Offshore AUV & ROV Market to Grow at CAGR of 11.48% During the Forecast Period
Offshore AUV and ROV market is projected to exhibit a
lucrative growth between 2016-2026 due to their increasing demand for various
applications in businesses to boost operational efficiency and to enhance the
decision-making process.
According
to recently released TechSci Research report “Global Offshore AUV & ROV Market By Product Type
(AUV, ROV), By Propulsion System (Hybrid System, Electric System, Mechanical
System), 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), By End User (Oil & Gas,
Defense, Commercial, Scientific Research) By Region, Competition Forecast &
Opportunities, 2016-2026’’,
Global Offshore AUV
& ROV Market is forecast
to grow at a CAGR of 11.48% in value terms to reach USD7.03 billion by 2026. The exceptional services offered by autonomous underwater
vehicle (AUV) as well as remotely operated vehicles (ROV) have created a huge
demand for these vehicles across the world. Moreover, the excessive use of
fossil fuels has led to an increasing adoption of AUV and ROV among end users.
In addition to this, the rising demand for hydrocarbons has encouraged
companies to focus on offshore drilling activities, to enhance green energy and
role of AUVs in studying seafloors before construction of subs-seas infrastructure
has thus fuelled the demand for AUVs in recent years. Additionally, the
incorporation of technologies such as intelligent control systems and
sensor-based steering will contribute to an increase in the demand for AUVs and
ROVs across the world in the forecast period.
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And the ever-increasing demand for oil and gas and
near exhaustion of near-shore and onshore reserves have necessitated the
exploration of deep-water reserves. This is leading to the increasing
employment of high technology based remotely operated vehicles (ROVs) that can
tap reserves buried thousands of meters deep in the ocean floor. Regionally,
the offshore AUV & ROV market has been segmented into various regions
including Asia-Pacific, North America, South America, Europe, and Middle East
& Africa. Among these regions, North America is expected to dominate the
overall offshore AUV & ROV market owing to the increasing oil & gas
projects especially in the U.S. and Mexico.
Work class vehicles is the product type segment
contributing to the largest market share in the remotely operated vehicles
market. Work class vehicles that weigh about 700 kg are known as light work
class ROVs. These vehicles are used in engineering and scientific research to
capture, measure, construct or conceal items underwater. The maximum depth
range for light work class ROVs is between 4,000 and 6,000 meters. Work class
ROVs with robotic arm manipulators are used to grasp objects, pumps, and
brushes for cleaning operations as well as for underwater pipeline or
deep-water rig construction. The electronic instruments used in work class ROVs
include underwater cameras and lights; acoustic positioning instruments;
Conductivity, Temperature, and Depth (CTD) recording instruments; tracking
systems; and side-scan, bottom scan, and multi-beam sonar.
The exceptional services offered by autonomous underwater vehicle (AUV)
as well as remotely operated vehicles (ROV) have created a huge demand across
the world. The excessive use of fossil fuels has led to an increasing adoption
of AUV and ROV among end users across the world. The constantly rising demand
for hydrocarbons has encouraged companies to focus on offshore drilling
activities, to enhance green energy. The role of AUVs in studying seafloors
before construction of subs-seas infrastructure has fuelled the demand for AUVs
in recent years. Additionally, the incorporation of technologies such as
intelligent control systems and sensor-based steering will contribute to an
increase in the demand for AUVs and ROVs across the world. The report
encompasses several factors that have constituted an increase in the global
offshore AUV and ROV market.
Oceaneering International. Inc, Fugro, DOF Subsea,
Helix Energy Solutions, Subsea 7. Inc, SaaB AB, Bluefin Robotics, Atlas
Electronik, Kongsberg Maritime, Deep Ocean Group, Saipem S.p.A, Teledyne
Technologies, are some of
the companies operating in the offshore AUV & ROV market.
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“The electric system accounted for
largest market share of 37.86% in 2020 and is expected to dominate the market
by 2026 with a share of 38.72%. Electric systems contain
lithium-ion batteries that are used in ROVs and these batteries are useful for
increased endurance and greater operating range. Moreover, these batteries are
commonly used in combination with other propulsion systems for improving the
efficiency and reliability of ROVs.
High thrust to weight ratio, excellent reliability in operations, ability to
fit a battery for tether-less operations, and environment friendly are some of
the benefits of an electric propulsion system. Additionally, technological
advancement in AUV & ROV propulsion system, ongoing research activities on
marine science, and the launch of efficient electric propulsion systems are the
factors that have boosted the adoption of electric propulsion.”, 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, ROV), By Propulsion System (Hybrid System, Electric System,
Mechanical System), 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), By End
User (Oil & Gas, Defense, Commercial, Scientific Research) By Region,
Competition Forecast & Opportunities, 2016-2026’’ has evaluated the future growth
potential of Global Offshore AUV & ROV Market and provided statistics &
information on market size, shares, 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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