ROVs will continue to witness increasing employment in the oil and gas industry, as countries around the world increase the efforts to decrease their reliance on oil imports. AUVs are likely to find growing applications to navigate obstructions and wrecks.
Albany, NY -- (SBWIRE) -- 11/24/2017 -- The global offshore AUV and ROV market is likely to witness robust double-digit growth during the forecast period 2017-2025, on account of increasing emphasis on deep water reserve exploration activities. The global offshore AUV and ROV market is likely to grow at an impressive CAGR of over 18% and surpass US$ 9 Bn in revenues by the end of 2025. A new research report titled "Offshore AUV & ROV Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025" has been added to the comprehensive database of Market Research Reports Search Engine (MRRSE). The report offers detailed insights on how adoption of AUV and ROV is likely to grow over the course of the forecast period.
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The adoption of ROV in the oil and gas industry is likely to witness an increase on account of growing efforts to explore deep water reserves. ROVs will continue to witness increasing employment in the oil and gas industry, as countries around the world increase the efforts to decrease their reliance on oil imports. AUVs are likely to find growing applications to navigate obstructions and wrecks.
To offer readers detailed insights into the global offshore AUV and ROV market, the report offers segment-wise analysis. The report has segmented the market on the basis of product type, propulsion system, application, and geography. On the basis of propulsion system, the market has been segmented into hybrid, mechanical, electrical, and others. Among these segments, demand for electric propulsion systems is likely to remain significant during the forecast period. Electric propulsion systems are cost-effective, which is a key factor that is boosting their demand among end-users. By product type, the report has segmented the market on the basis of AUV and ROV. Among these two, demand for ROV is significantly higher than AUV, with the former accounting for nearly 77% revenue share of the market. AUV and ROVs find applications in a wide range of end-use industries, including oil & gas, scientific research, commercial, and others. Among these, adoption for AUV and ROV in the oil & gas sector continues to remain high, and the status quo is likely to remain so during the forecast period.
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Middle East & Africa (MEA) remains one of the leading markets for offshore AUV and ROV globally. Presence of large number of oil and gas wells in the region has necessitated the need for AUV and ROV systems. Latin America is another key market, and is likely to offer a host of opportunities to players during the forecast period.
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