Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR)’s study prognosticates that the global remotely operated vehicle (ROV) market is set to scale valuation of USD 3,127.7 Mn by the end of 2023. The report also indicates that the market is anticipated to strike a CAGR of 10.51% during the forecast period 2018 to 2023. The market is at a nascent stage and is projected to gain quick mileage over the next couple of years. The growing demand for the exploration of underwater and outer space is likely to motivate the growth pattern of the market in the foreseeable future.
The towering energy consumption has paved the way for the adoption of remotely operated vehicles in the oil & gas sector. Also, military & defense sector has been prognosticated to escalate investments in the purchase of ROVs for strengthening their surveillance, intelligence, and reconnaissance. Thus, the accelerating economic activities in the end-user verticals is forecasted to boost the growth trajectory of the remotely operated vehicle (ROV) market over the assessment period.
The naval sector is anticipated to play a crucial role in supporting the expansion of the market in the years to come. It is projected to account for a major proportion of the demand for ROVs to monitor and patrol. Furthermore, the growing need for studying the environmental changes is also prognosticated to support the growth of the remotely operated vehicle (ROV) market in the forthcoming years. On the flip side, the high cost associated with the technology is forecasted to check the expansion of the market.
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Market Segmentation:
This MRFR report covers a segmental assessment of the global remotely operated vehicle (ROV) market based on industry, system component, and vehicle type. By industry, the market has been segmented into oil & gas application, military & defense, scientific research, and others. The oil & gas segment has been further sub-segmented into repair, construction support, drilling support, inspection, maintenance, and others. The military & defense segment has been sub-segmented into explosive ordnance disposal, hull inspections, ballast tank inspections, and search & rescue operations. The oil & gas segment is expected to hold the maximum share of the remotely operated vehicle (ROV) market. It has been estimated to scale valuation of USD 1,477.3 by the end of 2023. Also, the military & defense segment is poised to expand significantly through the assessment period at a relatively higher CAGR of 11.57%.
The remotely operated vehicle (ROV) market, by system component, has been segmented into electronics & control systems, frame & propulsion, camera & lighting systems, and others. Among these, the electronics & control systems segment has been forecasted to strike a CAGR of 11.02% across the review period.
Based on vehicle type, the Remotely Operated Vehicle Market has been 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, medium work-class, and heavy work-class. The observation vehicle segment has been prognosticated to touch USD 1,415.6 mark by the close of 2023.
Asia Pacific Expected to Take Over the Market Growth in the Upcoming Years
The geographical analysis of the global remotely operated vehicle (ROV) market encompasses North America, Europe, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA). North America accounts for around 30.82% market share at present and is anticipated to retain its prominence over the assessment period. It has been projected to reach a valuation of USD 898.5 Mn by the end of 2023. The technological brilliance observed in the region is presumed to boost the growth pattern of the market.
Asia Pacific is forecasted to thrive at a comparatively higher CAGR of 12.81% across the review period. The report indicates that the Asia Pacific market is set to overtake the market in North America in terms of market size towards the end of 2023.
Key Players:
The noted players operating in the global remotely operated vehicle (ROV) market are Saab AB (Sweden), DeepOcean Group, Inc. (the Netherlands), Fugro (the Netherlands), TechnipFMC PLC (the U.K.), Teledyne Technologies Incorporation (the U.S.), Subsea 7 (the U.K.), Oceaneering International Inc. (the U.S.), Sapura Energy Berhad (Malaysia), DOF ASA (Norway), and Helix ESG (the U.S.).
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Latest Industry News:
- A startup pioneering in underwater robotic inspection solutions, Planys Technologies, has announced the launch of its latest remotely operated vehicle (ROV) Mikros. The ROV is designed for offering superior underwater inspection solutions.
- The U.S. Department of State has announced the approval for the sale of MQ-9B SkyGuardian Remotely Piloted Aircraft to Belgium at USD 600 Mn.
- L3 Technologies, which deals in advanced defense technologies, has completed the demonstration of Autonomous Surface Vessel (ASV) operating, deploying, and recovering a Remotely Operated Vehicle (ROV).
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