Market Size of ROV Industry
| 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
*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.
