South America AUV & ROV Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America AUV & ROV Market Analysis
The South American AUV and ROV market is expected to register a CAGR of 5.6 % during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.
- Various factors, such as rising oil and gas production activities, growing offshore wind power industry, and increasing oil and gas decommissioning activities, are expected to drive the market during the forecast period.
- On the other hand, countries like Argentina, Chile, Colombia, and Ecuador are planning to increase their focus on climate change. These countries are expected to ban offshore exploration activities in the future, thereby restraining market growth.
- Nevertheless, the rising deepwater and ultra-deepwater discoveries are expected to open up new opportunities for the South American AUV and ROV market.
- During the forecast period, Brazil is expected to dominate the market due to the country's increasing oil and gas activities.
South America AUV & ROV Market Trends
This section covers the major market trends shaping the South America AUV & ROV Market according to our research experts:
Oil and Gas Segment to Dominate the Market
- South America is rich in oil and gas reserves. Its dependence on oil and gas is increasing as major countries in the region, such as Brazil, Colombia, Argentina, Peru, and Ecuador, rely heavily on petroleum-based products. In 2021, Brazil's oil production was approximately 2987 thousand barrels per day, Colombia's oil production was about 738 thousand barrels per day, and Argentina's oil production was about 627 thousand barrels per day. The oil and gas industry displays immense influence in international politics and economics.
- Oil and gas drilling rigs may operate in water depths of two miles. Many deepwater wells and pipeline systems rely on underwater vehicles to help perform installations, inspections, repairs, and maintenance.
- Also, monitoring and deployment are often challenging in adverse subsea conditions, creating operational, environmental, and technical challenges. These factors have accelerated the development of new technologies in the market studied.
- Over the past few years, Autonomous Underwater Vehicles (AUVs) and Remotely Operated Vehicles (ROV) have evolved from emerging technology with niche uses to having extensive applications in the oil and gas sector.
- Moreover, in August 2022, DOF ASA announced securing new contracts for three of its vessels in Brazil with Petrobras. These deals were worth more than USD 253 million. The contracts were awarded to DOF's Brazilian subsidiaries, Norskan Offshore Ltda. and DOF Subsea Brasil Servicos Ltda.
- Furthermore, in December 2021, Argeo, a Norwegian marine survey contractor, signed an agreement comprising AUV work for one of its customers in the Brazilian oil and gas sector. The project was scheduled to commence by the end of 2022.
- Owing to the above-stated factors, the oil and gas segment is expected to dominate the South American AUV and ROV market during the forecast period.
Brazil Expected to Dominate the Market
- Due to increasing industrialization and investments in research and development, Brazil is expected to be one of the largest markets for AUVs and ROVs during the forecast period.
- Although Brazil's natural gas production has been stagnant in recent years, the demand for natural gas is growing from numerous industries. As of 2021, natural gas production in Brazil accounted for 24.3 billion cubic meters (bcm). The growing demand is culminating in the rise in the utilization of AUVs and ROVs for detecting and mapping gas reserves across the country.
- Moreover, Petroleo Brasileiro SA plans to invest approximately USD 55 billion in Brazil from 2021 to 2025. Of this total investment, 84% is allocated to oil and gas exploration and production (E&P) and approximately 7% to refining. The remaining 9% is expected to be accounted for marketing, logistics, and others. The investment of around USD 46 billion in E&P involves approximately USD 32 billion, i.e., 70%, in pre-salt assets. This indicates that the market for AUV and ROV in Brazil's offshore oil and gas assets is expected to increase significantly during the forecast period.
- Furthermore, in September 2022, Oceaneering International Inc. announced that its subsea robotics segment was awarded a two-year service contract to support Petrobras projects off the coast of Brazil. The project's scope included providing two millennium-plus work-class ROVs, complete specialized tooling packages for each ROV, and survey equipment and personnel.
- Hence, as the points mentioned above reflect, Brazil is expected to dominate the South American AUV and ROV Market during the forecast period.
South America AUV & ROV Industry Overview
The South American AUV and ROV market is moderately fragmented in nature. Some of the key players in the market include DOF Subsea AS, Fugro NV, Subsea 7 SA, Saipem SpA, and Oceaneering International Inc.
South America AUV & ROV Market Leaders
DOF Subsea AS
Fugro NV
Subsea 7 SA
Saipem SpA
Oceaneering International Inc.
*Disclaimer: Major Players sorted in no particular order
South America AUV & ROV Market News
- November 2022: Argeo secured the first contract for its vessel Argeo Searcher and SeaRaptor autonomous underwater vehicles (AUVs). Under this contract, the company is expected to start its operation in January 2023. Furthermore, the vessel would operate in regions such as North and South America and West Africa energy, the Pacific Ocean, and the North Atlantic sea.
- December 2021: AKOFS Offshore announced a three-year deal with Petrobras for its vessel Skandi Santos. Under the contract, Skandi Santos performed subsea services in Brazil, while IKM Subsea, an independent ROV and subsea operator, handled ROV services. The services under the contract were carried out at Buzios offshore oil field, a Petrobras giant in the Santos Basin.
South America AUV & ROV Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope Of The Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size And Demand Forecast In USD Billion, Till 2027
4.3 Recent Trends And Developments
4.4 Government Policies And Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitutes Products and Services
4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Vehicle Type
5.1.1 ROV
5.1.2 AUV
5.2 By End-user Application
5.2.1 Oil and Gas
5.2.2 Defense
5.2.3 Research
5.2.4 Other End-user Applications
5.2.5
5.3 By Geography
5.3.1 Argentina
5.3.2 Brazil
5.3.3 Chile
5.3.4 Colombia
5.3.5 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, And Agreements
6.2 Strategies Adopted By Leading Players
6.3 Company Profiles
6.3.1 DOF Subsea AS
6.3.2 Fugro NV
6.3.3 Subsea 7 SA
6.3.4 Saipem SpA
6.3.5 Oceaneering International Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
South America AUV & ROV Industry Segmentation
AUVs and ROVs are autonomous underwater and remotely operated underwater vehicles. AUVs are particularly employed for underwater survey missions, such as detecting and mapping submerged wrecks and rocks. ROVs are unoccupied underwater robots connected to a ship by cables.
The South American AUV and ROV Market is Segmented by Vehicle Type (ROV and AUV), End-user Application (Oil and Gas, Defense, Research, and Other End-user Applications), and Geography (Argentina, Brazil, Chile, Colombia, and Rest of South America). The report offers the market size and forecasts for the South American AUV and ROV market in USD billion for all the above segments.
| By Vehicle Type | |
| ROV | |
| AUV |
| By End-user Application | |
| Oil and Gas | |
| Defense | |
| Research | |
| Other End-user Applications |
| By Geography | |
| Argentina | |
| Brazil | |
| Chile | |
| Colombia | |
| Rest of South America |
South America AUV & ROV Market Research FAQs
What is the current South America AUV & ROV Market size?
The South America AUV & ROV Market is projected to register a CAGR of 5.60% during the forecast period (2024-2029)
Who are the key players in South America AUV & ROV Market?
DOF Subsea AS, Fugro NV, Subsea 7 SA, Saipem SpA and Oceaneering International Inc. are the major companies operating in the South America AUV & ROV Market.
What years does this South America AUV & ROV Market cover?
The report covers the South America AUV & ROV Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the South America AUV & ROV Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South America AUV & ROV Industry Report
Statistics for the 2024 South America AUV & ROV market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South America AUV & ROV analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
