North America AUV and ROV Market Size (2024 - 2029)

North America AUV & ROV Market Analysis

The North America AUV and ROV Market size was estimated at about USD 482.61 million by the end of this year and is projected to register at a CAGR of about 7.13% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently, the market has now reached pre-pandemic levels.

• Over the long term, the major driving factors of the market are increasing offshore oil and gas discoveries, growing offshore wind energy installations, and rising oil and gas decommissioning activities.
• On the flip side, increasing environmental damage due to increasing use of fossil fuels has let to ban of offshore exploration of oil and gas in North American region is expected to slow down the market during the forecast period.
• Nevertheless, technological advancements in the AUV and ROV market are expected to create huge opportunities for the North America region soon.
• United States is expected to dominate the AUV and ROV market in North America as the country heavily invested in defence sector and in the R&D of AUVs and ROVs, other related offshore sectors such oil and gas, shipping, etc.

North America AUV & ROV Industry Segmentation

Remotely-operated underwater vehicles (ROVs) are robots that complete functions underwater on behalf of a crew located on the surface, with whom the ROV is tethered. An automated underwater vehicle (AUV) is a self-propelled, unmanned underwater vehicle capable of carrying out simple activities with little or no human supervision. AUVs are robotic vehicles that are pre-programmed with operation parameters and then deployed into the ocean or seafloor. An AUV operates individually without any cable connections, whereas a Remotely operated Vehicle (ROV) is connected to an operator, usually in the ship from which the ROVs are deployed. The North America AUV and ROV market is segmented by vehicle type, vehicle class, application, activity, and geography. By vehicle type, the market is segmented into AUV and ROV. By vehicle class, the market is segmented into work-class vehicle and observatory-class vehicle. By application, the market is segmented into oil and gas, defense, and other applications. By activity, the market is segmented into drilling and development, construction, inspection, repair, and maintenance, decommissioning, and other activities. The report also covers the market size and forecasts for the AUV and ROV market across major countries in North Amercian region. For each segment, the market sizing and forecasts have been done based on revenue (USD Million).