Pune, India, Aug. 23, 2022 (GLOBE NEWSWIRE) -- The global offshore AUV and ROV market is likely to derive growth from recent technological advancements. Incorporation of sensor-based steering to favor growth, satets Fortune Business Insights, in recently published report titled “Offshore AUV & ROV Market Size, Share and Global Trend By Product(Autonomous Underwater Vehicle (AUV) & Remotely Operated Vehicle), By Propulsion(Electric System, Mechanical System, Hybrid System), By Application(Drilling and Well Completion Support, Construction Support, and others), and Geography Forecast till 2026,” the market will expand considerably in the coming years, with impetus from increasing investment in hydrocarbon exploration.
Key Industry Developments:
- In February 2019, Stapem offshore announced the acquisition of the Film Ocean which operates a fleet of ROV utilized in the oil and gas. The company said acquisition of Film Ocean will support the company’s long term plans for growth in the new and existing market.
- In February 2019, Petrobras has awarded a long term contract for three ROV Support Vessels (RS) to DOF ASA.
- In January 2019, Ocean Power Technology and Saab Seaeye have made a joint agreement for development and marketing of AUV & ROV in terms of providing cost-effective power and communication solution.
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Market Drivers-
Increasing Mergers and Acquisitions Are Offering Huge Growth Platforms
The increasing number of mergers and acquisitions have laid the foundations for business expansions of companies operating in the global offshore AUV and ROV market. As companies are realizing the importance of adopting efficient functional concepts within an AUV and ROV utility, several companies are looking to adopt the services of other organizations who are well versed with the related concepts.
In February 2019, Stapem Offshore completed the acquisition of ROV service-based company ‘Film Ocean.’ With this acquisition, the company aims to extend its portfolio of ROV services, backed by Film Oceans’ extensive technological and innovative ROV collection. Fortune business Insights has predicted that Stapem’s latest acquisition will have a direct impact on the growth of the global offshore AUV and ROV market in the coming years. The report highlight a few of the leading mergers and acquisitions in the offshore AUV and ROV industry and gauges the impact of these M&As on the global market.
Highlights of the Report-
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
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IMPACT OF COVID-19:
We analysed industry trends in the context of COVID-19. We analysed the impact of COVID-19 on the product industry chain based on the upstream and downstream markets. We analyse the impact of COVID-19 on various regions and major countries.
The impact of COVID-19 on the future development of the industry is pointed out.
Regional Insights:
The global offshore AUV and ROV market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In North America, USA is dominating the AUV and ROV market as it was first invented in the University of Washington.
Countries are allocating heavy budgets for national security and developing merchant ships and submarines for monitoring subsea areas. Also, companies are heavily investing in offshore drilling activities for the exploration of hydrocarbon increasing the growth of AUV and ROV in North America.
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Competitive Landscape
Fortune Business Insights profiles some of the prominent offshore AUV and ROV market companies and signifies the impact of these companies on the global market. A few of the leading companies that are operating in the market are Subsea 7, Fugro NV, Bluefin Robotics, Atlas Elektonik, Kongsberg Maritime, Teledyne Technologies, Birns Inc, International Submarine Engineering Ltd., DOF ASA, Stapem Offshore, Oceaneering International, Technip FMC, Deep Ocean Group, and Saipem S.p.A.
The Report Lists the Key Players Profiled in the Market Report:
- Schlumberger
- Halliburton
- Baker Hughes
- Transocean,
- Ensco Plc
- Diamond Offshore Drilling
- Rowan Companies
- Noble Corporation
- Seadrill
- Weatherford International
- Stena Drilling
- China Oilfield Services Limited (COSL)
- Nabors Industries
- Saipem
- KCA Deutag
- Parker Drilling.
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Outdoor Power Equipment Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
Continued…
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