Bizizz Market Research has recently published a research report, “Offshore AUV & ROV Market by By Product (Autonomous Underwater Vehicle (AUV) and Remotely Operated Vehicle), By Propulsion (Electric System, Mechanical System, Hybrid System), By Application (Drilling and Well Completion Support, Construction Support, and others), and Region – Global Industry Demands Estimation & Forecast 2019-2027”.
As per the report, Global Offshore AUV & ROV Market was valued at USD ~3.5 Bn in 2018 and is anticipated to reach a market value of US $ xx Bn by 2027, witnessing a CAGR of 17.8% during the forecast period.
Key drivers of the market are rise in demand for navigation applications, high demand for oil and gas, benefits offered by offshore AUV and ROV. Excessive use of fossil fuels have led to high adoption of AUV and ROV among end-users across the globe. High demand for hydrocarbons has pushed companies to focus on offshore drilling activities. In addition to this, adoption of various technologies such as sensor-based steering,, intelligent control systems would contribute to the growth of the market. In addition to this, mergers and acquisitions adopted by key players in the market are expected to boost the growth of the market.
Offshore AUV & ROV Market is Anticipated to register a CAGR of 17.8% during the forecast period
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ROV is expected to remain dominant during the forecast period
ROV products accounted for a significant share of 77% in 2018 and is expected to remain dominant during the forecast period. Various benefits offered by ROVs are expected to boost the dominance of the segment during forecast period. ROVs are programmable that can easily drive through the ocean and can perform tasks without manual intervention. These benefits offered by ROVs are expected to boost its dominance during forecast period. Rising risks of marine attacks and high incidences of marine infiltration have pushed defence forces to gather intelligence data. Accelerated technological advancements are expected to boost the growth in gas and oil remote-controlled vehicles sector. And these factors are ultimately expected to support the maximum share of ROV.
North America is expected to hold significant share
Emergence of Offshore Oil and Gas projects in North America is one of the common trends witnessed in various regions in North America. Improving efficiencies and tightening of the supply chain has led to declining costs of offshore drilling. Some of the offshore projects, that were considered unviable are reconsidered now.
In 2018, US Interior Department had announced that it would allow drilling in various US regions. This is one of the largest offshore oil and gas leasing by federal government in the United States.
High need for ocean data, mapping and growing capabilities of AUVs and ROVs are some of the factors boosting the growth of the market. Higher oil prices and declining drilling cost has led to rise in offshore rig count and offshore oil production in the United States. In addition to this, Middle East is expected to grow at rapid pace owing to vast abundance of mineral and oil deposits coupled with increasing demand for oil.
Key players in the market are SAAB AB, Saipem, Schilling Robotics LLC, Bluefin Robotics, Atlas Electronik GmbH, Ocean Engineering Ltd., ubsea 7 Inc., Forum, ECA, AC-CESS, Oceaneering International Inc., Teledyne Technologies LLC, Kongsberg Maritime, Bluefin Robotics, Fugro NV
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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