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Remote Operated Vehicle Market Analysis

Report ID: GMI7380
Published Date: Nov 2023
Report Format: PDF

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Remote Operated Vehicle Market Analysis

: Remote Operated Vehicle Market Size, By Class, 2021-2032, (USD Billion)

Based on class, the market is divided into work class ROV, light work class ROV, observation class ROV, and micro/mini ROV. In 2022, the observation class ROV held the highest market share in 2022. The launch of advanced products aimed at enhancing ROV capabilities is driving the observation class ROV segment evolution. Innovative offerings, such as improved power supply systems and smart management features, significantly boost the performance of observation class vehicles. For instance, in March 2023, SeaView Systems unveiled its newest products designed to enhance ROV capabilities. The SVS-709 SubSea VPSU and SVS-708 SuperSea Power Supply introduce intelligent power management features, extending available and umbilical power transmission capabilities for Blue Robotics BlueROV2, observation class vehicles & various others.

Remote Operated Vehicle Market Share, By Application, 2022

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Based on application, the remote operated vehicle (ROV) market is categorized into aquaculture, commercial & salvage diving, municipal infrastructure, military, oil & energy, and others. In 2022, the oil and energy held a industry share of over 42% in 2022. The growing need for underwater inspection solutions is driving the oil & energy sector's adoption of Remote Operated Vehicles (ROVs). These ROVs are essential for inspecting subsea infrastructure, pipelines, and equipment in the oil & energy industry. With increasing offshore operations and a focus on safety & maintenance, the demand for ROVs equipped with advanced sensors and cameras is rising. ROVs enable efficient and precise inspections underwater, ensuring the integrity of assets and propelling their use in oil & energy applications.

North America Remote Operated Vehicle Market Size, 2021-2032 ( USD Million)

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North America led the remote operated vehicle market with a major share of over 35% in 2022. Military and defense applications significantly contribute to the North America industry gains. Defense agencies deploy ROVs for vital underwater surveillance, mine countermeasures, and security-related operations, ensuring maritime safety & national security. The region’s focus on bolstering defense capabilities and maritime border security drives continuous demand for advanced ROV systems. These high-tech underwater tools play a crucial role in safeguarding naval assets and supporting defense initiatives.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Global market for remote operated vehicle was valued at USD 1.3 billion in 2022 and is estimated to register a CAGR of 11.5% between 2023 and 2032, backed by the investments in R&D, leading to technological advancements in ROV capabilities.

In 2022, the oil and energy held a market share of over 42% in 2022 and will continue fuel demand owing to the growing need for underwater inspection solutions.

North America led the market with a major share of over 35% in 2022 and will record strong CAGR through 2032, backed by the increasing deployment in the booming military and defense applications.

Deep Ocean Group, DOF Subsea, DOVONEX Inc., Forum Energy Technologies, Fugro, Kongsberg Maritime, Oceaneering International, ROVOP, Saab Seaeye, Seatronics, SMD, Subsea 7, and TechnipFMC.