Market Size of Asia-Pacific AUV and ROV Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.65 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC AUV & ROV Market Analysis
The Asia-Pacific AUV and ROV market size was estimated at USD 257.88 million by the end of this year. It is projected to register at a CAGR of about 5.65% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently, the market has reached the pre-pandemic level.
- Over the long term, the major driving factors of the market are increasing offshore oil and gas exploration activities along with growing offshore wind energy installations.
- On the flip side, increasing environmental damage due to the increasing use of fossil fuels has led to the banning of offshore oil and gas exploration in the Asia-Pacific region. This is expected to slow down the market during the forecast period.
- Nevertheless, technological advancements in the AUV and ROV market are expected to create enormous opportunities for the Asia-Pacific region soon.
- China is expected to dominate the market during the forecast period, as it has heavily invested in its defense sector and the R&D of AUVs and ROVs.
