Market Size of Europe ROV Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe ROV Market Analysis
Europe's ROV market is expected to register a CAGR of 5% during the forecast period of 2022-2027. The COVID-19 outbreak in Q1 of 2020 led to a decline in demand from end-user applications and further delayed financial investment decisions and capital expenditure. Factors such as rising oil and gas production activities, a growing offshore wind power industry, and increasing oil and gas decommissioning activities are expected to drive Europe's ROV market during the forecast period. However, a shift toward renewable energy sources, along with the high volatility of crude oil prices, is expected to hinder the market growth.
- The oil and gas sector is expected to hold the largest share in the Europe ROV market, owing to the demand for ROV systems across all phases of the offshore oil and gas life cycle.
- The installed offshore wind capacity in the European Union was 14.6 GW in 2021 and is set to increase by at least 25 times by 2030, which is expected to open up new avenues for the Europe ROV market during the forecast period.
- Norway is expected to witness significant growth, with the majority of the demand coming from offshore oil and gas discoveries and offshore wind energy installations.
