Offshore Remotely Operated Vehicle (ROV) market is projected to grow at a CAGR of 9.3% by 2034: Visiongain

Visiongain has published a new report entitled Offshore Remotely Operated Vehicle (ROV) Market Report 2024-2034: Forecasts by (Type/Class, Work-class, Observation-class, Intervention-class), by Industry (Oil and Gas, Offshore Wind, Defence, Research and Surveying, Others), by Application (Construction Support, Drilling Support, Inspection, Repair, and Maintenance (IRM), Others), by Depth (Less than 5,000 Feet, 5,000-10,000 Feet, Above 10,000 Feet), by Payload (Less than 200 kg, 201-300 kg, Above 300 kg), by Weight (OCROV (up to 91 kg), MSROV (91 kg to 907 kg), WCROV (Above 907 kg)), by Function (Intervention, Crawler, Pipelay, Trenching, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The global offshore remotely operated vehicle (ROV) market was valued at US$1,835.9 million in 2023 and is projected to grow at a CAGR of 9.3% during the forecast period 2024-2034.

Development of Offshore Renewable Energy Projects

The development of offshore renewable energy projects, particularly offshore wind farms, is driving demand for ROVs for installation, maintenance, and monitoring activities. Offshore wind turbines are typically located in remote and challenging marine environments, making traditional inspection and maintenance methods difficult and costly. ROVs equipped with specialized tools and sensors enable operators to perform underwater inspections, cable laying, foundation installation, and turbine maintenance tasks efficiently and safely, contributing to the growth of the offshore renewable energy sector.

Focus on Cost Reduction and Operational Efficiency

In an increasingly competitive offshore market, cost reduction and operational efficiency are paramount for oil and gas operators, offshore wind developers, and other stakeholders. ROVs offer a cost-effective solution for conducting subsea inspections, maintenance, and intervention tasks compared to traditional methods involving divers or manned submersibles. By deploying ROVs, operators can minimize downtime, reduce the need for vessel support, and optimize asset management, leading to significant cost savings over the lifecycle of offshore projects.

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How has COVID-19 had a significant negative impact on the Offshore Remotely Operated Vehicle (ROV) Market?

The COVID-19 pandemic has had a significant impact on the offshore remotely operated vehicle (ROV) market, introducing challenges and disruptions across the industry. The initial phases of the pandemic saw a slowdown in offshore activities, as lockdowns, travel restrictions, and health concerns led to project delays and cancellations. Many offshore operations were temporarily halted, affecting the demand for ROVs in exploration, maintenance, and inspection tasks.

The offshore industry's supply chain experienced disruptions due to factory closures, logistics issues, and workforce constraints, impacting the production and delivery of ROV systems and components. These challenges contributed to delays in project timelines and increased operational costs for companies involved in offshore activities.

Additionally, the economic uncertainties caused by the pandemic led to budget constraints for many companies in the offshore sector. Capital expenditure was re-evaluated, and some projects were deferred or scaled back to conserve financial resources. This had a direct impact on the procurement of new ROV systems and related services.

How will this Report Benefit you?

Visiongain’s 421-page report provides 142 tables and 179 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global offshore remotely operated vehicle (ROV) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Offshore Remotely Operated Vehicle (ROV). Get financial analysis of the overall market and different segments including type/class, industry, application, depth, payload, weight, and function and capture higher market share. We believe that there are strong opportunities in this fast-growing offshore remotely operated vehicle (ROV) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Increasing Offshore Oil and Gas Exploration Activities in the American, Asia-Pacific, and Middle-East and African Regions

The market for offshore remotely operated vehicles (ROVs) is significantly influenced by the escalating offshore oil and gas exploration activities, particularly in the American, Asia-Pacific, and Middle-East and African regions. This surge in exploration is attributed to the continuous quest for untapped hydrocarbon reserves and the growing global energy demand. The Oil 2023 medium-term market report by the International Energy Agency (IEA) underscores the relevance of these exploration activities in shaping the future of the oil market.

Expansion of Underwater Exploration and Research Activities

The expansion of underwater exploration and research activities, including marine scientific research, oceanography, marine archaeology, and environmental monitoring, is driving demand for ROVs with specialized capabilities and sensors. ROVs enable researchers and scientists to explore and study deep-sea ecosystems, underwater geology, marine biodiversity, and archaeological sites with high precision and resolution. As the importance of understanding and protecting the marine environment grows, the demand for ROVs for scientific and research purposes is expected to increase.

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Where are the Market Opportunities?

Safety and Risk Mitigation Opportunities for the ROV Vehicle

The increasing focus on safety and risk mitigation within offshore operations presents a significant opportunity for the Remotely Operated Vehicle (ROV) market. As industries, particularly oil and gas, prioritize worker safety and seek to minimize operational risks, the ROV emerges as a valuable tool. ROVs can navigate hazardous subsea environments, conduct inspections, and execute tasks, reducing the need for human divers in perilous conditions. This not only enhances operational safety but also provides a cost-effective solution for companies aiming to maintain rigorous safety standards.

Rising Investments in Remotely Operated Vehicles

The surge in investments dedicated to Remotely Operated Vehicles (ROVs) offers a promising opportunity for market growth. As industries recognize the operational efficiencies and diverse applications of ROVs, there is a notable increase in funding for the development of advanced technologies and systems. These investments contribute to the evolution of ROVs, fostering innovations in navigation, data collection, and intervention capabilities. Market players can capitalize on this trend by aligning their strategies with the evolving technological landscape and catering to the specific needs of different industries.

Competitive Landscape
The major players operating in the offshore remotely operated vehicle (ROV) market are Blue Robotics, Deep Trekker Inc., DeepOcean Group, DOF Group ASA, Forum Energy Technologies, Inc. (FET), Fugro N.V., Helix Energy Solutions, Oceaneering International, Inc., Outland Technologies Inc., Saab AB, Subsea 7 S.A., TechnipFMC plc, VideoRay LLC. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

  • 11 Dec 2023, The U.S. Navy has awarded Saab a contract to provide the Kuwait Naval Force with a Double Eagle Semi-Autonomous Remotely Operated Vehicle (SAROV). Mine countermeasure (MCM) missions are supported by the Double Eagle series of underwater vehicles, a safe and operationally proven ROV system utilised by navies worldwide.
  • 23 Aug 2023, Operating a workclass ROV from Scotland, offshore expert Subsea 7 completed work 9,400 km off the coast of Brazil. The project's performance has demonstrated that Subsea 7's technology and skills can carry out critical inspection, repair, and maintenance (IRM) activities accurately, safely, and remotely with the potential to boost operating flexibility.

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