The global Autonomous Underwater Vehicle (AUV) and Remotely Operated Vehicle (ROV) Market is poised for remarkable growth, with revenues projected to surge to US$7 billion by the end of 2030. This growth is expected to be driven by a robust Compound Annual Growth Rate (CAGR) of nearly 7.8% between 2023 and 2030, according to a recent market analysis.
Market Trends Driving Growth
The AUV & ROV market is experiencing substantial investments in technology advancements, particularly in AUV and ROV technologies, as they find increasing applications in offshore equipment maintenance and repair, especially in subsea sites for production and exploration. Despite challenges posed by the COVID-19 pandemic, the oil and gas sector is recovering, further boosting the demand for these technologies. AUVs are gaining traction, primarily in military and academic research.
Key Findings
- The global AUV & ROV market is expected to witness a robust 7.8% growth in revenue by 2030.
- By the end of 2030, the industry is set to reach the US$7 billion mark.
- The booming offshore oil and gas sector is a significant driver of market expansion.
- The Middle Eastern and African markets are anticipated to remain at the forefront of growth.
- The top 10 industry players command over half of the market revenue.
Growth Drivers
- AUV and ROV Technologies Garner Attention at Subsea Sites: The need for efficient offshore equipment repair and maintenance is driving the adoption of AUVs and ROVs. As the oil and gas industry increasingly shifts to subsea locations, these technologies are becoming indispensable.
- Increased Investments in Offshore Oil and Gas Projects: Growing investments in offshore oil and gas, wind energy, decommissioning activities, ocean data, and mapping are supporting the AUV & ROV market. Technological advancements are enhancing the capabilities of these vehicles, opening new opportunities.
- Greater Emphasis on Environmental Regulatory Compliance: Stricter environmental regulations are driving the need for enhanced safety in offshore operations, further fueling the AUV & ROV markets growth.
- Soaring Preference for Smaller ROVs: Smaller ROVs are gaining popularity due to their improved maneuverability and cost-efficiency. AUVs are also expanding their functionality, driving market prospects.
Key Segments
- Dominance of ROVs Prevails: In 2022, ROVs constituted over 75% of the market share, with wide applications in offshore oilfield development.
- Electric and Hybrid Propulsion Systems to Thrive by 2030: Electrical and hybrid propulsion systems accounted for over 70% of the market in 2022, with hybrid systems expected to grow in popularity.
- Oil and Gas Industry to Lead in Demand: The oil and gas sector represented over 50% of the market share in 2022, with increasing offshore exploration activities driving demand.
Growth Opportunities Across Regions
- Middle East and Africa Reign Supreme: In 2022, the Middle East and Africa dominated the market, with collaborations and strategic alliances playing a pivotal role in advancing technologies.
- Sales Climb up in North America and Europe: North America and Europe have witnessed increased investments in offshore wind power projects, enhancing the demand for AUVs and ROVs.
- Key Regions Flourish with Rise in Offshore Oil and Gas Interventions: Recent oil discoveries in offshore eastern Canada are expected to boost the demand for AUVs and ROVs in North America.
Competition Landscape
The top 10 companies in the AUV & ROV market hold more than 50% of the global market share. Key industry players include SUBSEA7, Oceaneering International, Inc., Argeo, Fugro, Saab AB, Atlas Elektronik Gmbh, BIRNS, Inc., Technip FMC, Stapem Offshore, and Kongsberg Maritime. The market is witnessing increased competition as new potential players enter the industry.
Global AUV & ROV Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Type Coverage, By Propulsion Coverage, By End-user Industry Coverage, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/auv-rov-market
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COMTEX_440937042/2840/2023-09-25T23:02:58