Market Size of GCC ROV Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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GCC ROV Market Analysis
The ROV market in GCC is expected to register a CAGR of more than 4.6% during the forecast period of 2022-2027. The COVID-19 outbreak in Q1 of 2020 had led to a decline in demand from end-user applications (includes oil and gas, defense, etc.) and further delayed financial investment decisions and capital expenditure. Rising offshore oil and gas discoveries, and increasing oil and gas decommissioning activities are expected to drive the ROV market in GCC during the forecast period. However, the declining number of offshore rigs and offshore oil and gas activities in GCC countries are restraining the market growth during the forecast period.
- The inspection, repair, and maintenance activity is expected to witness significant growth during the forecast period, owing to the increasing number aging infrastructure in the region.
- The rising deepwater and ultra-deepwater discoveries are expected to create huge opportunities for the ROV deployment in GCC countries soon.
- Saudi Arabia is expected to dominate the ROV market in GCC region during the forecast period, owing to the increasing number of oilfield services in the offshore sector.
