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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