Market Size of United States ROV Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US ROV Market Analysis
The US ROV market is expected to register a CAGR of more than 4.5% during the forecast period. The market was moderately impacted by the COVID-19 pandemic in 2020. Presently, the market has reached pre-pandemic levels.
Over the long term, the major driving factors of the market include increasing offshore oil and gas discoveries, growing offshore wind energy installations, and rising oil and gas decommissioning activities. On the flip side, increasing environmental damage due to the increasing use of fossil fuels has led to the banning of offshore exploration of oil and gas in the North American region. This is expected to slow down the market, especially in the United States, during the forecast period. Nevertheless, technological advancements in the US ROV market are expected to create enormous opportunities for the United States ROV deployment.
