Offshore AUV & ROV Market is Anticipated to Grow Rapidly Through 2025
Increasing demand from offshore
oil & gas sector and offshore wind & renewables market are acting as
key growth drivers for global offshore AUV & ROV market.
According
to TechSci Research report, “Global Offshore AUV & ROV Market By Product Type (AUV v/s ROV), By Propulsion System
(Hybrid System, Electric System, Mechanical System, Others), By Depth (Less
Than 5,000 Feet, 5,000–10,000 Feet, Above 10,000 Feet), By Application
(Drilling & Well Completion Support, Construction Support, Inspection,
Repair & Maintenance Service, Subsea Engineering Services & Remote
Subsea Intervention Tooling Design, Others), By End User (Oil & Gas,
Defense, Commercial, Scientific Research, Others), By Region, Forecast & Opportunities,
2025”, the market is anticipated to witness a double digit CAGR during
the forecast period. Major factors propelling the growth of global offshore AUV
& ROV market are increasing offshore oil & gas production activities,
thriving offshore wind power & renewable industry and growing application
of Remotely Operated Vehicles (ROVs) for subsea construction services. AUVs
& ROVs are also high in demand among various end use industries as they
help in boosting operational efficiency as well as improving the
decision-making process. Furthermore, AUVs & ROVs are increasingly being used
in the navigational system of marine vehicles to detect submerged rocks and
obstructions and raise alarms & alerts. With technological advancements,
the global offshore AUV & ROV market is poised to grow significantly in the
coming years.
Additionally, rise in deep-water and ultra-deep-water
discoveries are also supporting the growth of global offshore AUV & ROV market.
Manufacturers are also coming up with cost-efficient offshore technologies
which is expected to boost the market growth through 2025. However, the sudden
breakdown of pandemic COVID-19 is likely to hamper the global offshore AUV
& ROV market growth as the oil prices went below zero due to increasing
demand-supply gap. Also, offshore AUVs & ROVs are quite capital intensive
and require huge investment which is posing as a challenge before companies.
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Global
offshore AUV & ROV market is segmented based on product type, propulsion system, depth, application, end
user, and region. Based on end user, the market can be segmented into oil &
gas, defense, commercial, scientific research and others. Among them, oil &
gas sector is expected to dominate the global offshore AUV
& ROV market through 2025 on account of increasing application of ROVs in all
phases of offshore oilfield life cycle.
Based on propulsion system, the global offshore AUV & ROV
market can be categorized into hybrid system, electric system, mechanical system,
and others. Among these, the electric system is anticipated to undergo fastest
growth during the forecast period owing to associated advantages such as low
weight, versatility, small & compact size, reliability, low noise, among
others.
Major players operating in the global offshore
AUV & ROV market are Subsea 7 Inc., SAAB AB, Fugro NV, Ocean Engineering
Ltd, Bluefin Robotics, Atlas Electronik GmbH, Kongsberg Maritime, Deep Ocean
Group, Saipem S.p.A., Teledyne Technologies, BIRNS Inc., Forum Energy
Technologies Inc. and others. Key growth strategies being implemented by
leading companies are product innovation, joint ventures, collaborations, and
mergers & acquisitions.
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“The increasing
number of oil & gas projects especially in the United States and Mexico is
likely to make North America a leading market for global offshore AUV & ROV
market. Apart from this, the presence of leading international oil companies in
United States and Brazil makes the two countries most attractive market for offshore
AUV & ROV companies,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Offshore AUV & ROV Market By Product Type
(AUV v/s ROV), By Propulsion System (Hybrid System, Electric System, Mechanical
System, Others), By Depth (Less Than 5,000 Feet, 5,000–10,000 Feet, Above
10,000 Feet), By Application (Drilling & Well Completion Support,
Construction Support, Inspection, Repair & Maintenance Service, Subsea
Engineering Services & Remote Subsea Intervention Tooling Design, Others),
By End User (Oil & Gas, Defense, Commercial, Scientific Research, Others), By
Region, Forecast & Opportunities, 2025” has
evaluated the future growth potential of offshore AUV & ROV market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in global offshore AUV & ROV market.
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