Global Offshore AUV and ROV Market: Snapshot
The global offshore AUV and ROV market is largely consolidated that features intense competition amongst well-entrenched players. Technological innovation is what key players are focused on to gain competitive advantage in this intensely competitive market.
The ever-increasing demand for oil and gas and near exhaustion of near-shore and onshore reserves have necessitated the exploration of deep water reserves. This is leading to the increasing employment of high technology based remotely operated vehicles (ROVs) that can tap reserves buried thousands of meters deep on the ocean floor.
On the other hand, autonomous underwater vehicles (AUVs) find extensive application in navigation systems of marine vehicles to raise alerts regarding submerged rocks, wrecks, and obstructions that can cause accidents. AUVs that are based on advanced technology operate sans human controllers to conduct a mission.
As per estimations of a report by Transparency Market Research (TMR), the global offshore AUV and ROV market will expand at an impressive 18.2% CAGR in terms of revenue between 2017 and 2025, for the market to become worth US$9117.01 mn by 2025-end from US$2065.56 mn in 2016.
Low Developmental and Maintenance Costs Favor Growth in ROV Product Segment
The report studies the global offshore AUV and ROV market on the basis of propulsion system, product type, application, and geography. Based on propulsion system, the market could be fragmented into mechanical system, electric system, hybrid system, and others. Amongst all, the electric propulsion system segment held the leading market share in 2016. The demand for electric propulsion system is on account of its advantages of low weight and simplicity in smaller ROV, versatility, ease of packaging, reliability, and low noise as compared to mechanical propulsion systems. The low cost factor also significantly accounts for the preference for electric propulsion systems.
Based on product type, the global offshore AUV and ROV market has been bifurcated into ROV product and AUV product. ROV products are further sub-segmented into small vehicle, high capacity electric vehicle, heavy work class vehicle, and work class vehicle. AUV products are further split into man portable, light weight vehicle, heavy weight vehicle, and large vehicle. Of the two, ROV products held the leading market share of 77% in 2016.
Application-wise, the global offshore AUV and ROV market has been categorized into oil and gas, commercial, defense, scientific research, and others. Of them, oil and gas segment occupied the leading share of the market in 2016, followed by defense and scientific research.
Middle East and Africa Market to Remain Dominant
Region-wise, the report takes stock of the potential of offshore AUV and ROV market in the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Amongst all, in 2016, the Middle East and Africa held the leading share of close to 27% in the overall market followed by Latin America. Going forward, the region is anticipated to display the leading CAGR of 20.3% between 2017 and 2025 for the demand to attract a revenue of US$2,890.63 by 2025 end. The vast abundance of oil and mineral deposits coupled with the rapidly increasing demand for oil account for the growth of the offshore AUV and ROV market in this region.
On the other hand, the demand in Latin America is anticipated to attract a handsome revenue of US$2,145.10 by the end of 2025. Offshore oil and gas activities are largely concentrated in Brazil and Mexico in this region.
The report profiles leading players in the global offshore AUV and ROV market, namely Subsea 7 Inc., SAAB AB, Fugro NV, Ocean Engineering Ltd., Bluefin Robotics, Atlas Electronik GmbH, Kongsberg Maritime, Teledyne Technologies LLC, BIRNS Inc., International Submarine Engineering Ltd., Schilling Robotics LLC, and Oceaneering International Inc.
Global AUV and ROV Market: Overview
This report analyzes and forecasts the market for offshore AUV & ROV at the global and regional level. The market has been forecast based on revenue (US$ Mn) from 2017 to 2025. The study includes drivers and restraints of the global offshore AUV & ROV market. It also covers the impact of these drivers and restraints on demand for offshore AUV & ROV during the forecast period. The report also highlights opportunities in the offshore AUV & ROV market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global offshore AUV & ROV market. Porter’s Five Forces model for the offshore AUV & ROV market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides the estimated market size of offshore AUV & ROV for 2016 and forecast for the next eight years. The global market size of offshore AUV & ROV has been provided in terms of revenue. Market numbers have been estimated based on propulsion, product, and application segments of offshore AUV & ROV market. Market size and forecast for each major propulsion, product, and application have been provided in terms of global and regional markets.
Global AUV and ROV Market: Research Methodology
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, webcasts specific to companies operating in the market, Marine Geology, The Association for Unmanned Vehicle Systems International, Australian Association for Unmanned Systems, Remotely Operated Vehicles Committee of the Marine Product Society, International Marine Contractors Association, Autonomous Undersea Vehicle Applications Center, Ministry of Earth Sciences, Maritime Reporter, National Oceanic and Atmospheric Administration. Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, Propulsion, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide first-hand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Global AUV and ROV Market: Market Segmentation
The study provides a decisive view of the global offshore AUV & ROV market by segmenting it in terms of propulsion, product, and application. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for offshore AUV & ROV in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual propulsion, product, and application segments in all the regions.
Global AUV and ROV Market: Competitive Landscape
The study includes profiles of major companies operating in the global offshore AUV & ROV market. Key players in the offshore AUV & ROV market include Subsea 7 Inc., SAAB AB, Fugro NV, Ocean Engineering Ltd., Bluefin Robotics, Atlas Elektronik Gmbh, Kongsberg Maritime, Teledyne Technologies LLC, BIRNS, INC.; International Submarine Engineering Ltd., Schilling Robotics LLC (now Technip FMC), Oceaneering International Inc. Market players have been profiled in terms of attributes such as company overview, overall revenue, business strategies, recent developments, and SWOT analysis.
The report segments the global Offshore AUV & ROV market as follows:
Offshore AUV & ROV Market: Propulsion System Analysis
- Electric system
- Mechanical System
- Hybrid System
Offshore AUV & ROV Market: Product Analysis
- High Capacity Electric Vehicle
- Small Vehicle
- Heavy Work-Class Vehicle
- Work-Class Vehicle
- Man Portable
- Light Weight Vehicle (LWV)
- Heavy Weight Vehicle (HWV)
- Large Vehicle
Offshore AUV & ROV Market: Application Analysis
- Oil & Gas
- Scientific Research
Offshore AUV & ROV Market: Regional Analysis
- North America
- Other U.S. states
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA