Home > Automotive > Mobility > Commercial Vehicles > Remote Operated Vehicle Market

Remote Operated Vehicle Market Size

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

Download Free Sample

Remote Operated Vehicle Market Size

Remote Operated Vehicle (ROV) Market size was valued at USD 1.3 billion in 2022 and is estimated to register a CAGR of 11.5% by 2032due to the increasing investments in Remotely Operated Vehicles (ROVs). Higher investments fuel research and development, leading to technological advancements in ROV capabilities. For instance, in April 2023, ROVOP, a provider of Remotely Operated Vehicle (ROV) solutions, secured a senior secured credit facility worth USD 25 million from Cordiant Capital (Cordiant), a specialized global manager focusing on infrastructure and real assets.

To get key market trends

Download Free Sample

Growth in the offshore oil & gas industry is a key factor driving the industry. As offshore exploration and drilling activities expand, ROVs are becoming essential for underwater operations at various depths. They provide crucial support by inspecting subsea equipment, assisting in drilling processes, and conducting maintenance tasks. With the global demand for energy driving offshore ventures into deeper waters, the reliance on ROVs continues to rise, making them indispensable tools for the industry's success and safety.

Remote Operated Vehicle Market Report Attributes
Report Attribute	Details
Base Year:	2022
Remote Operated Vehicle Market Size in 2022:	USD 1.3 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	11.5%
2032 Value Projection:	USD 3.8 Billion
Historical Data for:	2018 to 2022
No. of Pages:	200
Tables, Charts & Figures:	237
Segments covered:	Class, Application
Growth Drivers:	Rising investments in remotely operated vehicles Substantial growth in the offshore oil & gas industry Increasing deepwater exploration and production activities Emphasis on marine scientific research
Pitfalls & Challenges:	High initial costs Technological complexity in operating ROVs

Learn more about the key segments shaping this market

Download Free Sample

The high initial costs associated with Remotely Operated Vehicles (ROVs) pose a significant challenge to industry development. The substantial investment required for purchasing and deploying ROV systems can deter smaller businesses & organizations from adopting this technology. Procuring advanced ROV equipment, along with necessary training and maintenance, can strain financial resources. Consequently, companies may opt for alternative solutions or delay ROV adoption, hindering the widespread integration of these valuable underwater exploration tools.

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.