As cited by the research report titled ‘Global Offshore AUV and ROV Market Size study, By Product (AUV, ROV), By Propulsion System (Hybrid System, Electric system, Mechanical System) and Regional Forecasts 2021-2027’, available with Market Study Report, global offshore AUV and ROV market was worth USD 4.2 billion in 2020 and is projected to grow with a CAGR of 18% over 2021-2027 to accumulate USD 13.4 billion by the end of study duration.
 

The growth of global offshore AUV and ROV market is primarily driven by factors like equipment usage in underwater surveys, and rising demand for oil & gas. Moreover, development in technology offers advance monitoring of the oceans, thereby generating lucrative prospects for the business scenario.
 

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For the record, offshore autonomous underwater vehicle, also called AUV, is a self-propelled, untethered, unmanned underwater vehicle that is capable of carrying out simple activities with little or no human intervention. These vehicles are commonly used as survey means to map the sea floor or to characterize the chemical, physical, and biological properties of the water. On the other hand, remotely operated vehicle or ROV is an underwater robot used to collect various types of data in science, offshore oil industries, military, and many more.
 

On the downside, requirement of huge capital investment is a primary factor restraining the growth of global offshore AUV and ROV market.
 

Based on product, the industry is segmented into autonomous underwater vehicle (AUV,) and remotely operated vehicles (ROV). Speaking of propulsion system, worldwide offshore AUV and ROV marketplace is divided into hybrid system, mechanical system, and electric system.
 

Geographically, Europe, Asia Pacific, North America, and Latin America are major contributors towards worldwide offshore AUV and ROV industry remuneration. All these regions are assessed comprehensively with respect to their current and estimated market sizes to assist stakeholders identify the top investment avenues for the coming years.
 

As per estimates, North America is anticipated to be a major growth hub for the market over 2021-2027. Likewise, Asia Pacific market is likely to exhibit remunerative growth pattern in the forthcoming years due to increasing mergers and acquisitions resulting in profitable prospects for the business.
 

Leading players in global offshore AUV and ROV market sphere are Saipem S.p.A., DeepOcean Group, TechnipFMC plc, Oceaneering International Inc., STAPEM Offshore, DOF ASA, International Submarine Engineering Ltd., BIRNS Inc., Teledyne Technologies Inc., and Kongsberg Maritime AS.