Market Size of North America ROV Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Low |
Major Players
*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.
