Global AUV & ROV Market by Product Type, Activity, Application and Geography - Forecast to 2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Apr 4, 2019--The “Global AUV & ROV Market - Segmented by Product Type, Activity, Application, and Geography - Growth, Trends and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
Oil & gas production is rapidly making a shift to deeper subsea regions. The subsea environment is the most remote and unexplored on earth. Working in this environment makes monitoring and intervention much more difficult, and raises unique challenges and often some environmental issues.
Harsh environmental conditions have led to the rapid development of autonomous underwater vehicles (AUV) and remotely operated vehicles (ROV) technology. AUVs and ROVs are used for inspection, maintenance, and repair of offshore equipment.
Decreasing Offshore Oil Production Breakeven Price
Five billion barrels of pre-sanctioned offshore oil & gas reserves now breakeven at USD 50 per barrel or lower, due to better process efficiency and cost savings through sustainable exercises, such as major changes in drilling strategy to optimize production. Therefore, some of the offshore projects, considered commercially unviable two years ago, are being reconsidered now.
Increasing number of offshore wells in harsh environments, escalation in demand for energy and petrochemicals, need for ocean data and mapping and growing capabilities of AUV’s and ROV’s are some of the factors driving the market. Technological advancements in offshore systems have opened up new frontiers, enabled safer operations, and increased the capabilities of AUV’s and ROV’s.
Technological Development - Drives the Market
In offshore sector, technology has increased and upgraded the security of offshore equipment, which has helped meet the increasing environmental regulations. Rapid advancements in technology are expected to continue to engineer further growth in the oil & gas unmanned vehicles sector. Smart devices will enable improved operational management and better risk management. Advanced materials will offer safer operations in difficult environments.
Uncertainty in Oil Prices - Restrains the Market Growth
On the flip side, an eccentric oil & gas market, oil price uncertainties and some technological limitations are hindering the growth of the market. ROV’s have a much bigger and mature market than AUV’s, but latter’s market is expected to grow significantly.
Middle East is Expected to Experience Significant Growth
The offshore activity in the Middle Eastern region has seen growth since 2015, despite low oil prices. The substantial improvement in oil price scenario, since 2015, is expected boost the offshore activity in the region in turn driving ROV market. But the use of the drivers rather than ROVs for the majority of operations has caused the Middle Eastern region to capture a relatively small share in global ROV market.
Petrobras’ Financial Crisis is Expected to Restrain the Market in Brazil
Brazil is the biggest AUV & ROV market in South America, as more than 50% of the offshore drilling and production activity of South America takes place in the country. Petrobras, national oil company and biggest E&P operator in Brazil, is suffering from financial crisis and corruption scandals, which may constrain the offshore activity in Brazil, in turn restraining the offshore AUV & ROV market in the region.
Key Topics Covered
1. Executive Summary
2. Research Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
3.4 Government Policies and Regulations
4. Market Dynamics
5. Value Chain Analysis
6. Porter’s Five Forces Framework
7. Global AUV & ROV Market, by Type (Market Overview, Market Size and Demand Forecast until 2023)
7.1.1 Small Electric ROV
7.1.2 High Capability Electric Vehicles
7.1.3 Observation and Data Collection ROV
7.1.4 Ultra Deep Heavy Work Class ROV
8. Global AUV and ROV Market, By Activity (Market Overview, Market Size and Demand Forecast until 2023)
8.1 Drilling & Development
8.3 Inspection, Repair & Maintenance
9. Global AUV and ROV Market, By Application (Market Overview, Market Size and Demand Forecast until 2023)
9.1 Oil & Gas
9.3 Scientific Research
10. Global Offshore AUV & ROV Market, By Geography (Market Overview, Market Size and Demand Forecast until 2023 (for regions only))
10.1 North America
10.4 South America
10.5 Middle East & Africa
11. Key Company Analysis (Overview, Products and Services, Financials, Recent Developments, and Analyst View)
11.2 DOF Subsea Holding AS
11.3 FMC Technologies Inc.
11.4 Forum Energy Technologies
11.5 Fugro Subsea Services Limited
11.6 Helix Energy Solutions Inc.
11.7 Oceaneering International
11.8 Saab Seaeye Limited
11.9 Ocean Aero Inc.
11.10 Subsea7 S.A.
11.11 Teledyne Benthos
12. Competitive Landscape
12.1 Mergers and Acquisitions
12.2 Joint Ventures, Collaborations and Agreements
12.3 Market Share Analysis
12.4 Strategies Adopted by Leading Players
For more information about this report visit https://www.researchandmarkets.com/research/r2x3vt/global_auv_and?w=4
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Related Topics:Military Unmanned Systems
INDUSTRY KEYWORD: DEFENSE OTHER DEFENSE
SOURCE: Research and Markets
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PUB: 04/04/2019 05:55 AM/DISC: 04/04/2019 05:55 AM