Press Release Description

Subsea Robotics Market to Amplify with Rising Defense Budget & Growing Expansion of Offshore Oil & Gas

The Global Subsea (Underwater) Robotics Market is projected to grow at a CAGR of around 12.45% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The growth is driven by the increased defense budget in various countries, the expansion of offshore oil & gas industries, and ongoing scientific exploration & research. The rise in the defense budget of major economies globally, including the US, China, India, France, etc., is expected to attribute to the requirement of subsea robots during upcoming years.

According to the Stockholm International Peace Research Institute, the World Military Expenditure reached a record high of USD2240 billion in 2022, showing a nearly 3.7% increase. With escalating geopolitical tensions globally, countries are prioritizing national security & increasing their defense budgets, particularly for naval operations. As a result, the demand for subsea robotics for tasks such as mine countermeasures, surveillance, and search & rescue operations is expected to surge to meet the growing requirements.

Moreover, the adoption of subsea robotics technology is crucial for the oil & gas industries, which rely on extensive offshore infrastructure worldwide. These industries require subsea robotics for various purposes, including inspections, maintenance, and repairs. Also, the growth in natural gas production, along with ongoing research development efforts to discover new oil & gas wells, as well as the presence of existing offshore reserves, would drive the demand for subsea robotics in the future years, further states the research report, “Global Subsea (Underwater) Robotics Market Analysis, 2023.

Global Subsea (Underwater) Robotics Market

Remotely Operate Vehicles (ROV) to Hold Significant Share of the Market

Based on the Type segment, the market is further bifurcated into remotely operated vehicles & autonomous underwater vehicles. Remotely operated vehicles are expected to experience significant growth in coming years owing to their wide deployment in underwater exploration & surveys. The primary applications for ROVs include object identification for submerged navigation hazards & vessel hull inspections.

ROVs equipped with sensors & cameras are instrumental in mapping the seafloor, resource identification, studying marine life, and conducting scientific research. The real-time control capabilities of ROVs are a key factor driving their increasing utilization in the market. This allows operators to actively navigate, manipulate objects, and respond to changing conditions.

Furthermore, the advantage of easy maintenance, repair, and upgradation compared to Autonomous Underwater Vehicles (AUVs) further presents an opportunity for the growth of ROVs in the Subsea (Underwater) Robotics Market during the forecast period. This versatility & adaptability make ROVs a preferred choice for various underwater tasks & contribute to their prominence in the market.

The Middle East & Africa is Projected to Hold Major Share of the Market

The Middle East & Africa is anticipated to hold a major share in the forthcoming period due to the growing deep-sea explorations & surging offshore oil & gas industry in the region. The offshore oil & gas industry in countries like Israel, Qatar, Iran, Egypt, and the UAE is experiencing substantial growth, driven by new project investments & expansion activities.

These countries are actively exploiting their extensive offshore resources to meet the global oil demand, supported by robust capital investments and well-established infrastructure. Consequently, there would be a rising demand for subsea robots in the Middle East & Africa region for upcoming offshore exploration projects.

  • In 2022, Qatar has selected Exxon Mobil, TotalEnergies, Royal Dutch Shell, and ConocoPhillips as partners for the USD30bn North Field expansion project. The expansion of the world’s largest liquefied natural gas (LNG) project is expected to increase Qatar’s LNG production capacity to nearly 64% by 2027.

Additionally, the region's growing deep-sea exploration efforts in countries such as Egypt, Saudi Arabia, and Israel are expected to further stimulate Subsea (Underwater) Robotics Market growth. This growth could be attributed to increased spending on marine environment studies, climate change research, and initiatives to enhance maritime security & monitoring activities in the region. These factors contribute to the overall expansion of the industry in the Middle East & Africa region during the forthcoming years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Oceaneering International, Inc, Atlas Maridan ApS, Deep Ocean Engineering, Inc., TechnipFMC plc, ECA Group, General Dynamics Mission Systems, Inc., Rovula (Thailand) Company Limited, International Submarine Engineering Ltd., Eddyfi Technologies, Saab AB, Soil Machine Dynamics Ltd., Acergy S.A. (Subsea 7), and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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