Remote Operated Vehicle [ROV] Market - Offshore Applications Create Stable Revenue Streams for Market Stakeholders

According to the report, the global remote operated vehicle (ROV) market is projected to surpass US$ 1.22 Bn by 2031, expanding at a CAGR of 3.11% during the forecast period. Remote operated vehicles (ROVs) are tethered or un-tethered underwater vehicles used for ocean exploration and marine construction. These vehicles can be self-propelled or propelled by ship for remote viewing of the subsea environment, construction, and performing repair and construction activities of pipes, ship hulls, and others. They can also be used for seabed mining or cable trenching activities.

The increase in industrialization has been witnessed across the globe. Multiple government activities and policies to boost the number of industries have fueled this industrialization. Technological advancements have boosted production capacities. This rise in industrial production has increased the demand for minerals and petroleum products. Offshore extraction is rising to cater to this increase in demand for minerals and oil & gas, as land resources are limited. The consistent rise in marine activities such as oil & gas production, mineral mining, cable trenching, and marine life exploration is driving the global remote operated vehicle (ROV) market.

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The outbreak of COVID-19 pandemic led to the shutdown of several companies, which negatively impacted manufacturing activities across the globe. Furthermore, lockdowns imposed by multiple government agencies to curb the spread of pandemic disrupted the supply chains, which, in turn, reduced the demand and production of ROVs. The shortage of electronic chips has further hampered the production of ROVs, thus restraining the global remote operated vehicle (ROV) market.

Expansion of Remote Operated Vehicle (ROV) Market

Remote operated vehicles were used by government agencies in the early years when this technology was introduced, which was subsequently adopted by oil and mining companies. Since then, ROVs are have penetrated in various end-use industries, as new ROV models are being introduced. Sophisticated underwater ROVs are being designed to be used by oceanographic scientists, archaeologists, militaries, commercial divers, photographers, and undersea explorers. For hobbyists, an array of underwater drones such as The Biki, Gladius Underwater Drone, Robosea Biki, Fathom ONE, and iBubble are available for fun and fishing. These underwater drones are also being employed for weather monitoring, as they can provide data to meteorologists and researchers in a timely way, which dramatically improves the accuracy of forecasting and benefits the first responders. This rise in number of potential end-use applications is boosting the global remote operated vehicle (ROV) market.

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The subsea technology companies are employing latest developments in digital sensor technology to upgrade their product portfolio of sensors and instrumentation. For instance, in September 2020, Valeport Ltd. launched its new series of sensors miniIPS2 and uvSVX, which are lightweight and capable of working accurately at any depth. This reduction in size and weight of the electronic components made possible by technological advancements has led to the development of small-sized, portable ROVs that can be utilized in multiple end-use applications. Thus, on-going developments in underwater sensors and instrumentation are anticipated to propel the global remote operate vehicle (ROV) market over forecast period.

Segmentation of Remote Operated Vehicle (ROV) Market

Based on technology, the vehicle control and navigation system segment held a major share of the remote operated vehicle (ROV) market in 2020. The vehicle control and navigation system includes numerous electronic components such as radar, sonar, and positioning sensors, which are used for tracking, communication, navigating, and positioning of ROVs. These components are critical for operation of any ROV. Hence, the vehicle control and navigation system segment held a major share of the global remote operated vehicle (ROV) market.

Regional Analysis of Remote Operated Vehicle (ROV) Market

In terms of region, the global remote operated vehicle (ROV) market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Middle East & Africa dominated the global remote operated vehicle (ROV) market in 2020. Strong presence of the oil & gas industry in countries of Middle East & Africa, such as Saudi Arabia, Iran, Nigeria, Algeria, and Egypt, makes it leading oil & gas producing region. This fuels the demand for ROVs for pipeline inspection, drilling, repair, and many other such activities, thus making Middle East & Africa a major contributing region of the global remote operated vehicle (ROV) market.

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Remote Operated Vehicle (ROV) Market Players

Prominent players operating in the global remote operated vehicle (ROV) market include ECA GROUP, Fugro subsea Services Ltd., Innova, IKM Gruppen AS, Kongsberg Maritime, Oceaneering International Inc., Planys Technologies, ROVCO, Saab Seaeye Ltd, Sea Robotics, Subsea 7, Teledyne Technologies International Corp., The Whale Inc., and Total Marine Technology.

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