ROV Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Remotely Operated Vehicles (ROV) Market Size & Share and It is Segmented by Type (Work Class ROV and Observatory Class ROV), Application (Oil and Gas, Defense, and Other Applications), Activity (Survey, Inspection, Repair, and Maintenance, Burial and Trenching, and Other Activities), and Geography (North America, South America, Europe, the Middle East and Africa, and Asia-Pacific). The Report Offers the Market Size and Forecasts in Revenue (USD) for all the Above Segments.

Remotely Operated Vehicles (ROV) Market Size

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ROV Market Summary
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Study Period 2020 - 2029
Market Size (2024) USD 2.39 Billion
Market Size (2029) USD 3.46 Billion
CAGR (2024 - 2029) 7.65 %
Fastest Growing Market North America
Largest Market North America

Major Players

ROV Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Remotely Operated Vehicles (ROV) Market Analysis

The ROV Market size is estimated at USD 2.39 billion in 2024, and is expected to reach USD 3.46 billion by 2029, growing at a CAGR of 7.65% during the forecast period (2024-2029).

  • Over the medium term, increasing offshore oil & gas exploration activities in the Americas, Asia-pacific, and Middle-east & African regions and growing offshore renewable technologies are expected to drive the ROV market during the forecast period.
  • On the other hand, the ban on offshore exploration and production activities in multiple regions is expected to restrain the market.
  • Nevertheless, the ongoing deepwater and ultra-deepwater oil and gas discoveries and shale gas explorations are expected to create huge opportunities for ROV deployment over the forecast period.
  • North America dominated the market worldwide, with most of the demand coming from the United States, Mexico, etc. North America is still leading the world with its advanced, highly maneuverable ROV development.

Remotely Operated Vehicles (ROV) Market Trends

Oil & Gas Application to Dominate the Market

  • The dependence on oil and gas increases as major economies globally still rely heavily on petroleum-based products. The oil and gas industry displays immense influence in international politics and economics.
  • In 2022, global oil production recorded 99,877 thousand barrels per day, an increase of 11.1% over the previous year. The increase in population globally reflected an increase in primary energy consumption, which stood at 604.04 exajoules in 2022, up from 520.90 exajoules in 2011.
  • Many potential global reserves of hydrocarbons lie beneath the sea, and the hydrocarbon industry has developed techniques suited to the conditions found in offshore sites, both to find oil and gas and produce it successfully. Oil and gas drilling rigs may operate in up to two miles of water depths. Many deepwater wells and pipeline systems rely on unmanned underwater vehicles to help perform installations, inspections, repairs, and maintenance.
  • Over the past few years, remotely operated vehicles (ROV) have evolved from emerging technology with niche uses to extensive applications in the oil and gas sector.
  • The capital expenditure in the offshore industry is also increasing significantly worldwide, increasing the demand for various advanced technologies, tools, and equipment for performing certain activities. This includes the ROVs, as they ease the maintenance and inspection work in the offshore sector.
  • For instance 2022, offshore CAPEX reached around USD 165 billion, mostly spent on wells, exploration, and facilities. With a rise of 21% in CAPEX in 2022 compared to the last two years. Moreover, the offshore E&P operators are expected to increase their investment to around USD 178 billion in 2023. Such a scenario is expected to increase demand for ROVs during the forecast period.
  • In February 2022, the United Arab Emirates, Abu Dhabi National Oil Company (ADNOC), introduced remote-operated vehicles for easier underwater safety inspections. Furthermore, ADNOC stated that ROVs reduce human exposure to underwater hull inspection activities. The company expects to reduce operating costs by up to 68% and eliminate some of the additional support vessels.
  • Overall, the demand for ROVs is expected to increase during the forecast period because of the rapidly growing offshore oil, gas, and energy operations. There have been several improvements in the technologies associated with remote-operated offshore vehicles.
ROV Market: Oil Production, In Thousand Barrels per Day, Global, 2015-2022

North America to Dominate the Market

  • The region has one of the most well-developed offshore oil and gas industries globally, with the primary areas of focus being the vast reserves in the Gulf of Mexico and the offshore Alaska region. As drilling depths have increased over the years, the volume of technically recoverable reserves has increased significantly, which has attracted growing investments.
  • As the United States invested heavily in expanding its oil and gas production capacity, the Gulf of Mexico has become a global hotspot for ROV demand. As of 2021, the Gulf of Mexico region was responsible for 97% and 15% of U.S. offshore and total hydrocarbon production, respectively. The region has one of the highest global densities of offshore rig deployment. It comprises other oil and gas infrastructure, such as production and drilling platforms, marine vessels, and pipeline networks.
  • The United States spends the most globally on its defense budget and has pioneered R&D on ROV vessels. The military expenditure in the United States reached USD 800.7 billion in 2021. ROVs form a critical part of the U.S. Navy's subsea capabilities. In December 2022, Oceaneering International announced that the company's Aerospace and Defense Technologies (ADTech) segment had received a multi-year contract supporting the U.S. Navy. Oceaneering will support the modified Virginia Class Subsea and Seabed Warfare (SSW) platform.
  • As ROV technology has become increasingly affordable, oil and gas producers in the United States have invested in ROV services to obtain data and carry out routine maintenance work on subsea assets and surfaces. Despite the higher upfront cost compared to diving crews, ROVs need less 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 September 2022, DOF Subsea USA announced that the company had been awarded multiple contracts in the Gulf of Mexico by leading regional oil and gas operators. The Jones Act-compliant vessel(s) operated by DOF Subsea will be utilized for around 180 days over a one-year term, performing a range of activities, including inspection, maintenance, repair, light construction, and commissioning support at multiple field locations.
  • In March 2022, IKM Subsea announced that it selected the Nauticus Robotics Olympic Arm, a fully electric work-class manipulator, for its subsea resident remotely operated vehicle (ROV) system. The company switched from hydraulic to intelligent electric manipulators. It claims that the new technology increases subsea reliability and capability while extending residency dive times. The system also has similar strength, weight, and size characteristics to traditional work-class hydraulic arms and requires little maintenance. Such activities in the sector are expected to reduce costs and increase the reliability of ROVs.
  • Thus, the ROV sector in North America is highly developed. As demand increases for marine construction and oil and gas services, the sector is expected to keep growing fast during the forecast period, thereby driving the demand for ROVs in the region.
ROV Market: Growth Rate by Region, 2023-2028

Remotely Operated Vehicles (ROV) Industry Overview

The ROV market is semi-fragmented. Some of the major players in the market (in no particular order) include DeepOcean AS, DOF Subsea AS, Oceaneering International Inc., Helix Energy Solutions Group Inc., and TechnipFMC PLC., among others.

Remotely Operated Vehicles (ROV) Market Leaders

  1. DeepOcean AS

  2. DOF Subsea AS

  3. Oceaneering International Inc.

  4. TechnipFMC PLC

  5. Helix Energy Solutions Group Inc.

*Disclaimer: Major Players sorted in no particular order

ROV Market Concentration
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Remotely Operated Vehicles (ROV) Market News

  • May 2023: Blueye Robotics, a professional deepwater designing, operating, and service provider, received contracts from the Norwegian Coast Guard for providing new ROV Systems.
  • October 2022: Polish government gave orders to SAAB International Limited to deliver the newly developed Double Eagle SAROV, a Semi-Autonomous Remotely Operated Vehicle for serving defense purposes.

Remotely Operated Vehicles (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 2028

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

        1. 4.5.1.1 Increasing Offshore Oil & Gas Exploration Activities in the Americas, Asia-pacific, and Middle-east & Africa Region

        2. 4.5.1.2 Growing Offshore Renewable Technologies

      2. 4.5.2 Restraints

        1. 4.5.2.1 Ban on Offshore Exploration and Production Activities in Multiple Regions

    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

      4. 5.2.4 Deep Sea Marine Exploration

    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 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 Denmark

        3. 5.4.2.3 Norway

        4. 5.4.2.4 United Kingdom

        5. 5.4.2.5 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 India

        3. 5.4.3.3 Japan

        4. 5.4.3.4 Rest of Asia-Pacific

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Colombia

        4. 5.4.4.4 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 United Arab Emirated

        3. 5.4.5.3 Nigeria

        4. 5.4.5.4 Rest of Middle-East and Africa

  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

    1. 7.1 Ongoing Deepwater and Ultra-Deepwater Oil and Gas Discoveries

**Subject to Availability
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Remotely Operated Vehicles (ROV) Industry Segmentation

A remotely operated vehicle (ROV) is an unoccupied robot, a highly maneuverable underwater machine attached to a series of cables that can explore ocean depths. These cables convey command and control signals between the operator and the ROV, allowing remote vehicle navigation.

The ROV market is segmented by type, application, activity, and geography. By type, the market is segmented into work-class ROVs and observatory-class ROVs. The market is segmented by application into oil and gas, defense, and other applications. By activity, the market is segmented into survey, inspection, repair, and maintenance; burial and trenching; and other activities. The report also covers the market size and forecasts for the ROV market across major regions. Market sizing and forecasts have been done for each segment based on revenue (USD).

Type
Work Class ROV
Observatory Class ROV
Application
Oil and Gas
Defense
Other Applications
Deep Sea Marine Exploration
Activity
Survey
Inspection, Repair, and Maintenance
Burial and Trenching
Other Activities
Geography
North America
United States
Canada
Mexico
Europe
Germany
Denmark
Norway
United Kingdom
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
Middle-East and Africa
Saudi Arabia
United Arab Emirated
Nigeria
Rest of Middle-East and Africa
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Remotely Operated Vehicles (ROV) Market Research FAQs

The ROV Market size is expected to reach USD 2.39 billion in 2024 and grow at a CAGR of 7.65% to reach USD 3.46 billion by 2029.

In 2024, the ROV Market size is expected to reach USD 2.39 billion.

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

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in ROV Market.

ROV Industry Report

Statistics for the 2024 ROV market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ROV analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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ROV Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)