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

SAN FRANCISCO, March 10, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Offshore AUV and ROV - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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• Global competitiveness and key competitor percentage market shares
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Edition: 7; Released: February 2022
Executive Pool: 429
Companies: 48 - Players covered include 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 and Others.
Coverage: All major geographies and key segments
Segments: Segment (ROV, AUV); Application (Oil & Gas, Defense, Scientific Research, Commercial, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Latin America; Middle East; Africa.

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ABSTRACT-

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. More

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SOURCE Global Industry Analysts, Inc.