The extraction of oil & gas (O&G) has shifted away from conventional towards subsea sources. The subsea environment is the most remote and unexplored region on the planet and holds limitless resource potential. Numerous challenges must be overcome to extract O&G from undersea methods with autonomous underwater vehicles (AUV) and remotely operated vehicles (ROV) technology entering conversations. AUV’s and ROV’s are deployed for the maintenance, repair, and inspection of offshore equipment at subsea sites for O&G production.
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Cost-Effectiveness of Miniature ROV’s Make Them Popular in the AUV and ROV Market
The factors driving growth in the AUV and ROV market are sizeable investments in the O&G industry, offshore decommissioning, and ocean mapping. Continuous innovation has made offshore systems safer and increased the capabilities of AUV’s and ROV’s, opening new exploration possibilities. Smart devices are anticipated to enhance operational efficiency and minimize risk. Advanced materials offer a greater degree of protection in difficult environments, making a compelling case in the AUV and ROV market. Miniaturization is the buzzword of the 21st century and the AUV and ROV market has not been spared. The average size of ROV models has been decreasing as smaller ROVs are more manoeuvrable and cost less to deploy in remote fields.
Hybrid ROV’s Can Conduct Tether-free Missions in the AUV and ROV market
The ROV segment in the AUV and ROV market is larger than the AUV one, but the latter is predicted to record sizeable growth for the assessment period. The ROV segment leads the AUV and ROV market as ROV’s are used in drilling support, facility and pipeline inspection, and repairs and maintenance. A trend to watch in the AUV and ROV market is the hybridization of ROV’s. Hybrid ROV’s have tether-option configs that enable the vehicle to conduct operations tether-free. ROV manufacturers are expected to offer evermore hybrid options to customers in the AUV and ROV market for the forecast period assessed – especially mini and small ROVs.
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Offshore Project in Norway and UK Allow Europe to Dominate the AUV and ROV market
Europe is likely to retain leadership in the AUV and ROV market with Norway and the UK investing unprecedented sums in offshore wind projects. In 2020, Kongsberg Maritime signed an agreement with Ocean Infinity for an ROV launch and recovery system (LARS) built to manage AUV’s and ROV’s. Europe has connected several offshore wind turbines to their grid to boost capacity manifold. A number of oil well discoveries in Canada has hastened spending on E&P. Oil supermajors such as Chevron, ExxonMobil, and CNOOC have pledged to spend billions until the year 2025. This should boost the prospects of all stakeholders in the AUV and ROV market.
Oligopolistic Conditions Characterize the AUV and ROV market
The top 10 companies account for more than half of the AUV and ROV market. Prominent players in the AUV and ROV market are TechnipFMC plc, Ocean Infinity, DOF Subsea AS, Subsea7, Forum Energy Technologies, DeepOcean AS., Sonardyne International Ltd., Oceaneering International Inc., Saipem, Fugro NV and Helix Energy Solutions Group Inc. In 2019, Shell allowed Saipem to license FlatFish – a subsea autonomous vehicle meant to perform subsea inspections.
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The main difference is that AUV does not require continuous human interference or control and operates according to the pre-programmed instructions while the ROV is controlled continuously via an umbilical cord.
Unmanned underwater vehicles (UUVs) are primarily used in defense and government operations, academic and scientific research, commercial activity and retrieval systems.
Offshore oil and gas industry heavily depends on the vessels and container facilities provided by UUVs in deep waters for various exploration and upstream processes.
The applications include surveillance, reconnaissance, mine countermeasures, ocean floor mapping, pipeline inspection, polar ice research, anti-submarine warfare and so on.
Market Research and Market Trends of Unmanned Underwater Vehicles (UUV) EcosystemTo improve the ability of unmanned systems to communicate and operate between air, surface, and undersea domains is one important area of focus beyond developing larger UUVs.
AeroVironment successfully achieved communication of its Blackwing UAV with a swarm of unmanned undersea vehicles recently and parallel to it Lockheed Martin also launched a UAV from a Marlin MK2 autonomous underwater vehicle successfully.
Global Remotely Operated Vehicle (ROV) Market Research Report - by Industry (Oil & Gas Application, Military & Defense, Scientific Research, Others) by System Component (Electronics & Control Systems, Frame & Propulsion, Camera & Lighting Systems, Others) by Vehicle Type (Observation Vehicle, Work Class Vehicle, Towed & Bottom-Crawling Vehicle), and Region - Forecast till 2023OverviewRemotely operated vehicles are an excellent solution for exploring unknown lands.
The remotely operated vehicles market is now eyeing for a leap by 10.51% CAGR during the forecast period (2018-2023) to reach a worth of USD 3,127.7 million.Get Report Sample : https://www.marketresearchfuture.com/sample_request/7023 The report has its focus on factors such as increasing defense expenditure and growing investment in oil & gas exploration.
The oil & gas industry is in the lookout for new sources as the industry is experiencing demand from several sectors.
Military & defense can be segmented into explosive ordnance disposal, hull inspections, ballast tank inspections, and search & rescue operations.
North America’s technological brilliance has kept it ahead of the rest for the time being.
However, the report projection puts the APAC in charge by the end of the forecast period with the maximum CAGR.Key CompetitorsProminent players of the remotely operated vehicles market are Fugro (the Netherlands), Saab AB (Sweden), DeepOcean Group, Inc. (the Netherlands), TechnipFMC PLC (the U.K.), Subsea 7 (the U.K.), Teledyne Technologies Incorporation (the U.S.), Oceaneering International Inc. (the U.S.), DOF ASA (Norway), Sapura Energy Berhad (Malaysia), and Helix ESG (the U.S.).
