Offshore AUV, ROV Market to Grow 18.2%
The global market for autonomous underwater vehicles (AUV) and remotely operated vehicles (ROV) is predicted to propel at a robust compound annual growth rate (CAGR) of 18.2% from 2017 to 2025, says a recent industry report.
In 2016, the offshore AUV and ROV market was valued around worth of $2.07 billion, which is foreseen to reach nearly $9.12 billion by the end of 2025, according to a recent report by Transparency Market Research (TMR).
"The global offshore AUV and ROV market is expected to register a consolidated market scenario, led by well-established firms. Owing to advancements in technologies, the key players are banking on gaining an edge over their competitors," said the report.
The electric propulsion system segment in particular accounted for the highest share of global offshore AUV and ROV market in 2016. The rising demand is credited to the factors such as versatility, simplicity in small ROV, low weight, reliability, low noise, and ease of packaging in comparison to mechanical propulsion systems, the report says.
Geographically, the Middle East and Africa accounted for maximum share of 27% of global offshore AUV and ROV market, driven primarily by offshore oil and gas activities.
Latin America is also expected to see strong growth, the report says.