The extraction of oil & gas (O&G) has shifted away from conventional towards subsea sources. The subsea environment is the most remote and unexplored region on the planet and holds limitless resource potential. Numerous challenges must be overcome to extract O&G from undersea methods with autonomous underwater vehicles (AUV) and remotely operated vehicles (ROV) technology entering conversations. AUV’s and ROV’s are deployed for the maintenance, repair, and inspection of offshore equipment at subsea sites for O&G production.
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Cost-Effectiveness of Miniature ROV’s Make Them Popular in the AUV and ROV Market
The factors driving growth in the AUV and ROV market are sizeable investments in the O&G industry, offshore decommissioning, and ocean mapping. Continuous innovation has made offshore systems safer and increased the capabilities of AUV’s and ROV’s, opening new exploration possibilities. Smart devices are anticipated to enhance operational efficiency and minimize risk. Advanced materials offer a greater degree of protection in difficult environments, making a compelling case in the AUV and ROV market. Miniaturization is the buzzword of the 21st century and the AUV and ROV market has not been spared. The average size of ROV models has been decreasing as smaller ROVs are more manoeuvrable and cost less to deploy in remote fields.
Hybrid ROV’s Can Conduct Tether-free Missions in the AUV and ROV market
The ROV segment in the AUV and ROV market is larger than the AUV one, but the latter is predicted to record sizeable growth for the assessment period. The ROV segment leads the AUV and ROV market as ROV’s are used in drilling support, facility and pipeline inspection, and repairs and maintenance. A trend to watch in the AUV and ROV market is the hybridization of ROV’s. Hybrid ROV’s have tether-option configs that enable the vehicle to conduct operations tether-free. ROV manufacturers are expected to offer evermore hybrid options to customers in the AUV and ROV market for the forecast period assessed – especially mini and small ROVs.
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Offshore Project in Norway and UK Allow Europe to Dominate the AUV and ROV market
Europe is likely to retain leadership in the AUV and ROV market with Norway and the UK investing unprecedented sums in offshore wind projects. In 2020, Kongsberg Maritime signed an agreement with Ocean Infinity for an ROV launch and recovery system (LARS) built to manage AUV’s and ROV’s. Europe has connected several offshore wind turbines to their grid to boost capacity manifold. A number of oil well discoveries in Canada has hastened spending on E&P. Oil supermajors such as Chevron, ExxonMobil, and CNOOC have pledged to spend billions until the year 2025. This should boost the prospects of all stakeholders in the AUV and ROV market.
Oligopolistic Conditions Characterize the AUV and ROV market
The top 10 companies account for more than half of the AUV and ROV market. Prominent players in the AUV and ROV market are TechnipFMC plc, Ocean Infinity, DOF Subsea AS, Subsea7, Forum Energy Technologies, DeepOcean AS., Sonardyne International Ltd., Oceaneering International Inc., Saipem, Fugro NV and Helix Energy Solutions Group Inc. In 2019, Shell allowed Saipem to license FlatFish – a subsea autonomous vehicle meant to perform subsea inspections.
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