Remote Operated Vehicle Rov Market
Remote Operated Vehicle (ROV) Market Forecasts to 2030 - Global Analysis By Class (Pure Observation, Observation with Payload Option, Work Class Vehicles, Seabed-working Vehicles, Micro/Mini ROV, Prototype or Development Vehicles and Other Classes), Working Depth, Component, Power, Technology, Application and by Geography
According to Stratistics MRC, the Global Remote Operated Vehicle (ROV) Market is accounted for $1.67 billion in 2024 and is expected to reach $3.58 billion by 2030 growing at a CAGR of 13.5% during the forecast period. An underwater robot without a human operator that is controlled remotely by a human pilot via a surface-based control system is called a Remote Operated Vehicle (ROV). ROVs are outfitted with an array of sensors, cameras, and tools specifically engineered to execute operations in demanding submerged environments. These vehicles are widely used for scientific research, inspections, and repairs in a variety of industries. Moreover, ROVs allow for precise interventions and detailed observations in depths that would otherwise be unfeasible or dangerous for human divers by giving operators real-time video and data feedback.
According to the International Association of Drilling Contractors (IADC), the use of Remote Operated Vehicles (ROVs) has significantly enhanced the efficiency and safety of underwater operations by providing real-time data and enabling remote interventions in challenging environments.
Market Dynamics:
Driver:
Increasing exploration of offshore gas and oil
One major factor propelling the ROV market is the growth of offshore oil and gas exploration. Advanced underwater technology is becoming more and more necessary as energy companies explore deeper and more difficult environments in search of new reserves. By offering real-time inspections, maintaining subsea equipment, and helping to install infrastructure like pipelines and wells, ROVs are essential to these operations. Additionally, the increasing need for dependable and competent ROV systems is highlighted by the trend towards increasingly intricate and distant offshore projects.
Restraint:
Expensive initial outlay
The substantial amount of money needed to buy and implement these cutting-edge systems is one of the main obstacles facing the ROV market. Because of their sophisticated technology, durable build, and specialized equipment, remotely operated vehicles (ROVs), particularly those intended for deep-sea exploration and challenging missions, can be costly. Furthermore, smaller businesses and organizations may find it difficult to invest in ROVs due to the high upfront costs, which would impede the expansion of the market.
Opportunity:
Expansion of the renewable energy industry
ROVs have a lot of opportunities as renewable energy sources like tidal energy projects and offshore wind farms become more prevalent. For the purpose of installing, examining, and maintaining the submarine infrastructure related to these projects, ROVs are essential. Moreover, the need for ROVs to support these activities is predicted to rise as the renewable energy sector grows, offering new opportunities for industry growth.
Threat:
Strong market rivalry
There is fierce rivalry between suppliers and manufacturers in the ROV market. Competition for market share among both new and established businesses frequently results in price wars and lower profit margins. Additionally, this pressure from competitors can affect a company's profitability and financial performance, especially if it can't effectively differentiate its goods or services.
Covid-19 Impact:
Due to supply chain disruptions, production and deployment delays, and lower investments in capital-intensive projects, the COVID-19 pandemic had a major effect on the remote operated vehicle (ROV) market. The limitations imposed by the pandemic and safety concerns also made field operations and maintenance more difficult. Furthermore, the pandemic hastened the adoption of digital solutions and remote technologies in spite of these obstacles, emphasizing the value of remotely operated vehicles (ROVs) for carrying out operations and inspections in dangerous or restricted areas.
The Vehicle Control and Navigation System segment is expected to be the largest during the forecast period
The market for remote-operated vehicles (ROVs) is dominated by the Vehicle Control and Navigation System segment. This dominance is brought about by the vital function these systems perform in guaranteeing the accurate navigation, positioning, and functioning of ROVs in demanding underwater environments. Moreover, high-precision remote guidance and control of ROVs is made possible by the sophisticated sensors, cameras, sonar, and GPS technologies integrated into the vehicle control and navigation systems.
The Aquaculture segment is expected to have the highest CAGR during the forecast period
It is anticipated that in the Remote Operated Vehicle (ROV) market, the aquaculture segment will grow at the highest CAGR. The increasing use of ROVs for fish health management, underwater repairs, net integrity inspection, and monitoring and upkeep of underwater fish farms is what's causing this segment's rapid growth. Furthermore, aquaculture businesses are growing due to the increased demand for seafood worldwide, necessitating the use of cutting-edge instruments to guarantee effective and sustainable farming methods.
Region with largest share:
The market for remotely operated vehicles, or ROVs, is dominated by North America. This dominance is due to the region's substantial investments in marine research, advanced technological infrastructure, and offshore oil and gas exploration. North America's demand for ROVs has been fueled by the existence of significant oil and gas companies and a thriving maritime sector. Moreover, the area also maintains its top spot in the global ROV market owing to its emphasis on technological innovation and rapid uptake of cutting-edge underwater technologies.
Region with highest CAGR:
The remote operated vehicle (ROV) market is anticipated to grow at the highest CAGR in the Asia-Pacific region. Rising investments in marine infrastructure, a growing emphasis on underwater resource management in nations like China, India, and Southeast Asia, and an increase in offshore exploration activities are the main drivers of this growth. Additionally, as a result of the region's developing industrial base, technological developments, and increased focus on environmental monitoring, ROVs are being adopted and deployed more quickly than ever before, establishing Asia-Pacific as a major growth region for the global market.
Key players in the market
Some of the key players in Remote Operated Vehicle (ROV) market include Teledyne Technologies, Dovonex Inc., Fugro Subsea Services Ltd., Innova, Deep Ocean Engineering, Inc., IKM Gruppen AS, Oceaneering International, Inc., Forum Energy Technologies, Planys Technologies, Kraken Robotics, TechnipFMC, Subsea 7, The Whale Inc., DOF Subsea and SeaRobotics Corporation.
Key Developments:
In June 2024, Forum Energy Technologies (FET) has secured a contract from a major North American ocean research facility to supply an electric observation-class remotely operated vehicle (ROV). The Mohican ROV system will be used to document sea floor communities and species of interest at various depths up to a rating of 2,000 m.
In April 2024, TechnipFMC has been awarded a contract, valued at between $500 million and $1 billion, in Guyana’s Stabroek Block by ExxonMobil Guyana Ltd. to supply subsea production systems for the Whiptail project. TechnipFMC will provide project management, engineering and manufacturing to deliver 48 subsea trees and associated tooling, as well as 12 manifolds and associated controls and tie-in equipment.
In March 2024, Teledyne Technologies Incorporated announced that it has entered into an agreement to acquire Valeport Holdings Limited and its affiliates. Valeport, founded in 1969 and headquartered in Totnes, United Kingdom, designs and manufactures underwater sensors for environmental, energy, construction and defense applications. Terms of the transactions were not disclosed.
Classes Covered:
• Pure Observation
• Observation with Payload Option
• Work Class Vehicles
• Seabed-working Vehicles
• Micro/Mini ROV
• Prototype or Development Vehicles
• Other Classes
Working Depths Covered:
• Shallow Water ROVs
• Midwater ROVs
• Deepwater ROVs
Components Covered:
• Camera Systems
• Lighting Systems
• Sensors
• Sonar Systems
• Thrusters
• Other Components
Powers Covered:
• Upto 100 HP
• 100 - 200 HP
• Above 200 HP
Technologies Covered:
• Vehicle Cameras and Lighting System
• Hydraulic Tool Control System
• Vehicle Control and Navigation System
• Tether Management System (TMS)
• Launch and Recovery System (LARS)
• Other Technologies
Applications Covered:
• Aquaculture
• Commercial & Salvage Diving
• Municipal Infrastructure
• Military and Defence
• Oil & Energy
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Remote Operated Vehicle (ROV) Market, By Class
5.1 Introduction
5.2 Pure Observation
5.3 Observation with Payload Option
5.4 Work Class Vehicles
5.5 Seabed-working Vehicles
5.6 Micro/Mini ROV
5.7 Prototype or Development Vehicles
5.8 Other Classes
6 Global Remote Operated Vehicle (ROV) Market, By Working Depth
6.1 Introduction
6.2 Shallow Water ROVs
6.3 Midwater ROVs
6.4 Deepwater ROVs
7 Global Remote Operated Vehicle (ROV) Market, By Component
7.1 Introduction
7.2 Camera Systems
7.3 Lighting Systems
7.4 Sensors
7.5 Sonar Systems
7.6 Thrusters
7.7 Other Components
8 Global Remote Operated Vehicle (ROV) Market, By Power
8.1 Introduction
8.2 Upto 100 HP
8.3 100 - 200 HP
8.4 Above 200 HP
9 Global Remote Operated Vehicle (ROV) Market, By Technology
9.1 Introduction
9.2 Vehicle Cameras and Lighting System
9.3 Hydraulic Tool Control System
9.4 Vehicle Control and Navigation System
9.5 Tether Management System (TMS)
9.6 Launch and Recovery System (LARS)
9.7 Other Technologies
10 Global Remote Operated Vehicle (ROV) Market, By Application
10.1 Introduction
10.2 Aquaculture
10.3 Commercial & Salvage Diving
10.4 Municipal Infrastructure
10.5 Military and Defence
10.6 Oil & Energy
10.7 Other Applications
11 Global Remote Operated Vehicle (ROV) Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Teledyne Technologies
13.2 Dovonex Inc.
13.3 Fugro Subsea Services Ltd.
13.4 Deep Ocean Engineering, Inc.
13.5 IKM Gruppen AS
13.6 Oceaneering International, Inc.
13.7 Forum Energy Technologies
13.8 Planys Technologies
13.9 Kraken Robotics
13.10 TechnipFMC
13.11 Subsea 7
13.12 The Whale Inc.
13.13 DOF Subsea
13.14 SeaRobotics Corporation
List of Tables
1 Global Remote Operated Vehicle (ROV) Market Outlook, By Region (2022-2030) ($MN)
2 Global Remote Operated Vehicle (ROV) Market Outlook, By Class (2022-2030) ($MN)
3 Global Remote Operated Vehicle (ROV) Market Outlook, By Pure Observation (2022-2030) ($MN)
4 Global Remote Operated Vehicle (ROV) Market Outlook, By Observation with Payload Option (2022-2030) ($MN)
5 Global Remote Operated Vehicle (ROV) Market Outlook, By Work Class Vehicles (2022-2030) ($MN)
6 Global Remote Operated Vehicle (ROV) Market Outlook, By Seabed-working Vehicles (2022-2030) ($MN)
7 Global Remote Operated Vehicle (ROV) Market Outlook, By Micro/Mini ROV (2022-2030) ($MN)
8 Global Remote Operated Vehicle (ROV) Market Outlook, By Prototype or Development Vehicles (2022-2030) ($MN)
9 Global Remote Operated Vehicle (ROV) Market Outlook, By Other Classes (2022-2030) ($MN)
10 Global Remote Operated Vehicle (ROV) Market Outlook, By Working Depth (2022-2030) ($MN)
11 Global Remote Operated Vehicle (ROV) Market Outlook, By Shallow Water ROVs (2022-2030) ($MN)
12 Global Remote Operated Vehicle (ROV) Market Outlook, By Midwater ROVs (2022-2030) ($MN)
13 Global Remote Operated Vehicle (ROV) Market Outlook, By Deepwater ROVs (2022-2030) ($MN)
14 Global Remote Operated Vehicle (ROV) Market Outlook, By Component (2022-2030) ($MN)
15 Global Remote Operated Vehicle (ROV) Market Outlook, By Camera Systems (2022-2030) ($MN)
16 Global Remote Operated Vehicle (ROV) Market Outlook, By Lighting Systems (2022-2030) ($MN)
17 Global Remote Operated Vehicle (ROV) Market Outlook, By Sensors (2022-2030) ($MN)
18 Global Remote Operated Vehicle (ROV) Market Outlook, By Sonar Systems (2022-2030) ($MN)
19 Global Remote Operated Vehicle (ROV) Market Outlook, By Thrusters (2022-2030) ($MN)
20 Global Remote Operated Vehicle (ROV) Market Outlook, By Other Components (2022-2030) ($MN)
21 Global Remote Operated Vehicle (ROV) Market Outlook, By Power (2022-2030) ($MN)
22 Global Remote Operated Vehicle (ROV) Market Outlook, By Upto 100 HP (2022-2030) ($MN)
23 Global Remote Operated Vehicle (ROV) Market Outlook, By 100 - 200 HP (2022-2030) ($MN)
24 Global Remote Operated Vehicle (ROV) Market Outlook, By Above 200 HP (2022-2030) ($MN)
25 Global Remote Operated Vehicle (ROV) Market Outlook, By Technology (2022-2030) ($MN)
26 Global Remote Operated Vehicle (ROV) Market Outlook, By Vehicle Cameras and Lighting System (2022-2030) ($MN)
27 Global Remote Operated Vehicle (ROV) Market Outlook, By Hydraulic Tool Control System (2022-2030) ($MN)
28 Global Remote Operated Vehicle (ROV) Market Outlook, By Vehicle Control and Navigation System (2022-2030) ($MN)
29 Global Remote Operated Vehicle (ROV) Market Outlook, By Tether Management System (TMS) (2022-2030) ($MN)
30 Global Remote Operated Vehicle (ROV) Market Outlook, By Launch and Recovery System (LARS) (2022-2030) ($MN)
31 Global Remote Operated Vehicle (ROV) Market Outlook, By Other Technologies (2022-2030) ($MN)
32 Global Remote Operated Vehicle (ROV) Market Outlook, By Application (2022-2030) ($MN)
33 Global Remote Operated Vehicle (ROV) Market Outlook, By Aquaculture (2022-2030) ($MN)
34 Global Remote Operated Vehicle (ROV) Market Outlook, By Commercial & Salvage Diving (2022-2030) ($MN)
35 Global Remote Operated Vehicle (ROV) Market Outlook, By Municipal Infrastructure (2022-2030) ($MN)
36 Global Remote Operated Vehicle (ROV) Market Outlook, By Military and Defence (2022-2030) ($MN)
37 Global Remote Operated Vehicle (ROV) Market Outlook, By Oil & Energy (2022-2030) ($MN)
38 Global Remote Operated Vehicle (ROV) Market Outlook, By Other Applications (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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