AUV for Offshore Oil and Gas IRM Market Size, Share, Growth Analysis, By Type(Man-portable, Light Weight Vehicle (LWV)), By Water Depth(Shallow Water, Deepwater), By Propulsion System(Electric System, Hybrid System) - Industry Forecast 2024-2031

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.