ROV Market is Forecasted to Reach US$ 3.2 billion in 2030, Says Stratview Research

The global ROV market is projected to witness a growth rate of 4.3% annually from 2024 to 2030, with an anticipated size of US$ 3.2 billion by 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global ROV market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2030: US$ 3.2 billion
Growth (CAGR): 4.3% during 2024-2030
Forecast Period: 2024-2030
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the ROV Market:

The global ROV market is segmented based on class type, depth type, application type, and region.

Based on class type - The ROV market is segmented into work class and observation class.
Work-class ROV is expected to remain dominant between both classes during the forecast period. Work-class ROVs are dominant in the market owing to their heavy-duty operation capabilities in harsh underwater operations making them indispensable for demanding subsea applications. They have higher load capacities (compared to observation class) and offer inspection, maintenance, repair, and construction services in various underwater environments, from shallow waters to deep-sea operations.

Based on depth type - The ROV market is segmented into less than 1,000m, 1,000 - 4,000m, and more than 4,000m.
Less than 1,000m is expected to remain the dominant depth type in the market during the forecast period. Key offshore activities, such as oil & gas drill support, underwater construction, and subsea infrastructure maintenance, take place in shallower depth. Cost-effectiveness, safety considerations, and compatibility with existing infrastructure are other factors driving the demand for ROV services for less than 1,000m depth.

Based on application type - The ROV market is segmented into vessel-based and drill support.
Vessel-based ROV is expected to remain the dominant and faster growing in the market during the forecast period. Offshore wind energy is the dominant and fastest-growing application in vessel-based ROV services, owing to increasing offshore wind energy installations and rising investment in offshore wind energy projects. Drill support is likely to hold a smaller share of the market during the forecast period.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/3760/rov-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is expected to remain dominant among regions, whereas Asia-Pacific is likely to experience the fastest growth during the forecast period for ROV services. This growth outlook is majorly attributed to the following-

• Key factors driving the ROV in North America are a large number of offshore rig counts, advancements in ROV technology, expansion in offshore energy development, and increasing research & development activities.
• Growing offshore exploration & production in China, Japan, Australia, Taiwan, and India; renewable energy expansion, infrastructure development, and technological advancements are key factors for the fastest growth of the Asia-Pacific region.

ROV Market Drivers:

Some of the key drivers listed in the report are given below.
• Increasing offshore wind energy installations.
• Rising offshore energy projects.
• Increasing worldwide offshore rig counts.
• Growing offshore exploration & production.
• Technological expansion.

Top Companies in the ROV Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• C-Innovation
• DOF Subsea
• Fugro
• Helix Energy Solutions Group
• Oceaneering International.
• Subsea 7

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the ROV Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Offshore ROV Market: https://www.stratviewresearch.com/1277/Offshore-ROV-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

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This release was published on openPR.