Growth expected in AUV and ROV market
Published by Sara Simper,
Editorial Assistant
World Pipelines,
In its latest published report, Fairfield Market Research says the worldwide AUV and ROV market will reach around US$7 billion in revenue by the end of 2030. The study tracks historic and current progression of the global market for AUV, and ROV technologies and provides an insightful analysis of how the growth will unfold over the next few years.
The report says shooting investments by oil industry leaders in exploration and production are keeping the market afloat. Increasing demand for application in offshore equipment repair and maintenance near subsea sites further accelerates the rate of adoption. Growth across developed western regions seems promising.
When compared with sales of AUVs, the ROVs segment continues to deliver dominant performance with more than 75% share in the overall market value. The latter will most likely display higher growth potential in the market throughout the period of projection considered for the study. Assessment further shows that the preference for electric and hybrid propulsion systems will prevail with an estimated share of more than 70% by 2030 in AUV and ROV market.
Businesses in the oil and gas industry have not displayed complete recovery after the pandemic but the industry remains the top end user of AUV and ROV technologies, recording a more than 50% revenue share in the market. Application across military and defence is also on the rise.
“When we analysed the AUV and ROV market for presence of opportunities across the various regional pockets, it revealed clear dominance of the Middle Eastern and African markets. These regions have been welcoming several collaborative, contractual projects around AUV and ROV technology innovations, with open arms. The benefit here will last, and market growth here will prevail in long-term”, marks the company analyst.
The study outcome highlights the fact that the collaboration between oil and gas companies and technology providers strengthen the base for market in this region. Another notable finding is that the market for AUV and ROV across Europe benefits the most from key nations like Norway and the UK that currently spearhead the region in the wind power sector.
The report also sheds light on some of the top shareholding players in the AUV and ROV market space. The detailed examination of strategic and competitive profiles intends to help potential industry participants while they look to draw an insight to surge ahead. A few of the profiled industry players include SUBSEA7, Argeo, Oceaneering International, Inc., Fugro, Atlas Elektronik Gmbh, Saab A B, BIRNS, Inc., Kongsberg Maritime, and Stapem Offshore.
Read the article online at: https://www.worldpipelines.com/special-reports/21042023/growth-expected-in-auv-and-rov-market/
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