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Remotely operated vehicles (ROV) Market 2019 Global Analysis, Industry Size, Share Leaders, Current Status by Major Key vendors - DeepOcean Group Inc. (the Netherlands), DOF ASA (Norway), Fugro (the Netherlands), Helix ESG (USA) by 2023
Remotely operated vehicles (ROVs) are connected to the operator via a series of cables inside that is equipped to receive the transmit command and control signals that can help operators with remote navigation. Hence, these vehicles can explore unknown lands. Market Research Future (MRFR) has published a research report about the global remotely operated vehicle (ROV) market that foresees leap for this market at 10.51% CAGR during the forecast period between 2018 and 2023. By value, the market can be worth the USD 3,127.7 mn by the end of the forecast period.
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The most crucial factor that accelerates the global remotely operated vehicle (ROV) market growth is the requirement for navigation in various sectors. Oil & gas industry needs such vehicles for underground navigations to find oil. Defense sectors need such vehicles for underwater navigation. Other factors boosting the market growth include surging defense expenditure and growing investments by governments. However, high prices of ROVs and lack of skilled professionals to operate these vehicles can slow down the market growth.
Key Players
Major players in the global remotely operated vehicle (ROV) market include Oceaneering International Inc. (USA), Saab AB (Sweden), Sapura Energy Berhad (Malaysia), Subsea 7 (UK), TechnipFMC PLC (UK), and Teledyne Technologies Incorporation (USA).
Market Segmentation
The global remotely operated vehicle (ROV) market segmentation covers industry, system component, and vehicle type. MRFR is exploring the features of these segments to understand market trends.
As per the industry-based segmentation, this market covers military & defense segment, scientific research segment, oil & gas segment, and others. The military & defense segment can be sub-segmented into ballast tank inspections, explosive ordnance disposal (EOD), hull inspections, and search & rescue operations. The oil & gas segment has been sub-segmented into inspection, repair, & maintenance (IRM), construction support, drilling support, and others.
In the context of a system component, the market has been segmented into camera & lighting systems, electronics & control systems, frame & propulsion, and others.
By vehicle type, the market is being segmented into observation vehicle, work class vehicle, and towed & bottom-crawling vehicle. The work class vehicle segment has been sub-segmented into light work class vehicle, medium work class vehicle, and heavy work class vehicle.
Regional Segmentation
The regional segmentation of the global remotely operated vehicle (ROV) market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA).
North America is the topmost regional market due to technological advancement, the presence of key market players in the USA, and a strong automotive industry. By 2023, the North American market can be worth USD 898.5 mn. It holds 30.82% of the global market share. After USA, Canada is the most important country-specific market in this region.
Latin America is a significant but smaller market as it is not as technologically advanced as North America is. The major country-specific markets in this region are Mexico and Brazil. Other countries of Latin America also form a sizable market.
Europe is another major regional market due to the presence of key market players and technological advancement that is second only to North America. Countries like Germany have a strong automotive industry. Other country-specific markets in Europe are Norway and the UK. Other countries of Europe also form a sizable part of the market.
During the forecast period, the Asia Pacific region can emerge as the fastest growing regional market due to the growing automotive sector, rising disposable income, growing economies like China & India, and demand for luxury cars. Australia and Indonesia are two other important country-specific markets in this region. Remaining countries of Asia Pacific region also contributes a lot to market growth.
MEA region is the smallest regional market due to limited availability of technology and lower income of people in most countries of this region, especially in Africa. The most lucrative markets are Saudi Arabia, UAE, and Israel. The remaining countries of the MEA also contribute small but significant revenue to the market.
Latest Industry News
Brooks DeBartolo HS robotics team is set to unveil its new underwater remotely operated vehicle at Marine Advanced Technology Education (MATE). 4 JUNE 2019
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