Global Offshore AUV and ROV Market Grows Steadily at a CAGR of 6.91%

Introduction

The autonomous underwater vehicle (AUV) is an unmanned, untethered, self-propelled underwater vehicle that performs basic tasks with minimal or no human supervision. AUVs are commonly used as survey platforms to map the seafloor or characterize the tested water's physical, chemical, or biological properties. In contrast, remotely operated vehicles (ROVs) are underwater robots for science, offshore energy industries, entertainment, and military purposes. They are easily maneuverable through water and are connected to the ship via a network of cables that transmit electrical signals between the remotely operated vehicle and the operator. The majority of ROVs have cameras and lighting.

Market Dynamics

Increasing Offshore Oil and Gas Exploration Activities Drive the Global Market

Oil and natural gas will meet roughly half of the expected 5% growth in global energy consumption by 2030. In the coming years, the rate of new offshore upstream projects will likely increase to meet the rising demand. The demand for AUVs and ROVs is anticipated to increase in offshore exploration, production, and decommissioning operations due to the current "lower for longer" oil prices scenario.

In March 2022, BP Plc, a British oil and gas corporation, emerged as the successful bidder for two offshore exploration blocks in Indonesia, namely Agung I and Agung II, as part of the second round of the 2021 Oil and Gas Working Area (WK) Bid Round. These blocks are comparatively unexplored and are anticipated to have significant resource potential.

Growing Offshore Renewable Technologies Creates Tremendous Opportunities

Over the past decade, there has been a substantial increase in energy demand and a consistent rise in awareness of global warming, which has created opportunities for renewable technologies. Installation of marine renewable energy structures, like offshore wind turbines and navigational hydrokinetic devices, necessitates diverse visualization and monitoring equipment to survey the seafloor for initial installation, cable lay, post-installation monitoring, and maintenance tasks.

Due to unstable conditions, such as high tides and strong ocean currents, the locations of these installations can make such endeavors difficult. Therefore, systems such as AUVs and ROVs are useful because they offer scalable, modular solutions and the required data. Offshore wind farm installations are becoming more prevalent in the wind energy industry. In 2020, the new global offshore wind energy capacity exceeded 6 GW. Thus, the expansion of offshore wind energy installations generates significant market opportunities.

Regional Analysis

The Middle East and Africa is the most significant global offshore AUV and ROV market shareholder and is expected to expand substantially during the forecast period. The Middle East and Africa are one of the world's major regions with proven oil and gas reserves. Due to the soaring global demand for energy, offshore oil production has become an attractive energy source. Therefore, countries with significant regional players prioritize the exploration of offshore oil and gas fields. For instance, in 2022, Abu Dhabi National Oil Company (ADNOC) began soliciting bids for an engineering, construction, procurement, and installation contract to develop its massive offshore Lower Zakum oil field. Multiple services, such as infrastructure construction, subsea pipelines, subsea systems, etc., are required to install and monitor ROVs and AUVs. In addition, the Middle East and Africa have more than 77 and 27 approved upstream projects for 2021-2025, respectively. Most of these are offshore field projects requiring various ROV and AUV services. This is anticipated to expedite market growth during the forecast period.

Key Highlights

• The global offshore AUV and ROV market size was valued at USD 2,313.9 million in 2022. It is estimated to reach USD 4,221.91 million by 2031, growing at a CAGR of 6.91% during the forecast period (2023–2031).
• Based on vehicle type, the global offshore AUV and ROV market is divided into AUV and OV. The ROV segment owns the highest market share and is expected to grow substantially during the forecast period.
• Based on vehicle class, the global offshore AUV and ROV market is segmented into work-class vehicles and observatory-class vehicles. 
• Based on the end-user application, the global offshore AUV and ROV market is bifurcated into oil and gas, defense, research, and other end-user applications. The oil and gas segment is the largest contributor to the market and is predicted to expand substantially over the forecast period.
• Based on activity, the global offshore AUV and ROV market is bifurcated into drilling and development, construction, inspection, repair and maintenance, decommissioning, and other activities.
• The Middle East and Africa is the most significant global offshore AUV and ROV market shareholder and is expected to expand substantially during the forecast period.

Competitive Players

1. DeepOcean AS 
2. Helix Energy Solutions Group Inc. 
3. DOF Subsea AS 
4. TechnipFMC PLC 
5. Bourbon 
6. Fugro NV 
7. Oceaneering International Inc. 
8. Subsea 7 SA 
9. Saipem SpA 
10. Teledyne Technologies Incorporated

Recent Developments

Recent Developments

• May 2024 - Chouest, a prominent offshore vessel operator and subsea speacialist, has acquired ROVOP, a UK-based supplier of ROV services to the energy sector.
• April 2024- Oceaneering announced the deployment of its new generation ROV, the Liberty™, designed for deepwater offshore operations. Liberty™ offers enhanced autonomy, greater depth capability (up to 4,500 meters), and improved data collection systems, positioning it as a leader in deep-sea exploration and subsea maintenance services. 
• March 2024- Saab Seaeye launched the Sabertooth MKII, an advanced hybrid AUV/ROV system designed for both commercial and defense applications. The Sabertooth MKII features autonomous long-range operation, making it ideal for oil and gas pipeline inspections and military surveillance. It is currently being deployed in the Norwegian Continental Shelf for Equinor’s subsea maintenance activities.

Segmentation

1. By Vehicle Type
   1. ROV
   2. AUV
2. By Vehicle Class
   
   1. Work-class Vehicle
   2. Observatory-class Vehicles
3. By End-User Application
   
   1. Oil and Gas
   2. Defense
   3. Research
   4. Other End-user Applications
4. By Activity
   
   1. Drilling and Development
   2. Construction
   3. Inspection, Repair, and Maintenance
   4. Decommissioning
   5. Other Activities