USD 0.61 billion
Report ID:
SQMIG10F2014 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
90 |
Figures:
71
Global AUV for Offshore Oil and Gas IRM Market size was valued at USD 0.61 billion in 2022 and is poised to grow from USD 0.74 billion in 2023 to USD 3.39 billion by 2031, growing at a CAGR of 21% in the forecast period (2024-2031).
The Global AUV (Autonomous Underwater Vehicle) Market in the Offshore Oil and Gas IRM (Inspection, Repair, and Maintenance) sector is driven by advancements in technology to meet changing industry requirements. This has been a result of the steady growth of the market in recent years.
The consistent demand for AUVs in the gas IRM and offshore oil market is a result of several factors. One of these reasons is the industry’s emphasis on cost-friendliness, safety, and environmental compliance. These products are being widely adopted to reduce downtime and the possibility of human danger. This is because it presents an option for safer inspection and upkeep of equipment in risky situations. Offshore projects are diving into deeper waters and are being located in remote areas. This has underscored the importance of AUVs. AUVs extend the traditional role of IRM. With AUVs, IRM can also execute environmental monitoring and collection of data. This is inline with the industry’s commitment towards environmental health and regulatory compliance.
Additionally, the market has grown as a result of advancements in technology. These innovations have improved the data analysis provided by AUVs. Some of these advancements include the incorporation of ML and AI, which increase the accuracy of actionable insights. Multi-mission AUVs are becoming more popular in the market. This is due to their higher rate of operational efficiency – a direct result of its capability to perform various tasks in a single deployment. Hybrid AUVs are also gaining momentum in the market. These vehicles are a mix of the benefits that are embodied by traditional AUVs and ROVs (Remotely Operated Vehicles). Their offering of versatility and effectiveness in complex underwater tasks can be credited for this surge.
The largest market shares are retained by Europe, North America, and the APAC region. However, up-and-coming regions like Africa and South America are reflecting the global trend of growing gas and oil applications, driving AUV adoption. Specialized startups and renowned players, like Kongsberg Maritime and Saab Group make up the competitive landscape of the market. This heated competition drives rigorous improvement and development in the market products. As the industry evolves, AUVs are poised to play an increasingly pivotal role in ensuring efficient IRM operations, aligning with industry demands and environmental responsibilities.
Global Market Size
USD 0.61 billion
Largest Segment
Light Weight Vehicle (LWV)
Fastest Growth
Heavy Weight Vehicles (HWVs)
Growth Rate
21% CAGR
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By Type, the market is segmented into Man-portable, Light Weight Vehicle (LWV), Heavy Weight Vehicle (HWV). By Water Depth, the market is segmented into Shallow Water, Deepwater, Ultra-deepwater. By Propulsion System, the market is segmented into Electric System, Hybrid System, Mechanical System. By Region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Analysis By Type
The segmentation of the global AUV (Autonomous Underwater Vehicle) market for offshore oil and gas Inspection, Repair, and Maintenance (IRM) into three primary types—Man-portable, Light Weight Vehicle (LWV), and Heavy Weight Vehicle (HWV)—is based on several factors, including the specific requirements of a given project, the operational depth needed, and the complexity of the tasks to be performed.
Generally, Light Weight Vehicles (LWVs) have led the market. The various benefits these vehicles offer have resulted in its dominance. One of these advantages is its capability to maintain balance between several tasks. They include payload capacity, mobility. LWVs are suitable for the execution of various IRM tasks. They can effectively handle several tasks at once, resulting in its favoritism in the market. Its adaptable nature and good speeds have contributed to its widespread adoption in several industrial applications.
Man-portable AUVs are highly mobile and easy to deploy. Despite these advantages, they are also restricted in terms of operational depth and payload capacity. Regardless, their small design and little weight are suitable for quick inspections and shallow-water operations.
Heavy Weight Vehicles (HWVs) are a niche category in the AUV market. They are expansively adopted for deep-sea projects. This is a result of their ability to operate heavy payloads even in deep waters. Though their advanced features could help it dominate the market, that is not the case. Their high costs make them a less favored option over LWVS. Still, its wide range and heavy payload carrying ability is essential in complex IRM tasks.
There are several factors that must be taken into consideration before choosing and investing in one of the aforementioned AUV types. These requirements include desired parameters of operations, needs that are specific to the project, and cost effectiveness. The market products are changing and improving with the advancement in technology and industry changes in demand.
Analysis By Water Depth
The market is divided into three main categories according to water depth: shallow, deep, and ultra-deep water. Under this section, shallow water AUV applications prevail in this market. Shallow water AUVs can wade into waters which are approximately 200 meters deep. These AUVs are aimed at catering to near-shore projects. Shallow water AUVs are quite versatile and can be compatible with several applications, driving this segment’s expansion. These AUVs are typically used for tasks such as seafloor mapping, pipeline inspection, and environmental monitoring in relatively accessible and less demanding environments. Due to its relative simplicity and low technical requirements, it is more commonly used in various offshore projects. In contrast, deepwater and ultra-deepwater AUV applications represent the second largest segment in terms of market share, and these AUVs are critical in exploring, servicing, and monitoring marine oil and gas resources in much deeper waters. playing a role. Operating in deep (200 to 1,500 meters) and ultra-deep (> 1,500 meters) environments presents unique challenges. This segment is characterized by the need for special techniques to withstand greater depths and harsher environmental conditions. As a result, these AUVs tend to have a smaller market share compared to shallow water AUVs due to their niche focus and more complex requirements.
The dominance of AUV applications in shallow waters is likely due to their adaptability to a wider range of tasks and their spread to coastal and continental shelf regions. Nevertheless, the importance of deepwater and ultra-deepwater AUV applications cannot be underestimated. Because they are crucial in addressing the special requirements of exploration and preservation of offshore oil and gas reserves in deeper and more challenging marine environments.
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In the global AUV market for offshore oil and gas Inspection, Repair, and Maintenance (IRM), North America comes out as a significant region. The United States, in particular, serves as a base for several leading AUV manufacturers and operators. The region’s vast offshore oil and gas reserves in the Gulf of Mexico and the North Atlantic contribute to its strong position. The increased adoption of AUVs for IRM tasks is a direct result of the region’s regulatory emphasis on safety and environmental compliance. In addition, technology development has been accelerated in the region as a result of partnerships between established players and offshore energy companies. The industry is continuously molded and transformed due to North America's innovative approach to AUVs, investment in autonomous technology, and integration of AI and data analytics.
With Norway serving as the region’s hub, Europe is another significant player in the global AUV market for offshore IRM. Norwegian companies such as DOF Subsea and Kongsberg Maritime lead AUV development, taking advantage of their extensive offshore expertise. The adoption of AUVs that offer eco-friendly IRM solutions is a result of the region's stringent environmental regulations and focus on sustainability. Cutting-edge AUV technologies have been quickly developed and introduced in the market thanks to collaborations between European companies and research centers. Europe's market also gains a competitive edge by providing AUVs with additional opportunities beyond traditional oil and gas applications due to its active involvement in offshore wind energy projects.
The region that is experiencing quickened growth in AUV adoption for offshore oil and gas IRM is the APAC region. Countries like China, Singapore, and Australiahave emerged as prominent players in this market. V is booming in Australia thanks to its offshore oil and gas activities in the Timor Sea and the Western Australian Basin. Thanks to its expanding energy exploration efforts in the South China Sea, China is also heavily investing in AUV technology. Singapore attracts global players, thus fostering innovation, as it is a hub for AUV research and development. As the aforementioned regions continuously develop their offshore energy resources, AUVs are expected to play a transformative role in providing efficient IRM operations and supporting the region's energy security goals.
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Drivers
Increasing Offshore Oil and Gas Activities
Safety and Environmental Concerns
Cost Efficiency
Restraints
High Initial Investment
Limited Payload Capacity
Technical Challenges
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The competitive landscape of the global Autonomous Underwater Vehicle (AUV) market for offshore oil and gas Inspection, Repair, and Maintenance (IRM) is defined by fierce rivalry among established players and up-and-coming entrants. Leading companies such as Saab Group, Ocean Infinity, Kongsberg Maritime, and Bluefin Robotics (which is a subsidiary of General Dynamics) have a strong presence in the market, owing their position to their long-standing experience and expertise, coupled with their cutting-edge technology that can give comprehensive AUV solutions for IRM tasks. Factors like reliability, technological innovation, and comprehensive service offerings define the competition among these industry titans, which is good for a healthy market.
In recent years, the market has seen an influx of innovative startups and specialized firms that solely focus on the development of AUVs for offshore IRM. These newcomers contribute to the overall dynamic of the industry by bringing innovative solutions and fresh perspectives to the AUV sector. Moreover, as market participants search for methods to develop customized AUV solutions to meet specific IRM needs and enhance operational efficiency, partnerships and collaborations between oil and gas companies and AUV manufacturers are becoming more and more common.
The competitive landscape of the AUV market is expected to see further developments as the offshore oil and gas industry continues to evolve, such as environmental sustainability, advanced technologies, and cost-effectiveness. In this competitive environment, those companies that can adapt to changing industry demands and offer integrated solutions are predicted to flourish.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global AUV for offshore oil and gas IRM market analysis, the global Autonomous Underwater Vehicle (AUV) market for offshore oil and gas Inspection, Repair, and Maintenance (IRM) is poised for sustained growth. The increasing demand for efficient and safe IRM solutions in challenging offshore environments, driven by the growing oil and gas exploration activities, remains a primary market driver. AUVs' ability to reduce operational costs, enhance safety, and improve data accuracy is making them indispensable tools in the industry.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 0.61 billion |
Market size value in 2031 | USD 3.39 billion |
Growth Rate | 21% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global AUV for Offshore Oil and Gas IRM Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global AUV for Offshore Oil and Gas IRM Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMIG10F2014