AUV Market Growing at 15.49% CAGR to 2021 Led by Defense

PUNE, India, August 2, 2016 /PRNewswire/ --

According to a new report "Global Automatic Underwater Vehicle (AUV) Market: Trends, Opportunities and Forecasts (2016-2021)", the AUV market is forecasted to grow at a CAGR of 15.49% during 2016 - 2021F on account of rising demand in the oil and gas energy along with significant government-to-government investments into the defence, scientific research and oil and gas sectors. Growing energy needs, emerging economies, high adoption rate of AUVs across application areas in defence & scientific research and offshore oil & gas explorations and increasing defence spending provide the ample growth opportunities for the AUV market to thrive.

Complete report on Automatic Underwater Vehicle (AUV) Market spreads across 125 pages, provides 7 tables and 48 figures is now available at http://www.reportsnreports.com/reports/642699-global-automatic-underwater-vehicle-auv-market-trends-opportunities-and-forecasts-2016-2021-by-value-uuvs-rovs-auvs-auv-market-by-region-north-america-europe-latin-america-asia-pacific-middle-east-africa-key-players-recommendations-.html .

Latin America and Africa are expected to experience the highest growth owing to deep water oil & gas activities in pre-salt areas, Europe will have high AUV market growth with North Sea and Norwegian Sea being the major subsea pipeline inspection equipment's market. Demand in Asia will be diverse with deep water expenditure in India, Indonesia and Malaysia; research activities in Japan, and military investment in China.

The key sectors for AUV market applications in the report are commercial, scientific, and defense. Among all, the defense application is expected to hold the largest share of the market accounting for 49% in 2015.

There has been the growing need for scientific research applications being addressed for oceanography and environmental protection & monitoring, high adoption rate of AUVs across application areas in defence & scientific research and offshore oil & gas explorations; and increasing defence spending has led to increase in demand for AUV market. But stringent government regulations regarding oil & gas leaks, Higher Installation Cost, water contamination, environmental & public health is one of the biggest restraints faced by this industry. The level of spending in the government-to-government investments into the defence, scientific research and oil and gas sectors has driven the market.