GCC AUV Market Size (2024 - 2029)

The GCC AUV market is experiencing growth, driven by factors such as increased oil and gas production, a burgeoning wind power sector, and rising decommissioning activities. Despite challenges like a ban on offshore exploration and production, technological advancements in AUVs present significant opportunities. The market has rebounded to pre-pandemic levels, with Saudi Arabia leading in market share and expected growth, attributed to the surge in offshore oilfield services.

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Market Size of GCC AUV Industry

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GCC AUV Market Summary
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

GCC AUV Market 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.

GCC AUV Industry Segmentation

An Automated Underwater Vehicle (AUV) is a self-propelled, unmanned underwater vehicle capable of carrying out simple activities with little or no human supervision. AUVs are robotic vehicles pre-programmed with operation parameters and then deployed into the ocean or seafloor.

The GCC AUV market is segmented by application and geography. By application, the market is segmented into oil and gas, defense, and others. The report also covers the market size and forecasts for the AUV market across major countries in the region. For each segment, the market sizing and forecasts have been done based on revenue (USD million).

Application
Oil and Gas
Defense
Others
Geography
UAE
Saudi Arabia
Rest of GCC Countries
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GCC AUV Market Size Summary

The GCC AUV market is poised for growth, driven by the resurgence of oil and gas production activities, the expansion of the wind power industry, and increased decommissioning activities in the sector. Despite the challenges posed by a ban on offshore exploration and production, technological advancements in autonomous underwater vehicles (AUVs) present significant opportunities for market expansion. Saudi Arabia, a dominant player in the region, is expected to experience the highest growth rate, fueled by its expanding offshore oilfield services. The country's strategic investments in oil and gas infrastructure, including major projects like the Berri Increment Program, are set to bolster the demand for AUVs, underscoring the sector's reliance on advanced technologies for subsea operations.

The GCC region's AUV market is characterized by its moderate fragmentation, with key industry players such as Kongsberg Gruppen ASA, Forum Energy Technologies Inc., Saab AB, Oceaneering International Inc., and Fugro NV actively participating. Recent collaborations, such as the partnership between King Abdullah University of Science and Technology and Ocean Aero, highlight the integration of solar and battery-powered vehicles for research purposes. Additionally, strategic agreements, like the one between EDGE and Israel Aerospace Industries, aim to enhance capabilities in unmanned vessel development, reflecting the region's commitment to advancing AUV technology. These developments, coupled with the region's substantial oil and gas reserves and production capacity, position the GCC AUV market for robust growth in the coming years.

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GCC AUV Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD million, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Force Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Application

      1. 2.1.1 Oil and Gas

      2. 2.1.2 Defense

      3. 2.1.3 Others

    2. 2.2 Geography

      1. 2.2.1 UAE

      2. 2.2.2 Saudi Arabia

      3. 2.2.3 Rest of GCC Countries

GCC AUV Market Size FAQs

The GCC AUV Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)

Forum Energy Technologies Inc., Saab AB, Oceaneering International Inc, Fugro NV. and Kongsberg Gruppen ASA are the major companies operating in the GCC AUV Market.

GCC AUV Report Snapshots

GCC AUV Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)