Deep water reserves have attained the cynosure for a variety of undertakings meant to cast out vital minerals, fuels, and other elements. Owing to these operations, the global market for has attained prominence in recent years and is expected to keep escalating at a rampant pace. Moreover, the dwindling onshore reserves coupled with the rising demand for oil and gas has loomed the demand for AUVs and ROVs. During submarine operations, it is integral to be cognizant of the threat posed by submerged rocks, budged terrains, and other under water obstructions. These landfills in the deep waters can be navigated and dodged with the help of autonomous underwater vehicles (AUVs). This spans the scope of the market and gives a push to the demand for the AUVs and ROVs. Moreover, these AUVs have technologically advanced versions that can offer underwater aid without human intervention. Hence, the rising relevance of offshore AUVs and ROVs has propelled the demand in the market.
Transparency Market Research (TMR) conducted a rigorous research about the market dynamics of the global market for offshore AUVs and ROVs to estimate that the market value would elevate to US$9117.01 mn by the end 2025 from a figure of US$2065.56 mn in 2016 in terms of revenue. This is an exponentially high growth rate wherein the projected CAGR for the market recorded by TMR comes to 18.2% over the period from 2017-2025.
The researchers at TMR believe that the market has immense scope for development and the growth prospects of the market players lie in their ability to tap the needs of the consumers, and successively cater to them. Moreover, this blog encapsulates various standpoints that accentuate the growth of the market while providing a regional outlay of the demand.
Which Factors Are Bound to Proliferate the Demand for ROVs and AUVs?
The defense forces that are involved in knitting a protective shield for marine operations have been on the lookout for better intelligence and technologically savvy measures to combat the attack on the sovereignty of marine and submarines undertakings. The rising incidence of marine attacks and unethical infiltrations has propelled the demand for AUVs that have the ability to send signals to remote points, thus, cautioning the threats of attacks or insurgencies. Moreover, the ability fo AUVs to glide, drive, and drift across marine landscapes without human aid also gives an impetus to them. The AUVs can also convict the presence of commercial, defense, and recreational vessels, further aiding the defense personnel. ROVs and AUVs, both, have the ability to collect data from the dense ocean floors and assist in conducting marine research. This also helps in studying the bane caused by global warming on marine resources.
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What Has Led to the Regional Supremacy of the Market in Middle East and Africa?
Middle East and Africa reigned over all other regional markets accounting for 27% of the total market share in 2016. Moreover, the CAGR of the market over the period from 2017 to 2025 is expected to reach 20.3% and the market value is projected to rise US$2,890.63 by 2025 end. The lead obtained by the region essentially owes to the mammoth expanse of the reserves of minerals, oils, and gas that offers an impetus to the market. Moreover, the rising demand for oil and gas from various longitudes is also expected to spur the demand for offshore AUV and ROV market. Latin America is foreseen to be the second largest regional market with a value of US$2,145.10 by the end of 2025.
The contemporary market players include Atlas Electronik GmbH, Teledyne Technologies LLC, International Submarine Engineering Ltd., Kongsberg Maritime, Schilling Robotics LLC, Bluefin Robotics, Fugro NV, Oceaneering International Inc., Ocean Engineering Ltd., SAAB AB, BIRNS Inc., and Subsea 7 Inc.