Market Size of North America AUV and ROV Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 7.13 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America AUV & ROV Market Analysis
The North America AUV and ROV Market size was estimated at about USD 482.61 million by the end of this year and is projected to register at a CAGR of about 7.13% 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, the major driving factors of the market are increasing offshore oil and gas discoveries, growing offshore wind energy installations, and rising oil and gas decommissioning activities.
- On the flip side, increasing environmental damage due to increasing use of fossil fuels has let to ban of offshore exploration of oil and gas in North American region is expected to slow down the market during the forecast period.
- Nevertheless, technological advancements in the AUV and ROV market are expected to create huge opportunities for the North America region soon.
- United States is expected to dominate the AUV and ROV market in North America as the country heavily invested in defence sector and in the R&D of AUVs and ROVs, other related offshore sectors such oil and gas, shipping, etc.
