Market Size of GCC AUV Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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GCC AUV Market Analysis
The GCC AUV Market is projected to register a CAGR of over 4.5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the long term, rising oil and gas production activities, a growing wind power industry, and increasing oil and gas decommissioning activitiesare expected to drive the growth of the market studied.
- On the other hand, a ban on offshore exploration and production activities is one of the major restraints for the market.
- Nevertheless, increasing technological developments in AUV are expected to create an excellent opportunity in the forecast period.
- Saudi Arabia region dominates the market and is also likely to witness the highest CAGR during the forecast period. Saudi Arabia is in the process of owing to the increasing number of oilfield services in the offshore sector.
