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Offshore AUV and ROV - Global Market Trajectory & Analytics

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    Report

  • 284 Pages
  • July 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 5030643

Global Offshore AUV and ROV Market to Reach $7.2 Billion by 2026


Offshore Autonomous Underwater Vehicle (AUV) is an untethered, self-propelled, and unmanned underwater machine utilized to perform simple tasks without any human supervision. 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 use of AUVs in navigation applications like completing underwater surveys, and a rise in oil and gas demand are all boosting the offshore ROV and AUV market at the global level.

Amid the COVID-19 crisis, the global market for Offshore AUV and ROV estimated at US$4 Billion in the year 2022, 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.

The U.S. Market is Estimated at $654.1 Million in 2022, 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$654.1 Million in the year 2022. 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.

Select Competitors (Total 48 Featured):

  • AtlasElektronikGmbh
  • Deep Ocean Engineering, Inc.
  • Deep Ocean Group
  • DOF Subsea AS
  • Fugro NV
  • General Dynamics Mission Systems, Inc.
  • Helix Energy Solutions Group
  • Houston Mechatronics Inc.
  • Kongsberg Maritime AS
  • Oceaneering International, Inc.
  • SAAB AB
  • Saipem SpA
  • Subsea 7 S.A.
  • Teledyne Technologies Incorporated

What`s New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the digital archives
  • Complimentary updates for one year

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Offshore AUV and ROV - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • 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
  • Japan Defense Budgets: A Pre & Post COVID-19 Comparison (In US$ Billion)
  • UK Defense Budget: A Pre & Post COVID-19 Comparison (In US$ Billion)
  • An Introduction to Offshore AUV & ROV
  • Autonomous Underwater Vehicle (AUV)
  • Remotely Operated Vehicles (ROV)
  • Global Market Prospects & Outlook
  • Analysis by Product
  • World Offshore AUV & ROV Market by Product (2021 & 2027): Percentage Breakdown of Sales for Autonomous Underwater Vehicles (AUV) and Remotely Operated Vehicles (ROV)
  • Analysis by Application
  • World Offshore AUV & ROV Market by Application (2021 & 2027): Percentage Breakdown of Sales for Oil & Gas, Defense, Scientific Research, Commercial, and Other Applications
  • Regional Analysis
  • World Offshore AUV & ROV Market by Region: Percentage Breakdown of Sales for Developed and Developing Regions (2021 & 2027)
  • World Offshore AUV & ROV Market - Geographic Regions Ranked by CAGR (Value) for 2020-2027: Latin America, Middle East, Asia-Pacific, China, Africa, USA, Europe, Canada, and Japan
  • Competitive Scenario
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Established Role in Defense Applications Sustains Market Momentum
  • Healthy Defense Spending to Amplify the Need for Offshore AUV and ROV: Projected Defense Budget (In US$ Billion) for the Years 2019, 2021 and 2023
  • Military Expenditure as a % of GDP in Select Countries
  • Fast Evolving Role of Unmanned Vessels in Military Applications to Drive Market Expansion
  • Critical Importance of UAVs & ROVs in Oil & Gas Sector Augurs Well
  • Global Oil Production: Percentage Breakdown of Production by Onshore, Offshore, and Offshore Deep Water Activity for 2010 & 2019
  • World Average Rig Count by Region (2016-2020)
  • Technology Use in Oil and Gas Industry: % of Companies Using Technology in Operations
  • Sluggish Tide in Oil & Gas Sector Niggles Market Momentum
  • Global Oil & Gas E&P Industry Spending (in US$ Billion) for 2015-2021
  • Global Daily Crude Oil Demand in Million Barrels for the Years 2015 through 2020
  • 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 PERSPECTIVEIII. MARKET ANALYSIS
UNITED STATES
  • Offshore AUV and ROV Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
CANADA
JAPAN
  • Offshore AUV and ROV Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
CHINA
  • Offshore AUV and ROV Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
EUROPE
  • Offshore AUV and ROV Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
FRANCE
  • Offshore AUV and ROV Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
GERMANY
  • Offshore AUV and ROV Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
ITALY
UNITED KINGDOM
  • Offshore AUV and ROV Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Offshore AUV and ROV Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
LATIN AMERICA
  • Offshore AUV and ROV Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
MIDDLE EAST
  • Offshore AUV and ROV Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)
AFRICA
  • Offshore AUV and ROV Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)
IV. COMPETITION
  • Total Companies Profiled: 48

Companies Mentioned

A selection of companies mentioned in this report includes:

  • AtlasElektronikGmbh
  • Deep Ocean Engineering, Inc.
  • Deep Ocean Group
  • DOF Subsea AS
  • Fugro NV
  • General Dynamics Mission Systems, Inc.
  • Helix Energy Solutions Group
  • Houston Mechatronics Inc.
  • Kongsberg Maritime AS
  • Oceaneering International, Inc.
  • SAAB AB
  • Saipem SpA
  • Subsea 7 S.A.
  • Teledyne Technologies Incorporated