The worldwide market for autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs) is projected to 2023 and 2030 attain a robust compound annual growth rate (CAGR) of roughly 7.8%, resulting in an estimated revenue of US$7 Bn by the end of the decade, according to a new report by Fairfield Market Research.
𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭 𝐑𝐞𝐚𝐝: https://www.fairfieldmarketresearch.com/report/auv-rov-market
The growing usage of AUVs and ROVs is one of the main factors causing this growth. for offshore equipment maintenance and repair, especially for subsea sites used for production and exploration. In addition, the swift advancement in AUV and ROV technologies has resulted in significant investments in the sector. ROVs currently dominate the market, with a share of over 75% in 2022, due to their wide-ranging applications in various phases of offshore oilfield developments. However, AUVs, largely employed in military and academic research, are anticipated to experience rapid growth in the near future.
By 2022, electrical and hybrid propulsion systems would hold a market share of more than 70%. Meanwhile, the oil and gas sector held over 50% of the global AUV & ROV market in the same year, largely thanks to the rise in offshore deep and ultra-deep-water exploration activities.
Geographically, the Middle East and Africa currently lead the market, with North America and Europe also witnessing a surge in demand. Notably, a new wave of exploration and production (E&P) spending following recent oil well discoveries in offshore eastern Canada is expected to significantly boost the North American market.
The report reveals that the top 10 industry players, including SUBSEA7, Oceaneering International, Inc., Argeo, Fugro, Saab AB, Atlas Elektronik Gmbh, BIRNS, Inc., Technip fmc, Stapem Offshore, and Kongsberg Maritime, hold over half of the market's revenue, indicating a high level of market consolidation.
To find out more about the global AUV & ROV market and the opportunities it holds, access the full report from Fairfield Market Research.
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