The global offshore AUV and ROV market will likely reach an evaluation of US$9117.01 mn by 2025-end. The market stood at a merely US$2065.56 mn in 2016. However, promising infrastructure projects like underwater highway project in Norway will likely drive growth at a robust 18.2% CAGR in the near future. Moreover, the consolidate nature of the market also promises new opportunities for emerging players as technological innovation becomes key to new growth opportunities in the global offshore AUV and ROV market.
Among various applications, the AUVs are expected to register robust growth during 2016-2025. The rising demand for marine applications to navigate submerged terrains, and obstructions will drive growth. Moreover, marine applications to build sea-structures for clearing trade routes, construction of sea-structures to navigate rising sea levels, among others. Moreover, among private investment driven sectors, the growth of oil and gas industries and rising sea exploration activity will drive tremendous growth for the global offshore AUV and ROV market.
Among regions, Middle East & Africa promise new growth opportunities. The regional market reached US$ 658.14 mn in 2016. The market is home to large oil companies, and rising investment to explore new natural gas reserves as well as for oil will drive robust growth in the global offshore AUV and ROV market.
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Electric Propulsion Systems Promise New Opportunities for Growth
Based on propulsion system, the market is divided into electric systems, mechanical systems, and hybrid systems. Among these, the electric propulsion systems will witness highest growth during 2016-2025. Low emissions, low fuel usage, and low weight will drive robust growth for the segment. Additionally, the technological advancements in these systems have made way for smaller systems with more scope for improved imaging, while its reliability, and versality has also witnessed tremendous improvements.
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ROV Products Drive New Opportunities with Low Cost Development Options
Based on the produce, the global offshore AUV and SUV market has witnessed a bifurcation of competition with the AUV systems holding the lion’s share conventionally. However, these systems witness a challenge in growth due to their high costs while new applications like creating sea barriers and restoration of wetlands promise smaller opportunities. These new opportunities are likely to be lapped by innovations in ROVs, which are witnessing rising demand thanks to their portable, light weight capacities. The growth of oil and gas exploration will continue to provide new applications for AUV segment among others.
The review presented is based on the findings of a report by TMR, titled “Offshore AUV & ROV Market (Propulsion System – Electric System, Mechanical System, Mechanical System, and Hybrid System; Product – ROV(High Capacity Electric Vehicle, Small Vehicle, Heavy Work-class Vehicle, and Work-class Vehicle) and AUV (Man Portable, Light Weight Vehicle, Heavy Weight Vehicle, and Large Vehicle); Application – Oil & Gas, Commercial, Defense, and Scientific Research)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”