Yahoo Finance AUV for Offshore Oil & Gas IRM Market to Exhibit a CAGR of 20.6% by 2028; Rising Implementation of AUVs in the Oil and Gas Industry to Enable Growth: states Fortune Business Insights™
List of the Companies Profiled in the Market Are Fugro, Bluestream, James Fisher and Sons plc, Boskalis, Starke Marine, Sapura Energy Berhad, Petrofac, Technip FMC, Oceaneering International, Schlumberger, Baker Hughes, Aker Solutions, Houston Mechatronics, Forum Energy Technologies, Saipem, Subsea 7, Saab Seaeye, Sonardyne International Ltd
Pune, India, May 18, 2021 (GLOBE NEWSWIRE) -- The global autonomous underwater vehicle (AUV) for Offshore Oil and Gas inspection repair and maintenance market size is expected to reach USD 1,818.7 million in 2028, exhibiting a CAGR of 20.6% during the forecast period. The growing adoption of AUVs due to its more extensive spatial range, improved data quality, excellent navigation algorithms, better mobility, and reduced operation cost can have a tremendous impact on this market during the forecast period, states Fortune Business Insights, in a report, titled “AUV for Offshore Oil and Gas IRM Market, 2021-2028.” The market size stood at USD 422.4 million in 2020.
COVID-19 Impact
Stringent Government Policies to Decline AUVs Adoption amid Coronavirus
The COVID-19 pandemic had a negative impact on the global market. The governments' strict policies to curb the spread of the virus will subsequently dampen the growth of the market. The reduced demand for AUVs for offshore oil and gas inspection has harshly affected the market growth amid coronavirus. Moreover, over-supply for fuel and oil products has forced leading oil and gas companies to slash offshore drilling and onshore drilling activities, thus thwarting the use of autonomous underwater vehicles and related services. Besides, the disturbing logistics and transportation industry has severely affected the supply of oil, in turn restricting the growth of the AUV for offshore oil & gas IRM industry.
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Market Segments:
Based on type, the global market is classified into man-portable, lightweight vehicles, and heavyweight cars. Lightweight vehicles hold the lion’s share during the forecast period due to their use in exploration activities at moderate depths.
Based on water depth, the global industry is divided into shallow water, deepwater, and ultra-deepwater. The highest number of exploration activities is carried out in shallow and deepwater.
Based on the propulsion system, the market is categorized into the electric system, mechanical system, and hybrid system. The hybrid systems are expected to hold the largest share due to their capability to use AUV and ROV, such as data transmission and the ability to cover larger areas.
Geographically, the AUV for offshore oil & gas IRM market is differentiated North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
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The Report on the Market Highlights:
Authoritative insights on all recent market trends
Procured data with superior analysis
Market Drivers
Detailed information about the key players in the market
COVID-19 Impact
Regional insights
Driving Factor:
Rising Focus towards Advanced Unmanned Vehicles to Incite AUV for Offshore Oil & Gas IRM Market Growth
The increasing knowledge about the various advantages of autonomous underwater vehicles, including stability, low deployment cost, improved data quality, and excellent navigation algorithms, have spurred the demand for AUV for Offshore Oil & Gas inspection repair and maintenance. Moreover, its increasing use in research and military applications can further elevate the growth of the market. The heavy investment in offshore oil and gas repairs, and maintenance will help expand the market. Besides, the continuous research and development for the function of efficient and user-friendly vehicles will push market development. For instance, Houston Mechatronics introduced Aquanaut, a multipurpose subsea robot that employs a patented shape-shifting transformation from an AUV to an ROV. The vehicle removes the need for vessels and tethers to enable both the efficient collection of data over long distances and manipulation of subsea objects at a slightly lower cost compared to other technologies.
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Regional Insights:
Existing Unexplored Oil Reserves to Enable Growth in Europe
The market in Europe is expected to hold the largest AUV for offshore oil & gas IRM market share due to the increasing offshore oil and gas investments. The presence of new oil reserves will contribute positively to the market growth in the region. Asia Pacific is expected to rise tremendously during the forecast period. The growth is attributed to increasing research and development projects to improve operations and induce better data acquisition techniques. China has the largest fleet of oil & gas followed by India. Further, research and development projects are expected to the market growth in the forthcoming years.
Key Development:
February 2020: Indian Oil Corporation Limited (IOCL) announced its partnership with Phinergy to produce metal-air batteries that could potentially be used in electric vehicles (EVs). Phinergy, an Israeli battery manufacturer of aluminum-air (Al-Air) and zinc-air batteries. A plant would be set up in India for the production of the Al-air batteries.
The Report Lists the Key Companies in the Market for AUV for Offshore Oil & Gas IRM:
Fugro (Netherlands)
Bluestream (Netherlands)
James Fisher and Sons plc (United Kingdom)
Boskalis (Netherlands)
Starke Marine (Malaysia)
Sapura Energy Berhad (Malaysia)
Petrofac (Jersey)
TechnipFMC (United Kingdom)
Oceaneering International (United States)
Schlumberger (United States)
Baker Hughes (United States)
Aker Solutions (Norway)
Houston Mechatronics (United States)
Forum Energy Technologies, Inc. (United States)
Saipem (Italy)
Subsea 7 (United Kingdom)
Saab Seaeye (Sweden)
Sonardyne International Ltd (United Kingdom)
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Table Of Content
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Industry SWOT Analysis
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the AUV for Offshore Oil & Gas IRM Market
Steps Taken by the Government to Overcome the Impact
Key Developments by Industry Players in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
Global AUV for Offshore Oil & Gas IRM Market Analysis (USD Million), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Man-Portable
Light Weight Vehicle(LWV)
Heavy Weight Vehicle(HWV)
Market Analysis, Insights and Forecast – By Water Depth
Shallow Water
Deepwater
Ultra-Deepwater
Market Analysis, Insights and Forecast – By Propulsion System
Electric System
Mechanical System
Hybrid System
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
North America AUV for Offshore Oil & Gas IRM Market Analysis (USD Million), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Man-Portable
Light Weight Vehicle(LWV)
Heavy Weight Vehicle(HWV)
Market Analysis, Insights and Forecast – By Water Depth
Shallow Water
Deepwater
Ultra-Deepwater
Market Analysis, Insights and Forecast – By Propulsion System
Electric System
Mechanical System
Hybrid System
Market Analysis, Insights and Forecast – By Country
U.S.
Canada
Europe AUV for Offshore Oil & Gas IRM Market Analysis (USD Million), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Man-Portable
Light Weight Vehicle(LWV)
Heavy Weight Vehicle(HWV)
Market Analysis, Insights and Forecast – By Water Depth
Shallow Water
Deepwater
Ultra-Deepwater
Market Analysis, Insights and Forecast – By Propulsion System
Electric System
Mechanical System
Hybrid System
Market Analysis, Insights and Forecast – By Country
UK
Norway
Netherlands
Rest of Europe
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