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Remotely Operated Vehicle (ROV) Market Analysis – 2018-2027
Remotely operated vehicles (ROV) are devices which are connected through a cable and can be remotely operated underwater for various applications in industries such as oil and gas, military & defense, and scientific research. The remotely operated vehicle market held a significant market value of about 2,099 million in the year 2018. The market is further anticipated to grow at a CAGR of around 10.62% over the forecast period, i.e., 2020-2027. This can be primarily attributed to the growing expenses on oil and gas exploration as well as the increasing naval operations, across the globe. This underwater vehicle is mainly used to collect various forms of data and for communication or information transfer and is similar to a robotic device fitted with different sampling tools, sensors, and cables.
The market is segmented by category, by end user industry, by system component, by propulsion system, by application and by region. On the basis of category, the market is segmented into observation vehicle, light work class vehicle, medium work class vehicle, heavy work class vehicle and towel & bowel crawling vehicle. The segment for observation vehicle is anticipated to witness the highest growth over the forecast period on account of rising underwater observation operations performed by the naval forces and oil and gas enterprises for better surveillance, security, and inspection purposes.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The remotely operated vehicle market in North America is projected to reach a value of USD 2,344.14 million by the end of 2027. This can be attributed to the increase in investments in the naval sector by the government entities in order to maintain the safety and security across the waters. The market in Europe is predicted to hold the second largest share in the market on account of rising technological advancements in the region.
Some of the key industry leaders in the global remotely operated vehicle (ROV) market are Oceaneering International, Inc., Fugro, Saab AB, TechnipFMC plc, SUBSEA 7, Teledyne Technologies Incorporated, DOF ASA, Total Marine Technology and Helix Energy.