ALBANY, New York, October 23, 2017 /PRNewswire/ --
"The ever-increasing demand for oil and gas has led to the continual rise in offshore oil and gas activities in recent years, says a TMR analyst. Due to the nearing exhaustion of near-shore and onshore reserves, the exploration of deep water reserves has become a necessity. This, however, requires employing high technology to explore oil and gas reserves that are buried thousands of meters deep on the ocean floor. This is increasingly leading to employing remotely operated vehicles (ROV), wherein operations of unoccupied underwater robots are controlled by an operator via a series of cables," adds the analyst. Regarding the physical component, ROV system comprises vehicle, deck unit, tether management system, handbox controller, laptop computer, and video display. Video camera, lights, sonar system, and an articulating arm are the components that define the technical configuration of an ROV.
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According to a report by TMR, the global AUV and ROV market is estimated to expand at an impressive 18.2% CAGR vis-à-vis for the forecast period between 2017 and 2025. At this pace, the market will reach a valuation of US$9117.01 mn by the end of 2025 increasing from US$2065.56 mn in 2016. On the basis of product, ROV segment holds the leading market share over the AUV product segment. Geography-wise, the Middle East and Africa holds dominance accounting for the leading revenue contribution to the overall market.
Safety Alerts for Navigation Systems of Marine Vehicles Boost Deployment of AUVs
The rising threat of marine attacks and incidence of marine infiltration has encouraged the defense forces to gather intelligence and enhance security measures to combat these situations. This has led to the increasing deployment of autonomous underwater vehicles (AUV) that can send signals remotely to alert defense personnel in the event of suspicious activities. AOVs are programmable, robotic vehicles that can drive, drift, or glide through the ocean and can perform predetermined tasks without the control of human controllers.
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Apart from this, AUVs also find extensive application in navigation applications. AUVs are capable of performing underwater surveys such as detecting and mapping submerged rocks, wrecks, and obstructions to alert the navigation systems of commercial, recreational, and defense vessels. Sans operator intervention, AUV returns to the point of origin on completion of a mission following which collected data can be downloaded and processed in the same manner as data collected by shipboard systems.
The need to study the impact of environmental factors such as global warming on marine resources and marine life is also driving the offshore AUV and ROV market. AUVs and ROVs have the capability to collect data from the ocean floor for environmental scientists to conduct marine research.
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However, the technologically advanced nature of AUVs over ROVs account for the high-reliability factor of the former. This accounts for their high development and maintenance costs over ROVs.
In a largely consolidated and competitive global offshore AUV and ROV market dominated by well-entrenched players, technological innovation is what key vendors are vying for to steal a march on their competitors, says Transparency Market Research (TMR) in a new report.
Key participants in the global offshore AUV and ROV market include Subsea 7 Inc., SAAB AB, Fugro NV, Ocean Engineering Ltd., Bluefin Robotics, Atlas Electronik GmbH, Kongsberg Maritime, Teledyne Technologies LLC, BIRNS INC., International Submarine Engineering Ltd., Schilling Robotics LLC, and Oceaneering International Inc.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research