LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global underwater exploration robots market to grow at a CAGR of close to 14% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global underwater exploration robots market for 2017-2021. The report also lists oil and gas, defense, and scientific research, as the three major end-user segments of which the oil and gas segment dominated the market with more than 43% of the market share in 2016.
According to Raghav Bharadwaj Shivaswamy, a lead research analyst at Technavio for robotics “The demand for underwater exploration robots is driven primarily by the increase in demand for maritime systems that can collect information for organizations and governments in sectors, such as oil and gas, defense and security, and for scientific research in the form of help in surveys related to oceanography and hydrography.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global underwater exploration robots market:
- Increasing offshore E&P programs
- Advancement in computing and communications
- Increased demand for oceanography and hydrography
Increasing offshore E&P programs
There is an increasing need for exploring petroleum-based energy sources by the oil and gas industry, which has propelled the demand for technologies suitable for hostile offshore and subsea environments. The demand for underwater exploration robots for such environments is high, as they are hard to reach and require advanced hardware and software to operate. Another major reason for their demand is the several serious challenges to health, safety, and environment (HSE), which are involved in E&P activities.
Owing to the slump in the oil and gas industry in 2014, there is an intensifying need to explore hostile environments in a cost-effective and efficient manner. Apart from engaging in strategic partnerships with relevant members in the oil and gas value chain, companies are also aiming at implementing automation and robotics for safe and cost-effective exploration.
Advancement in computing and communications
With the advancement in technology, key vendors in the market are innovating the underwater exploration robots manufactured by them to expand their offerings of autonomous and semi-autonomous robots. The evolution of sensors has led to miniaturization and reduction in the cost of sensors, along with enhancements in the ability to improve the adaptive and intelligent capabilities of remotely operated vehicle (ROVs) and autonomous underwater vehicle (AUVs).
“The underwater exploration robots can perform predetermined missions, provide excellent quality optical and acoustic images, and gather environmental data regarding features such as temperature, salinity, depth, and currents,” says Raghav.
Increased demand for oceanography and hydrography
Another driver influencing the growth of the underwater exploration robots market is the fact that the ocean covers around 70% of the earth, a lot of it is unexplored due to the immense area, difficult operating conditions above the water surface, and communication challenges. ROVs and AUVs are extensively being used for research in the fields of hydrography and oceanography, as they have more capabilities than weather buoys and cost lesser than weather ships and research vessels.
Oceanographers are increasingly opting for unmanned operations to conduct hydrographic surveys as they help reduce costs and increase safety. They have the capability to monitor pipelines and support maintenance and repair work through the data collection.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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