World News: 11:36 GMT Friday 7th December 2018. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Dec. 07, 2018 (GLOBE NEWSWIRE) -- The report has been added to offering.
Oil & gas production is rapidly making a shift to deeper subsea regions. The subsea environment is the most remote and unexplored on earth.
Working in this environment makes monitoring and intervention much more difficult, and raises unique challenges and often some environmental issues.
Harsh environmental conditions have led to the rapid development of autonomous underwater vehicles (AUV) and remotely operated vehicles (ROV) technology. AUVs and ROVs are used for inspection, maintenance, and repair of offshore equipment.
Five billion barrels of pre-sanctioned offshore oil & gas reserves now breakeven at USD 50 per barrel or lower, due to better process efficiency and cost savings through sustainable exercises, such as major changes in drilling strategy to optimize production. Therefore, some of the offshore projects, considered commercially unviable two years ago, are being reconsidered now.
Increasing number of offshore wells in harsh environments, escalation in demand for energy and petrochemicals, need for ocean data and mapping and growing capabilities of AUV's and ROV's are some of the factors driving the market. Technological advancements in offshore systems have opened up new frontiers, enabled safer operations, and increased the capabilities of AUV's and ROV's.
In offshore sector, technology has increased and upgraded the security of offshore equipment, which has helped meet the increasing environmental regulations.
Rapid advancements in technology are expected to continue to engineer further growth in the oil & gas unmanned vehicles sector. Smart devices will enable improved operational management and better risk management. Advanced materials will offer safer operations in difficult environments.
The offshore activity in the Middle Eastern region has seen growth since 2015, despite low oil prices. The substantial improvement in oil price scenario, since 2015, is expected boost the offshore activity in the region in turn driving ROV market.
But the use of the drivers rather than ROVs for the majority of operations has caused the Middle Eastern region to capture a relatively small share in global ROV market.
Brazil is the biggest AUV & ROV market in South America, as more than 50% of the offshore drilling and production activity of South America takes place in the country.
Petrobras, national oil company and biggest E&P operator in Brazil, is suffering from financial crisis and corruption scandals, which may constrain the offshore activity in Brazil, in turn restraining the offshore AUV & ROV market in the region.
Laura Wood, Senior Press Manager
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Related Topics: Military Unmanned Systems
Globe Newswire: 11:36 GMT Friday 7th December 2018
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