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Albany, New York, June 10, 2019 (GLOBE NEWSWIRE) -- The global offshore AUV and ROV market is expected to register a consolidated market scenario, led by well-established firms. Owing to advancements in technologies, the key players are banking on gaining an edge over their competitors. Major players leading the global offshore AUV and ROV market are SAAB AB, Subsea 7 Inc., Fugro NV, Bluefin Robotics, Ocean Engineering Ltd.
Based on a recent report by Transparency Market Research (TMR), the global AUV and ROV market is prognosticated to propel at a robust CAGR of 18.2% within the forecast period from 2017 to 2025. In 2016, the offshore AUV and ROV market was valued around worth of US$2065.56 Mn, which is foreseen to reach nearby US$9117.01 Mn by 2025 end.
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In terms of propulsion system, the global offshore AUV and ROV market can be classified as electric system, mechanical system, hybrid system, and so on. Out of these, the electric propulsion system segment accounted for the highest share of global offshore AUV and ROV market in 2016. The rising demand of the mentioned segment is credited to the factors such as versatility, simplicity in small ROV, low weight, reliability, low noise, and ease of packaging in comparison to mechanical propulsion systems.
Geographically, the Middle East and Africa region accounted for maximum share of 27% of global offshore AUV and ROV market. The region was trailed by Latin America. In addition, the leading region is foreseen to expand at a steady CAGR of 20.3% within the forecast period from 2017 to 2025. The regional market is anticipated to register an increased revenue of worth US$2,890.63 by the end of forecast period. Middle East and Africa is known for the abundance of mineral and oil deposits. And with surging demand regarding oil across the globe, the regional development in offshore AUV and ROV market is subjected to grow in coming years.
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High Demand regarding Oil and Gas to Boost Growth in Offshore AUV and ROV Market
The consistently rising demand regarding gas and oil has prompted the surge in the offshore oil and gas activities as of late, says an analyst at TMR. Because of the rapidly exhausting onshore and near-shore reserves, the investigation of deep water reserves have turned into a need. This requires utilizing highly advanced techniques to explore gas and oil reserves which are under several meters deep on under the sea bed. This is progressively encouraging the installation of Remotely Operated Vehicles (ROV), where the activities of abandoned underwater robots are constrained by a worker through a series of wires and cables. As to physical segmentation, ROV framework contains vehicle, tether management, deck unit, handbox controller, video display, and laptop. Sonar system, camcorder, lights, along with a flexible arm are the segments that characterize the specialized setup of a ROV.
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Increased Cases of Marine Attacks to Fuel Demand for AUVs Deployment
The rising cases of marine infiltration and marine attacks has instigated the military forces to gain knowledge and improve safety measures to battle these circumstances. This has prompted the surging installation of autonomous underwater vehicles (AUV) which are capable of sending remote signals to caution defense force in case of apprehensive activities. AOVs come under the automated and programmable automobiles that can glide, drift, or float through the sea and are able to perform foreordained activities without human controllers.
Nevertheless, the advanced technologies used in the field for ROVs and AUVs represent the high-unwavering quality factor for AUVs. This records their high maintenance and advancement costs over ROVs.
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The study presented here is based on a report by Transparency Market Research (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.”
The report segments the global offshore AUV & ROV market as follows:
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