AUV & ROV Market Eyes Revenue Worth US$7 Bn in 2030, Electric and Hybrid Propulsion Systems in Demand
Fairfield Market Research Highlights that the Global AUV & ROV Market is Expected to Expand at a CAGR of 7.8% Between 2023 and 2030.
London, March 29, 2023 (GLOBE NEWSWIRE) — With some of the oil majors investing remarkably in E&P projects over the recent past, demand for autonomous underwater vehicle (AUV), and remotely operated vehicles (ROV) technologies has been on an uptrend. Growing employment of these technologies in offshore equipment repair and maintenance, especially across the subsea sites that are used for production and exploration, will further propel revenue to the global AUV & ROV market as suggested by the latest published study of Fairfield Market Research. The company in its latest projections expects a strong growth outlook for the market, foreseeing the revenue to be hitting the mark of US$7 Bn by 2030 end.
“North America’s AUV & ROV market continues to lead its way on the back of the unwavering offshore oil and gas interventions. Europe will also be an important pocket for potential investors as the region has been surging ahead in wind power projects. Growth across the developed western markets thus looks promising in the near term,” marks the analyst at Fairfield.
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Key Research Insights
- Between 2023 and 2030, the AUV & ROV market valuation is slated for nearly 7.8% expansion
- Noteworthy growth of the offshore oil and gas sector will influence market growth to the most significant extent
- The AUV & ROV market of the Middle East and Africa continues to lead
Insights into Segmentation Analysis
The type-wise analysis of market reveals dominance of ROVs as the segment recorded over 75% share in market revenue in 2022. In terms of propulsion, electric and hybrid propulsion systems remain preferred, says the report. This market segment represents over 70% value share and will continue to surge ahead through the end of 2030. While the former gain traction on the back of growing adoption for naval destroyers, and in commercial ships, the latter are likely to receive tailwinds from combined application areas. Based on the analysis of AUV & ROV market by end-use industry, the report indicates dominance of oil and gas industry that currently accounts for over 50% share in market revenue. Military and defense is also poised to emerge highly lucrative in near term.
Key Report Highlights
- Oil and gas companies are yet to completely recover from the COVID-19 pandemic
- ROVs currently possess greater market potential when compared to AUVs
- AUVs will most likely gain ground across military applications, and academic research
Insights into Regional Analysis
While the Middle Eastern and African region reigned supreme in the global AUV & ROV industry in the year 2022, the trend will prevail through the end of forecast period and beyond. The region has been witnessing an increasing number of contractual, collaborative projects involving developing and innovating based on AUV and ROV technologies. Growing effort and investments toward embracing the technologies, and solutions for improved autonomy and remote residency of the subsea systems will uphold the top positioning of this region in the market space. Collaborative activities between the tech providers, and oil and gas companies will play a vital role in building the market here. On the other hand, the European AUV & ROV market is likely to be led by the UK, and Norway as the nations are at the forefront of wind power projects.
Leading Players in Global AUV & ROV Market
SUBSEA7, Argeo, Oceaneering International, Inc., Fugro, Atlas Elektronik Gmbh, Saab AB, BIRNS, Inc., Kongsberg Maritime, Stapem Offshore
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|Forecast Year||2023 – 2030|
|Market Size in 2022||US$3.6 Bn|
|Estimated Market Size in 2030||US$7 Bn|
|Key Players||SUBSEA7, Argeo, Oceaneering International, Inc., Fugro, Atlas Elektronik Gmbh, Saab AB, BIRNS, Inc., Kongsberg Maritime, Stapem Offshore|
The Global AUV & ROV Market is Segmented as Below:
By Type Coverage
By Propulsion Coverage
- Mechanical System
- Electric System
- Hybrid Systems
By End-user Industry Coverage
- Oil & Gas
By Geographical Coverage
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Oceaneering International, Inc.
- Saab AB
- Atlas Elektronik Gmbh
- BIRNS, Inc.
- Technip fmc
- Stapem Offshore
- Kongsberg Maritime
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Price Trends Analysis
4. Global AUV & ROV Market Outlook, 2019 – 2030
5. North America AUV & ROV Market Outlook, 2019 – 2030
6. Europe AUV & ROV Market Outlook, 2019 – 2030
7. Asia Pacific AUV & ROV Market Outlook, 2019 – 2030
8. Latin America AUV & ROV Market Outlook, 2019 – 2030
9. Middle East & Africa AUV & ROV Market Outlook, 2019 – 2030
10. Competitive Landscape
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/auv-rov-market/more-information
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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