be the largest market through 2018-2022, accounting for 72% of global unit demand by 2022.
- The military sector will see demand grow at a 10% CAGR over 2018-2022
- The research sector will account for 25% of global AUV demand by 2022, but will see limited growth over the forecast
- Development of subsea hosting and subsea intervention technology will drive demand for the oil and gas applications over the forecast
- Increased capability of AUV batteries and propulsion systems will allow AUVs to explore more extreme environments with a reduced environmental impact
