OFFSHORE REMOTE OPERATED VEHICLE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Remote operated vehicles (ROV) plays a major role in carrying out underwater activities in offshore industries. The offshore industries such as oil & gas requires ROV to perform underwater installation, maintenance and repair of oil pipelines and inspection activities. The ROV’s are underwater robots and are controlled by operator from the surface. The ROV’s are connected to the ship by series of cables and these cables transmits commands and signals to the operator. Now a days, the ROV’s are equipped with HD camera for better inspection of underwater sites. Moreover, the ROV manufactures are also focusing on technological advancements to transform large ROV’s into compact ROV’s.

Growth in offshore industries such as oil & gas is expected to drive the global offshore remote operated vehicle market over the forecast period.

There is rising demand for conventional energy resources such as petrol, diesel, kerosene, jet fuel and LPG, which are byproducts of the crude oil. The consumption of crude oil is increasing day by day globally.  For instance, according to the Coherent Market  Analysis, offshore oil & gas industry accounted for US$ 94 billion in 2018, globally and is estimated to exhibit a CAGR of 4.9% over the forecast period. According to same source out of the total global sales of ROV across different industries, the oil & gas industry accounted for about 50%. ROV’s are widely used in the oil and gas industry to carry out underwater activities. Moreover, the oil consumption is increasing day by day, which is expected to drive demand for ROV, and is further expected to drive growth of the market over the forecast period.

Moreover, there is rising demand for renewable energy sources such as solar energy, wind energy and hydropower, as these are clean energy. The offshore wind energy industry has shown significant growth in the recent years. For instance, according to the Coherent Market Analysis, offshore wind energy market accounted for US$ 23 billion in 2018, and is estimated to exhibit a CAGR of 12.3% over the forecast period. The underwater construction in offshore wind farms requires regular inspection and operational cost can be reduced by deploying the ROV’s instead of human divers. ROV’s can also record the video of underwater infrastructure for further analysis. These factors are expected to drive growth of the global offshore remote operated (ROV) vehicle market during the forecast period.

The high initial cost of ROV’s is the restraining for the growth of the market. In addition, lack of trained ROV pilots is also expected to hamper the market growth over the forecast period.

Offshore Remote Operated Vehicle Market Taxonomy

On the basis of product type, the global offshore remote operated vehicle market is segmented into:

• Work Class ROV
• Light Work Class ROV
• Observation Class ROV
• Micro or Mini ROV

On the basis of applications, the global offshore remote operated vehicle market is segmented into:

• Construction Support
• Drilling Support
• Inspection, Repair, and Maintenance (IRM)
• Others

On the basis of end-use industry, the global offshore remote operated vehicle market is segmented into:

• Oil & Gas Industry
• Scientific Research
• Military & Defense
• Others

On the basis of region, the global offshore remote operated vehicle market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East
• Africa

Major players operating in the global offshore remote operated vehicle market include DeepOcean Group, Inc., DOF ASA, Forum Energy Technologies, Fugro, Helix ESG Group, TeckChek Inc., Oceaneering International Inc., Saab AB, Saipem, Sapura Energy Berhad TechnipFMC PLC, and Teledyne Technologies Incorporation.