The global offshore AUV and ROV market is likely to derive growth from recent technological advancements. According to a report by Fortune Business Insights, titled “Offshore AUV & ROV Market Size, Share and Global Trend By Product(Autonomous Underwater Vehicle (AUV) & Remotely Operated Vehicle), By Propulsion(Electric System, Mechanical System, Hybrid System), By Application(Drilling and Well Completion Support, Construction Support, and others), and Geography Forecast till 2026,” the market will expand considerably in the coming years, with impetus from increasing investment in hydrocarbon exploration.
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The exceptional services offered by autonomous underwater vehicle (AUV) as well as remotely operated vehicles (ROV) have created a huge demand across the world. The excessive use of fossil fuels has led to an increasing adoption of AUV and ROV among end users across the world. The constantly rising demand for hydrocarbons has encouraged companies to focus on offshore drilling activities, in order to enhance green energy. The role of AUVs in studying sea-floors before construction of subs-seas infrastructure has fuelled the demand for AUVs in recent years. Additionally, the incorporation of technologies such as intelligent control systems and sensor-based steering will contribute to an increase in the demand for AUVs and ROVs across the world. The report encompasses several factors that have constituted an increase in the global offshore AUV and ROV market.
Key Market Driver – Technological development offers advance monitoring of oceanography
Key Market Restraint – Capital intensive marketx
Increasing Mergers and Acquisitions Are Offering Huge Growth Platforms
The increasing number of mergers and acquisitions have laid the foundations for business expansions of companies operating in the global offshore AUV and ROV market. As companies are realizing the importance of adopting efficient functional concepts within an AUV and ROV utility, several companies are looking to adopt the services of other organizations who are well-versed with the related concepts. In February 2019, Stapem Offshore completed the acquisition of ROV service-based company ‘Film Ocean.’ With this acquisition, the company aims to extend its portfolio of ROV services, backed by Film Oceans’ extensive technological and innovative ROV collection. Fortune business Insights has predicted that Stapem’s latest acquisition will have a direct impact on the growth of the global offshore AUV and ROV market in the coming years. The report highlight a few of the leading mergers and acquisitions in the offshore AUV and ROV industry and gauges the impact of these M&As on the global market.
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Hefty Budget Allocations for Submarines and Merchant Ships to Favor Growth
The report provides segmentation of the global offshore AUV and ROV market based on regional demographics. Fortune Business Insights has predicted that among all regions, North America will emerge dominant in the global market in the coming years. The increasing investment in research and development of merchant ships and submarines, aimed at exploring hydrocarbons and other oil services will favor the growth of the market in North America. Furthermore, the increasing efforts put in by developed countries such as Russia, Italy, and the UK will offer tremendous growth opportunities for the offshore AUV and ROV market companies in North America. Having said that, an increasing investment in hydrocarbon exploration in emerging countries such as China will favor the growth of the offshore AUV and ROV market in Asia Pacific. Additionally, the high budget allocated towards defense sector in India and China will enable the market in Asia Pacific to increase at a considerably high CAGR in the coming years.
Major Table of Content For Offshore AUV and ROV Market:
2. Executive Summary
3. Market Dynamics
4. Key Insights
5. Global Offshore AUV and ROV Market Analysis, Insights and Forecast, 2026
6. North America Offshore AUV and ROV Market Analysis, Insights and Forecast, 2026
7. Europe Offshore AUV and ROV Market Analysis, Insights and Forecast, 2026
8. Asia Pacific Offshore AUV and ROV Market Analysis, Insights and Forecast, 2026
9. Middle East and Africa Offshore AUV and ROV Market Analysis, Insights and Forecast, 2026
10. Latin America Smart Mining Market Analysis, Insights and Forecast, 2026
11. Competitive Landscape
12. Company Profile
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