Dublin, April 24, 2023 (GLOBE NEWSWIRE) -- The "AUV & ROV Market - Global Industry Analysis (2019 - 2022), Growth Trends, and Market Forecast (2023 - 2030)" report has been added to ResearchAndMarkets.com's offering.
The global AUV & ROV market is expected to expand at a CAGR of 7.8%, in turn achieving a projected valuation of about US$7 Bn by 2030.
With greater focus being given to marine conservation and management, AUVs and ROVs are now also being increasingly used for various underwater projects and studies.
With respective governments now investing greater sums towards research endeavours to better understand marine ecosystems, a higher adoption rate of these vehicles is expected in the coming years. Factors such as these are expected to have a profound influence on the growth trajectory of this global market in the coming years.
AUVs and ROVs are extensively used in environments that would otherwise be inaccessible to individuals for assorted reasons. As such, there are several end-use industries such as oil & gas, defence & security, oceanographic research, marine transportation, and renewable energy, in which these vehicles are employed.
Moreover, the adoption of unmanned systems in these end-use industries has gradually risen in recent years due to increased efficiency, lower costs, and improved safety.
For example, the ever-increasing demand for energy resources has led to more instances of AUVs and ROVs being utilized which has resulted in these vehicles becoming an integral part of the oil & gas industry for exploration, surveying, and maintenance activities. This is likely to accelerate the growth of AUV & ROV market space.
ROVs Remain Preferred over AUVs
Micro (3-20 Kg) and medium-sized ROVs (21-120 Kg) remain the highly preferred options for coastal monitoring, pipe and underwater structure inspection, and area mapping.
Whereas heavy-duty ROVs (weight up to 5,000 Kg) are utilized for drilling support, and construction and heavy duty works, says the report. AUVs are expensive than ROVs, costs ranging between US$2-6 Mn depth rating of up to 3,000 m. The operational costs for AUV deployment is around US$30,000 per day. AUVs can survey a pipeline two to three-fold faster than ROV.
On the other hand, ROVs can cost anywhere from a few thousand dollars to millions of dollars depending on the range and precision. The brand, price, and warranty provided for the product, technical support services offered by the company, after sales service, value for money, and many other factors play a significant role in aiding end users while arriving at the decision of buying an ROV or AUV.
Increasing Investments, and Technological Advancements to be Critical Growth Drivers
In recent years, there has been a steady uptick in investments by respective governments and private entities towards the development of the global AUV & ROV market. Additionally, the implementation of various technological advancements such as improved battery life, communication systems, and improved sensors, have all led to a higher level of efficiency and productivity of AUVs and ROVs.
The analyst has found that factors such as these have led to greater adoption of these vehicles for various applications in many end-use industries, in turn boosting the growth trajectory of the global AUV & ROV market in the process.
Asia Pacific is Expected to Index the Highest CAGR over the Forecast Period
North America has historically accounted for the majority market share of the global AUV & ROV market owing to the increasing adoption of technological advancements as well as a greater demand for these vehicles in various end-use industries. The Middle East & Africa is also slated to make immense strides in the market in the coming years.
However, the analyst indicates that the Asia Pacific is expected to index the highest CAGR over the forecast timeline. This can be attributed to the increase in investments in the oil & gas industry as well as a growing demand for these vehicles in offshore energy exploration and marine transportation applications.
Global AUV & ROV Market - Key Competitors
SUBSEA7, Oceaneering International Inc., Argeo, Fugro, Saab AB, Atlas Elektronik GmbH, BIRNS Inc., TechnipFMC Plc, STAPEM Offshore, and Kongsberg Maritime, all collectively account for the majority revenue share of the AUV & ROV market and are extensively detailed under our comprehensive competitive profiling and strategic analysis.
Key Research Insights
- Rise in demand for AUV and ROV technologies in offshore oil and gas sector, and under the ice in the Arctic to bode well
- ROVs currently possess greater market potential when compared to AUVs
- AUVs will most likely gain ground across military applications, and academic research
- The Middle East and Africa market remains the frontrunner
- The inspection, repair, and maintenance segment to account for the largest market share
A selection of companies mentioned in this report includes
- SUBSEA7
- Oceaneering International, Inc.
- Argeo
- Fugro
- Saab AB
- Atlas Elektronik Gmbh
- BIRNS, Inc.
- Technip fmc
- Stapem Offshore
- Kongsberg Maritime
For more information about this report visit https://www.researchandmarkets.com/r/zc6isk
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