PUNE, India, July 3, 2023 /PRNewswire/ — According to a recent market study by Growth Market Reports, titled, “Global Autonomous Underwater Vehicle Market Segments – by Type, Shape, Technology, Propulsion System, Payload Type, Application, and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031“, the market size was USD 1.78 Bn in 2022 and is expected to surpass USD 5.95 Bn at a CAGR of 14.3% by the end of 2031.

Key Players Covered

Lockheed Martin Corporation
General Dynamics Corporation
Boeing
Kongsberg
BAE Systems
ATLAS ELEKTRONIK GmbH
International Submarine Engineering Limited
Eelume AS
ECA GROUP
Graal Tech Srl

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The report covers data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics. It provides an in-depth analysis of market segments, industry players, and crucial strategies that helps market players to boost their market share.

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Key Takeaways:

AUVs are self-propelled or unmanned vehicles that are equipped with sensors and actuators.
Increasing adoption in defense and growing exploration of rare earth minerals are expected to boost the demand for AUVs.
The medium AUVs (100m–1000m depth) segment is projected to expand at the fastest CAGR, owing to rising adoption in the oil & gas and defense sector.
The military & defense segment is anticipated to hold a major market share due to increasing demand for intelligence, surveillance, and reconnaissance activities.
North America is expected to dominate the global market, owing to the increasing defense budgets and rising procurement of advanced AUVs by the Navy for ISR operations.

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Segment Covered

Type