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The Global Offshore AUV and ROV Market were valued at USD 3.46 Billion in 2019 and are projected to expand a CAGR of 17.12% during the forecast period (2020-2028)
Major factors contributing to the growth of Offshore AUV and ROV market such as gas and offshore discoveries in various countries. Moreover, rise in demand for oil & gas, high demand for navigation applications such as underwater surveys, are contributing to the growth of offshore AUV and ROV market. High demand for oil and gas and near exhaustion of onshore reserves has also boosted the demand of offshore AUV and ROV. Various benefits offered by AUV and ROV are that these are programmable and can perform predetermined tasks without control of human controllers. Moreover, AUVs are preferred as these are able of performing surveys such as mapping and detecting submerged rocks. Many end users prefer AUVs as this alert the navigation systems of commercial, recreational and defence vehicles.
ROV Product Segment is expected to witness high share during forecast period
ROV accounted for a maximum share of xx% in 2019 and is expected to dominate the market during forecast period. High demand for offshore AUV and ROV is due to its low weight, versatility, ease of packaging, low noise, reliability as compared to mechanical propulsion systems. Low cost factor related to ROV also boosts it growth during forecast period.
Middle East and Africa is expected to hold significant share during forecast period
Middle East & Africa accounted for a maximum share of xx% in 2018 and is expected to remain dominant during the forecast period. Vast abundance of oil and mineral deposits coupled with rapidly increasing demand for oil account for high growth of offshore AUV and ROV market in this region. Middle East and Africa is expected to witness high growth of around 20% during forecast period and is expected to attract high revenues. This is followed by Latin America that is expected to attract high revenue as large gas and oil activities are expected to be largely concentrated in Brazil and Mexico.
Leading player in the market are Ocean Engineering Ltd, Atlas Electronik GmbH, Subsea 7 Inc., Oceaneering International Inc., Teledyne Technologies LLC, Fugro NV, Bluefin Robotics, Schilling Robotics LLC, and Stapem Offshore
Various key players in the market have adopted mergers and acqusitions as their key strategy in Offshore AUV and ROV market. In 2019, Stapem Offshore had acquired Film-Ocean, company that offers ROV services in the oil & gas, waterways and offshore. Via this acquisition, company plans to extend its portfolio of ROV services. This acquisition would have an impact on the growth of global AUV and ROV market in coming years.
Offshore AUV & ROV Market Segmentation
Offshore AUV & ROV Market Segmentation by ROV
- High Capacity Electric Vehicle
- Small Vehicle
- Heavy Work-Class Vehicle
- Work-Class Vehicle
Offshore AUV & ROV Market Segmentation by AUV
- Man Portable
- Light Weight Vehicle (LWV)
- Heavy Weight Vehicle (HWV)
- Large Vehicle
Offshore AUV & ROV Market Segmentation by Application
- Oil & Gas
- Scientific Research
Offshore AUV & ROV Market Segmentation by Propulsion System
- Hybrid System
- Electric System
- Mechanical Sysetm
Offshore AUV & ROV Market Segmentation by Region
- North America
- Latin America
- Asia Pacific
- Middle East and Africa