North America ROV Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The market is segmented by Type (Work Class ROV, Observatory Class ROV) Application (Oil and Gas, Defense, Other Applications) Activity (Survey, Inspection, Repair, and Maintenance, Burial and Trenching, Other Activities) and Geography (United States, Canada, Rest of North America)

North America ROV Industry Overview

North America ROV Market -  Market Summary
Study Period: 2019 - 2028
CAGR: > 6 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

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North America ROV Market Analysis

The North America ROV market is expected to register a CAGR of more than 6% during the forecast period (2022 – 2027). The COVID-19 outbreak led to a decline in offshore wind energy installation, and the discovery of new oil and gas fields, mainly due to the induced lockdown across the region. Factors such as increasing offshore oil and gas discoveries and rising oil, upcoming offshore wind energy projects and gas decommissioning activities are expected to drive the North American ROV market during the forecast period. However, the declining number of offshore rigs and offshore oil and gas activities are restraining the market.

  • Oil and gas application is expected to dominate the market due to the rising offshore oil and gas production and increasing oil and gas decommissioning activities across the region.
  • Technological advancements in the ROV market are expected to create huge opportunities for North American ROV deployment over the forecast period.
  • The United States is expected to dominate the market, with most of the demand coming from the oil and gas industry, offshore wind energy, etc.

North America ROV Industry Segments

The North America ROV Market includes:

Type
Work Class ROV
Observatory Class ROV
Application
Oil and Gas
Defense
Other Applications
Activity
Survey
Inspection, Repair, and Maintenance
Burial and Trenching
Other Activities
Geography
United States
Canada
Rest of North America

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North America ROV Market Trends

This section covers the major market trends shaping the North America ROV Market according to our research experts:

Oil & Gas Application to Dominate the Market

  • Exploring, drilling, and developing these oil and gas fields from underwater locations is crucial to meet the ever-growing demand for these resources. Remotely Operated Vehicles (ROVs) are helpful in the oil and gas industry. They are robotic machines that can travel underwater to help with various subsea exploration and development activities.
  • ROVs have become almost indispensable in the oil and gas industry. With a rise in the installation of underwater infrastructure for oil and gas field development, ROVs have become integral to operations.
  • North America's oil production grew from 14,345 thousandbarrels per day in 2011 to 23,942 thousand barrels per day in 2021. The increasing oil production is expected to drive the North America ROV market during the forecast period.
  • Further, with the increasing production of hydrocarbons delivered through subsea wells, the demand for introducing new technologies that can ensure the safe development and intervention of these wells, located under thousands of meters of water, is increasing. In addition, rising deepwater offshore development activities and improved viability of offshore oil and gas projects in countries such as the United States are expected to increase the number of subsea wells in the coming years. This increase may drive the demand for North America ROV systems in the oil and gas application during the forecast period.
  • The ROV market is also likely to grow because of offshore decommissioning activities worldwide. After 1947, only in the Gulf of Mexico (GOM), over 4,750 structures were removed from the federal waters. Additionally, there were around 2,189 existing platforms in the GOM’s OCS region, of which approximately 30% of platforms were non-producing or otherwise considered ‘idle-iron’ and had to be decommissioned.
  • In March 2021, Oceaneering International, Inc. announces that Subsea Robotics (SSR) and Offshore Projects Group (OPG) awarded an integrated rig services contract for covering the Khaleesi/Mormont and Samurai fields in the United States Gulf of Mexico. The scope of work includes providing remotely operated vehicles (ROVs) with collocated ROV tooling and technicians, remote positioning and metrology survey resources, installation and workover control system (IWOCS) equipment, and technicians.
  • The Canadian offshore oil and gas sector is relatively younger when compared to the United States and Mexican counterparts. Due to this, demand for ROVs is expected to be low in the Canadian offshore oil and gas sector. However, as most of Canada’s offshore reserves are situated in higher latitudes, these places are prone to ice cover and floating ice blocks and sheets, which makes diving a dangerous job. 
  • Therefore, based on the factors mentioned above, the oil and gas application segment is expected to dominate the North America ROV market during the forecast period.
North America ROV Market - Oil Production

The United States to Dominate the Market

  • The United States has invested heavily in expanding its oil and gas production capacity, and the Gulf of Mexico has become a global hotspot for ROV demand. As of 2021, the Gulf of Mexico region is responsible for 97% and 15% of the United States' offshore and total hydrocarbon production, respectively. The region has one of the highest global densities of offshore rig deployment and consists of other oil and gas infrastructures such as production and drilling platforms, marine vessels and pipeline networks.​
  • ROVs are incredibly complex and serve a wide variety of sectors such as search and rescue, military, aquaculture, recreation, discovery, oil, and gas industry, offshore energy, submerged infrastructure, shipping, and more. Some of the major factors driving the market studied include rising offshore oil and gas production activities, growing offshore wind power industry, and increasing offshore oil and gas decommissioning activities.
  • As ROV technology has become increasingly affordable oil and gas producers in the United States have been inclined toward investing in ROV services for obtaining data and carrying out routine maintenance work on subsea assets and surfaces. Despite the higher upfront cost when compared to diving crews, ROVs  need lesser amount of time to complete the same amount of work, which reduces overall project OPEX.​
  • Due to this, multiple contracts are routinely dealt out by major oil and gas companies for ROV services in the Gulf of Mexico. In January 2021, Oceaneering announced that its subsea segment had won multiple contracts totalling USD 225 million. The contracts were issued by iinternational oil and gas operators and marine construction companies, and the contracted  services include remotely operated vehicle (ROV) services delivered from floating drilling rigs and multi-service, subsea intervention, and construction vessels, ROV tooling, survey, positioning, and autonomous underwater vehicle services.​
  • According to the Bureau of Safety and Environmental Enforcement (BSEE) and Bureau of Ocean Energy Management (BOEM), the GOM Shallow Water Province, generally of water depth less than 200 meters, has been a prolific area accounting for 33% of the Gulf’s gas production and over 10% of its oil production. However, in the past 10 years, the number of wells drilled in the shallow water province decreased by 89%, and approximately 100 platforms a year are being removed with no new platforms being installed. ​ Therefore, if this trend continues, the lack of development will potentially strand 179 million barrels of oil and 4,567 billion cubic feet of natural gas. According to BSEE and BOEM, they have an estimated worth of USD 20 billion.
  • Hence, due to such factors, the United States is likely to dominate the North America ROV market during the forecast period.
North America ROV Market - Offshore Rig Count

North America ROV Market Competitor Analysis

The North America ROV market is moderately fragmented. The key players in the market include DeepOcean AS, DOF Subsea AS, Oceaneering International Inc., Helix Energy Solutions Group Inc, and TechnipFMC PLC. among others.

North America ROV Market Top Players

  1. DeepOcean AS

  2. DOF Subsea AS

  3. Helix Energy Solutions Group Inc

  4. Oceaneering International Inc.

  5. TechnipFMC PLC

*Disclaimer: Major Players sorted in no particular order

Market Concentration -  North America ROV Market.png

North America ROV Market Recent Developments

  • In August 2022, VideoRay, LLC, reported a large and diverse order for its Defender remotely operated vehicles (ROVs) by the United States Navy. The Navy is standardizing on VideoRay Defender Mission Specialist systems due to the superior capabilities, flexibility and upgradeability of many systems deployed since 2019. VideoRay’s customer support of the Navy includes training facilities and staffing on the East Coast in Pottstown, Pennsylvania, and the West Coast in San Diego.
  • In October 2021, ECA Group launched the R7. This underwater robotic vehicle combines the compactness and ease of deployment of mini ROVs (remotely operated vehicles) with the performance, speed, and payload carrying capacity of professional observation-class ROVs. The R7 was unveiled at the Ocean Business 2021 exhibition in Southampton, United Kingdom.
  • In March 2021, Oceaneering International, Inc. announces that Subsea Robotics (SSR) and Offshore Projects Group (OPG) awarded an integrated rig services contract for covering the Khaleesi/Mormont and Samurai fields in the United States Gulf of Mexico. The scope of work includes providing remotely operated vehicles (ROVs) with collocated ROV tooling and technicians, remote positioning and metrology survey resources, installation and workover control system (IWOCS) equipment, and technicians. 

North America ROV Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Work Class ROV

      2. 5.1.2 Observatory Class ROV

    2. 5.2 Application

      1. 5.2.1 Oil and Gas

      2. 5.2.2 Defense

      3. 5.2.3 Other Applications

    3. 5.3 Activity

      1. 5.3.1 Survey

      2. 5.3.2 Inspection, Repair, and Maintenance

      3. 5.3.3 Burial and Trenching

      4. 5.3.4 Other Activities

    4. 5.4 Geography

      1. 5.4.1 United States

      2. 5.4.2 Canada

      3. 5.4.3 Rest of North America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 DeepOcean AS

      2. 6.3.2 DOF Subsea AS

      3. 6.3.3 Helix Energy Solutions Group Inc

      4. 6.3.4 TechnipFMC PLC

      5. 6.3.5 Bourbon Corporation SA

      6. 6.3.6 Fugro NV

      7. 6.3.7 Oceaneering International Inc.

      8. 6.3.8 Saab Seaeye Limited

      9. 6.3.9 Forum Energy Technologies Inc.

      10. 6.3.10 Saipem SpA

      11. 6.3.11 Delta SubSea LLC

      12. 6.3.12 ROVOP

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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North America ROV Market Research FAQs

The North America ROV Market is studied from 2019 - 2028.

The North America ROV Market is growing at a CAGR of >6% over the next 5 years.

DeepOcean AS, DOF Subsea AS, Helix Energy Solutions Group Inc, Oceaneering International Inc., TechnipFMC PLC are the major companies operating in North America ROV Market.

North America ROV Industry Reports

In-depth industry statistics and market share insights of the North America ROV sector for 2020, 2021, and 2022. The North America ROV research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the North America ROV report PDF.

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