Dublin, Nov. 04, 2021 (GLOBE NEWSWIRE) -- The "Offshore AUV and ROV - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Offshore AUV and ROV Market to Reach $7.2 Billion by 2026
The global market for Offshore AUV and ROV estimated at US$3.3 Billion in the year 2020, is projected to reach a revised size of US$7.2 Billion by 2026, growing at a CAGR of 14.3% over the analysis period.
ROV, one of the segments analyzed in the report, is projected to grow at a 13.6% CAGR to reach US$6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the AUV segment is readjusted to a revised 16.4% CAGR for the next 7-year period. This segment currently accounts for a 25% share of the global Offshore AUV and ROV market.
The rising use of ROVs in a variety of industries, including search & rescue, marine biology, military, oil and gas, submerged infrastructure, and aquaculture, as well as advancements in ROV technology, is anticipated to drive growth in the segment. The need for big AUVs for military and defense applications, as well as oil and gas exploration, is driving the expansion of the AUV market segment.
Offshore AUVs are utilized extensively for mapping seafloor by surveying the platforms or to distinguish the chemical, biological, or physical properties of the water. Remotely Operated Vehicles (ROVs) have become more important in the offshore sector of the oil and gas industry for subsea construction and drilling support to allow deep-water exploration and development projects throughout the world.
From decommissioning projects to exploration drilling, ROVs are widely used in the offshore sector. End-users are increasingly adopting AUV and ROV as a result of the high utilization of fossil fuels. The ever-increasing need for hydrocarbons has prompted corporations to concentrate their efforts on offshore drilling to boost green energy.
In recent years, the importance of AUVs in researching seafloors before the installation of subsea infrastructure has driven demand for AUVs. Incorporating technologies like sensor-based steering and intelligent control systems are also expected to contribute to market growth.
The U.S. Market is Estimated at $597.6 Million in 2021, While China is Forecast to Reach $522.3 Million by 2026
The Offshore AUV and ROV market in the U.S. is estimated at US$597.6 Million in the year 2021. The country currently accounts for a 16.7% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$522.3 Million in the year 2026 trailing a CAGR of 13.7% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.8% and 11.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.3% CAGR while Rest of European market (as defined in the study) will reach US$605.1 Million by the end of the analysis period.
The rising usage of ROV & AUV in the oil and gas industries has been instrumental in the growth of the offshore ROV and AUV market in the Middle East, the largest regional market. Another factor boosting the market in the area is the growing global demand for oil and gas-based goods.
Presence of several oil-producing countries in the Middle East and Latin America is a key factor for large markets of offshore ROV and AUV in these regions. North America is another key market, due to growing number of oil & gas projects, particularly in the United States and Mexico.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
Amidst the COVID-19 Outbreak, Oil & Gas Sector Confronts Challenging Times
Defense Cuts amid COVID-19 Crisis Slows Down the Demand for Offshore AUVs and ROVs in 2020
An Introduction to Offshore AUV & ROV
Autonomous Underwater Vehicle (AUV)
Remotely Operated Vehicles (ROV)
Global Market Prospects & Outlook
Analysis by Product
Analysis by Application
Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 48 Featured)
Deep Ocean Engineering, Inc.
Deep Ocean Group
DOF Subsea AS
General Dynamics Mission Systems, Inc.
Helix Energy Solutions Group
Houston Mechatronics Inc.
Kongsberg Maritime AS
Oceaneering International, Inc.
Subsea 7 S.A.
Teledyne Technologies Incorporated
3. MARKET TRENDS & DRIVERS
Established Role in Defense Applications Sustains Market Momentum
Fast Evolving Role of Unmanned Vessels in Military Applications to Drive Market Expansion
Critical Importance of UAVs & ROVs in Oil & Gas Sector Augurs Well
Sluggish Tide in Oil & Gas Sector Niggles Market Momentum
Scientific Research: High Growth Vertical
UAVs & ROVs Seek Role in Commercial Diving Applications
Rise of Environmental Monitoring as Mainstream Concept Enthuses Market
Hydrography Survey Made Easier with UAVs and ROVs
Rising Emphasis on Marine Biotechnology Bodes Well
Technology Advancements & Innovations Widen the Addressable Market
Engineered Plastics Enhance Performance of ROVs & UAVs
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/81jjyy
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