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Remote Operated Vehicle Market Size

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

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.

 

Remote Operated Vehicle (ROV) Market

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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.

 

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.

Remote Operated Vehicle Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 237
  • Countries covered: 21
  • Pages: 200
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