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Remote Operated Vehicle Market Trends

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

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Remote Operated Vehicle Market Trends

Collaborative efforts in supplying ROVs to bolster ocean research are driving the industry progression. Partnerships, such as those between research institutions and technology providers, facilitate the development of specialized ROV systems tailored for scientific exploration. For instance, in July 2023, Forum Energy Technologies (FET) received a contract from the Memorial University of Newfoundland to provide an electric observation Remotely Operated Vehicle (ROV) for the Fisheries and Marine Institute. The ROV, designed for ocean research, is capable of carrying a payload skid for navigation, sensors, and equipment while also having the capability for manipulation along with intervention tasks.

Surging deepwater exploration and production activities are a major factor propelling the Remote Operated Vehicle (ROV) market. As offshore industries increasingly venture into deeper waters to extract valuable resources, the demand for ROVs rises significantly. These versatile machines play a pivotal role in underwater operations, assisting in exploration, drilling, and maintenance tasks at considerable depths. Their ability to navigate challenging deep-sea environments positions ROVs as indispensable 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.