Global Offshore AUV and ROV Market: Snapshot
The global offshore AUV and ROV market is largely consolidated that features intense competition amongst well-entrenched players. Technological innovation is what key players are focused on to gain competitive advantage in this intensely competitive market.
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 on the ocean floor.
On the other hand, autonomous underwater vehicles (AUVs) find extensive application in navigation systems of marine vehicles to raise alerts regarding submerged rocks, wrecks, and obstructions that can cause accidents. AUVs that are based on advanced technology operate sans human controllers to conduct a mission.
As per estimations of a report by Transparency Market Research (TMR), the global offshore AUV and ROV market will expand at an impressive 18.2% CAGR in terms of revenue between 2017 and 2025, for the market to become worth US$9117.01 mn by 2025-end from US$2065.56 mn in 2016.
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Low Developmental and Maintenance Costs Favor Growth in ROV Product Segment
The report studies the global offshore AUV and ROV market on the basis of propulsion system, product type, application, and geography. Based on propulsion system, the market could be fragmented into mechanical system, electric system, hybrid system, and others. Amongst all, the electric propulsion system segment held the leading market share in 2016. The demand for electric propulsion system is on account of its advantages of low weight and simplicity in smaller ROV, versatility, ease of packaging, reliability, and low noise as compared to mechanical propulsion systems. The low cost factor also significantly accounts for the preference for electric propulsion systems.
Based on product type, the global offshore AUV and ROV market has been bifurcated into ROV product and AUV product. ROV products are further sub-segmented into small vehicle, high capacity electric vehicle, heavy work class vehicle, and work class vehicle. AUV products are further split into man portable, light weight vehicle, heavy weight vehicle, and large vehicle. Of the two, ROV products held the leading market share of 77% in 2016.
Application-wise, the global offshore AUV and ROV market has been categorized into oil and gas, commercial, defense, scientific research, and others. Of them, oil and gas segment occupied the leading share of the market in 2016, followed by defense and scientific research.
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Middle East and Africa Market to Remain Dominant
Region-wise, the report takes stock of the potential of offshore AUV and ROV market in the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Amongst all, in 2016, the Middle East and Africa held the leading share of close to 27% in the overall market followed by Latin America. Going forward, the region is anticipated to display the leading CAGR of 20.3% between 2017 and 2025 for the demand to attract a revenue of US$2,890.63 by 2025 end. The vast abundance of oil and mineral deposits coupled with the rapidly increasing demand for oil account for the growth of the offshore AUV and ROV market in this region.
On the other hand, the demand in Latin America is anticipated to attract a handsome revenue of US$2,145.10 by the end of 2025. Offshore oil and gas activities are largely concentrated in Brazil and Mexico in this region.
The report profiles leading players in the global offshore AUV and ROV market, namely Subsea 7 Inc., SAAB AB, Fugro NV, Ocean Engineering Ltd., Bluefin Robotics, Atlas Electronik GmbH, Kongsberg Maritime, Teledyne Technologies LLC, BIRNS Inc., International Submarine Engineering Ltd., Schilling Robotics LLC, and Oceaneering International Inc.
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