Offshore Robotics Market

Offshore Robotics Market Outlook (2023-2033)

The global offshore robotics market is anticipated to be valued at US$ 1.8 billion in 2023 and it is anticipated to grow at a CAGR of 10.5% to reach US$ 4.8 billion by the end of 2033.

Offshore robotics is used for deep-sea exploration and offshore energy industry management. The offshore robotics market is driven by rising demand for ROV (remotely operated vehicles), as it is widely used in offshore oil and gas industries.

Report Attributes	Details
Estimated Market Value (2023E)	US$ 1.8 Billion
Forecasted Market Value (2033F)	US$ 4.8 Billion
Global Market Growth Rate (2023-2033)	~10.5% CAGR
North America Market Share (2023)	~31.2%
East Asia Market Growth Rate (2023-2033)	~15.2% CAGR
Europe Market Growth Rate (2023-2033)	~10.2% CAGR
East Asia Market Share (2023)	~21.2%
Key Companies Profiled	ABB Universal Robotics Technology iRobot Yaskawa Fanuk QYSEA

Historic and Future Path for Offshore Robotics Market

With the help of offshore robotics, energy industry operators use remote-controlled offshore robots for risk-associated drilling tasks offshore and to prevent occupational injuries to humans. Robots can inspect offshore sites using sensor technology and create a 3D map of the underwater environment for better research outcomes. With advancements in offshore robots and similar technologies, its application is anticipated to increase significantly over the forecast period.

• Growth Factors for Short Term (2023-2026): Increasing research and development for marine life exploration is likely to drive market growth in the coming years.
• Factors for Medium-Term Growth (2026-2029): To explore a deep ocean where human penetration is restricted such as in extremely cold areas to discover new oil and gas reserves or understand the life evolution in the deep ocean to require robots for such task handling and collection & analysis of enormous research data. This, in turn, drives the offshore robotics market.
• Long-Term Growth Opportunities (2029-2033): Rising investment in research and development activities to develop new-generation offshore robots to cater to the needs of the end-users.

Over the 2018-2022 historical period, the global offshore robotics market registered a CAGR of 9.1%, according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 10.5% CAGR between 2023 and 2033.

Market share analysis of offshore robotics based on type and region is provided in a nutshell in the above image. Under the type segment, the ROV to dominate with a 54.4% market share in 2023.

“Offshore Wind Energy Market is Likely to Increase Demand for Offshore Robotics”

Major economies and companies are turning to the adoption of renewable energy sources, especially wind energy, as it is a source of clean energy, and holds the potential to meet the rising global energy demand. The adoption of offshore wind energy with cutting-edge technologies lured numerous economies and companies for high investments. Hence, with the growing demand for offshore wind energy, to supplement the growth of the offshore robotics market.

To manage the energy plants in the offshore environment humans, manage all operations is difficult, additionally, it requires a group of skilled professionals to manage all routine tasks, however, with the use of offshore robotics dearth of professionals can be overcome, also the requirement of workforce declines, occupational injuries can be prevented. It also saves on overall operational costs. Such factors drive the growth of offshore robotics with flourishing offshore wind energy.

“High Cost to Hamper Offshore Robotics Market Growth”

The high cost of offshore robotics and its maintenance can hamper offshore robotics market growth over the forecast period. Most advanced robots range starts from US$ 50,000 to US$ 5.0 million. The cost depends on the size and depth rating of the offshore robotics.

Maintenance work at many deep water wells and pipeline systems is carried out by unmanned vehicles. These vehicles need to transport to an offshore site with skilled workers and then remotely operate from the onboard vessel, which can cost up to US$ 100,000 each day. This is likely to hamper the offshore robotics market in the coming years.

Country-wise Insights

Why the US Increases its Demand for Offshore Robotics in the Coming Years?

The United States offshore robotics market is expected to expand at a CAGR of 9.3% over the projected period.

The US investment in technology to enhance their overall output to supplement the offshore robotics sales. Further, the US is a prominent player in the oil and gas sector, and due to Russia’s Ukraine invasion, the supply-demand of oil and gas is disrupted, hence, the countries like the US witnessing high demand for oil and gas, owing to this US to employ robots to increase production to cater to the consumer needs.

• For instance, the US is producing over 12 million barrels of crude oil per day in 2022 nearly an 8% increase from the previous year. The presence of some of the leading oil and gas manufacturing companies in the United States such as ExxonMobil, Chevron, ConocoPhilips, EOG Resource, and others, has more than 60% of the market share in the US oil and gas industry.

Furthermore, ongoing research activities in the US to reach the untapped areas under the ocean and for the collection of various types of biological sampling to create high demand for the offshore robotics market during the forecast period.

What Role does China Play in the Expansion of the Offshore Robotics Market?

China is considered one of the leading oil and gas-producing country across the globe. Its crude oil production in 2019 was approximately 3.8 million barrels per day, which puts China in the 7th place worldwide for production.

Further, China’s robotics industry was worth US$ 12.0 billion out of which industrial robots are worth 6.4 billion and service robots are valued at 5.6 billion. With the huge adoption of robots in routine tasks across China and the presence of the leading oil and gas sector, the offshore robotics market is anticipated to witness high growth opportunities across the country.

It is anticipated that China will lead the market in the forecast period and will grow at a CAGR of 16.0% and increases the sales of the product.

Category-wise Insights

Why Oil and Gas Sector Increases the Demand for Offshore Robotics?

Increasing demand for oil and gas from various end-use industries is expected to boost the demand for the offshore robotics market in the coming years Robotics plays a crucial role in oil and gas reserves exploration, as it is widely used for deep ocean exploration, where it is very difficult for humans to reach.

With the elevating oil and gas industry, the offshore robotics market is to witness prominent growth over the forecast period. Oil and gas exploration in the offshore robotics market is to grow at 11.3% CAGR in the forecast period.

Which Type is Expected to Lead the Market Growth Over the Forecast Period?

Oil and gas manufacturers prefer remotely operating vehicles for surveying, inspecting, and sampling, such works were previously carried out by humans. However, human efforts were limited to a certain depth only. ROV offers deep sea exploration and is used for seafloor experiments, which have challenging operations such as drilling and delicate placement of instrumentation.

The remotely operated vehicle is likely to dominate the 54.4% market share in 2022 and is anticipated to reach a valuation of US$ 2.7 billion by the end of the forecast period.

Market Titans Key Strategies

Prominent offshore robotics manufacturers are Denso Corporation, ABB, Universal Robotics Technology, iRobot, Yaskawa, Fanuk, and QYSEA Other Players.

Companies focus on increasing the battery capacity of the robot which can run for a longer duration underwater and cater to the needs of the consumers. Further, customization and rental services to spur the offshore robotics market growth outlook.

Fact.MR has provided detailed information about the price points of key manufacturers of offshore robotics positioned across regions, sales growth, production Analysis, and speculative technological expansion, in the recently published report.

Segmentation of Offshore Robotics Industry Research

• By Type :

  • Remote Operated Vehicles
    • Work Class ROVs
    • Light Work Class ROVs
    • Observation Class ROVs
    • Micro / Mini ROVs
  • Autonomous Underwater Vehicle

• By Application :

  • Commercial Applications
    • Oil & Gas Exploration
    • Shipwreck Recovery
    • Industrial Infrastructure Inspection
  • Research Applications
    • Ocean Exploration & Mapping
    • Aquaculture (Biological Sampling)

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA