AUV for Offshore Oil and Gas IRM Market to Touch USD 2.04 Billion by 2029; Improved Data Quality to Foster Market Growth

The global AUV for offshore oil and gas IRM market size is expected to exhibit strong growth by reaching USD 2.04 billion by 2029. Fortune Business Insights™ in its report titled “AUV for Offshore Oil and Gas IRM Market Size, Share & COVID-19 Impact Analysis, By Type (Man-portable, Light Weight Vehicle (LWV), Heavy Weight Vehicle (HWV)), By Water Depth (Shallow Water, Deepwater, Ultra-deepwater), By Propulsion System (Electric System, Mechanical System, Hybrid System), and Regional Forecasts, 2022-2029” observes that the market size in 2021 stood at USD 0.47 billion and touched USD 0.55 billion in 2022. The market exhibited a CAGR of 20.7% during 2022-2029. Enhanced data quality and rising oil & gas pipeline maintenance may enhance the industry’s growth.  

DeepOcean Group Invested in ADEPTH Minerals AS to Elevate Market Position

DeepOcean Group undertook an agreement to invest in ADEPTH Minerals AS in July 2021. ADEPTH Minerals AS is developed to sustainably extract marine minerals and undertake exploration activities. This strategy may allow DeepOcean Group to enhance its market position globally.

Supply Chain Disruptions and Travel Bans Hinder the Industry Growth

The AUV for offshore oil and gas IRM industry was negatively affected during the COVID-19 pandemic due to disruptions in the supply chain. The sudden incline in COVID-19 infections led to the imposition of strict government regulations, negatively affecting the manufacturing industry. Further, transport and travel bans resulted in significant raw material shortages, hampering the AUV for offshore oil and gas IRM industry. However, lockdown relaxations empowered prominent players to conduct their business and elevate their growth prospects. These factors may foster the market’s growth during the pandemic.

Strong Demand for Autonomous Underwater Vehicles (AUV) for Remote Operation to Bolster Industry Growth

AUV for offshore oil and gas IRM is a computer-controlled system that operates beneath the sea and has no physical connection with the controller. Rising demand for AUVs for remote operation applications is anticipated to bolster its adoption. Further, rising energy demand and increasing population across urban areas may surge the product demand. Moreover, robust demand for Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG) may enhance the industry’s growth. In addition, rapid pipelines and terminals’ expansion may drive the AUV for offshore oil & gas IRM market growth.

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Prominent Companies Deploy Acquisitions to Elevate their Market Reach

The prominent companies operating in the market deploy acquisitions to expand their market reach. For example, in January 2021, Boskalis completed the acquisition of Rever Offshore's subsea services operations. This strategy may enable the company to fortify its position in the subsea markets and expand its global market reach. Further, prominent players deploy innovations, expansions, novel product launches, mergers, partnerships, and research and development to enhance their market position globally.

Notable Industry Development

• January 2022- Technip FMC was awarded an EPCI (subsea Engineering, Procurement, Construction, and Installation) contract by Petrobras for the company’s Buzios Field. The contract covers rigid and flexible pipes, jumpers, pipelines and terminals, and Umbilicals.

List of Key Players Profiled in the Report

• Fugro (Netherlands)


• Bluestream (Netherlands)


• James Fisher and Sons plc (U.K.)


• Boskalis (Netherlands)


• Starke Marine (Malaysia)


• Sapura Energy Berhad (Malaysia)


• Petrofac (Jersey)


• TechnipFMC (U.K.)


• Oceaneering International (U.S.)


• Schlumberger (U.S.)


• Baker Hughes (U.S.)


• Aker Solutions (Norway)


• Houston Mechatronics (U.S.)


• Forum Energy Technologies, Inc. (U.S.)


• Saipem (Italy)


• Subsea 7 (U.K.)


• Saab Seaeye (U.K.)


• Sonardyne International Ltd (U.K.)


• DeepOcean (Norway)


• IKM Subsea (Norway)


• ROVOP (U.K.)


• ROVCO (U.K.)

Further Report Findings

• The market in North America stood at USD 0.14 billion in 2021 and is expected to gain a huge portion of the global AUV for offshore oil and gas IRM market share in the coming years.


• Rising underwater vehicles for inspection deployment are expected to enhance AUV for offshore oil and gas IRM sales. Further, robust research and development investments are expected to enhance the industry growth.


• In Asia Pacific, rapid AUV deployment in India, Southeast Asian countries, and China is expected to enhance the market growth in the region.

Table of Segmentation