Market Size of Europe AUV and ROV Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 6.37 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe AUV & ROV Market Analysis
The European AUV and ROV market size was estimated at USD 343.22 million by the end of this year. It is projected to register a CAGR of about 6.37% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently, the market has reached the pre-pandemic level.
- The major driving factors of the market are increasing offshore oil and gas discoveries and growing offshore wind energy installations.
- On the flip side, escalating environmental damages due to the increasing use of fossil fuels have led to a ban on offshore exploration of oil and gas in the European 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 European region soon.
- During the forecast period, the United Kingdom is expected to witness significant growth in the market studied, as the country's upstream activities are highly developed and automated.
