Autonomous Underwater Vehicles Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Autonomous Underwater Vehicles Industry Overview

The Autonomous Underwater Vehicles market is semi-consolidated, with the potential entry of new market players encouraged by the rapid growth the market witnessed in the last decade. Showing interest in the market as it grew in recent years. The key players in the market are General Dynamics Corporation, The Boeing Company, Exail Technologies, Lockheed Martin Corporation, and Teledyne Marine (Teledyne Technologies Inc.). In October 2022, the parent company of ECA Group, GROUPE GORGÉ, acquired iXblue and formed Exail by merging ECA Group and iXblue. This merger gave the company a stronger position in the market.

With the market growing, major companies are entering the market either by developing new autonomous underwater vehicles or by acquiring startups working on autonomous underwater vehicles. For instance, in February 2022, Anduril Technologies, a defense technology company, acquired Dive Technologies, a Boston-based startup working on AUVs. With the increase in demand, companies are working on developing more new AUVs according to the requirements of the customers. In November 2019, the Boeing Company was awarded a contract by the US Navy to develop four AUVs that are based on the design of the Echo Voyager. The contract was worth USD 43 million, and the AUV was named Orca XLUUV. The deliveries were initially scheduled in December 2020, but due to production delays, it is now expected to be finished in 2024.