Global Underwater Exploration Robots Market to Grow at a CAGR of 14% Through 2021, Reports Technavio

LONDON–(BUSINESS WIRE)–#Research—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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About Technavio

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
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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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