Remotely Operated Vehicle Market to Gain Mileage with Increasing Oil & Gas Exploration Projects

August, 2023 - Market Research Future has Published a Research Report on the Global Remotely Operated Vehicle Market

Overview:

The global remotely operated vehicles (ROV) market is projecting a possibility of attaining 10.5% CAGR during the review period (2024 - 2032). Market Research Future (MRFR) claims that the market could easily exceed the potential market valuation of USD 4.34 Billion by 2032. The entire system works with an operator panel that holds cables and vehicles with those cables fitted to them. Using signals from those cables, these vehicles perform in difficult regions.

Remotely operated vehicles find profound utility in the military & defense sector and oil & gas exploration activities. The defense segment has prominent use of the machine in patrolling border areas. Access to difficult regions becomes of paramount importance owing to which this technology gains prominence as it is safer. At the same time, it is gaining momentum in research sector where understanding weather pattern requires such technology to reduce human error and also save lives. These factors are expected to provide ample tailwind to the global remotely operated vehicles industry.  

Segmentation:

Based on industry, system component, and vehicle type, the remotely operated vehicles market has been studied by experts from MRFR. This study is enriched with data that depends on volume-wise and value-wise reading of the market.

On the basis of the industry, the remotely operated vehicles market includes oil & gas application, military & defense, scientific research, others. The oil & gas segment encompasses drilling support, inspection, repair, construction support, maintenance, and others. The military & defense segment comprises ballast tank inspections, explosive ordnance disposal, hull inspections, and search & rescue operations. The oil & gas segment can exceed the anticipated valuation of USD 1477.3 million by 2030. The military & defense segment to grow faster with 11.57% CAGR during the forecast period.

Based on the system component, the remotely operated vehicles market consists frame & propulsion, electronics & control systems, camera & lighting systems, and others. The electronics & control systems segment is touted to pass USD 1237.2 million by 2030 with the highest CAGR of 11.02% over the review period.

Based on the vehicle type, the remotely operated vehicles market includes observation vehicle, work class vehicle, and towed & bottom-crawling vehicle. The work class vehicle comprises medium work-class, light work-class, and heavy work-class. The observation vehicle segment to scale a valuation of USD 1415.6 million by 2030.

Competitive Landscape: 

Influential companies to enrich the remotely operated vehicles market by implementing new strategies are Saab AB (Sweden), Fugro (the Netherlands), TechnipFMC PLC (the U.K.), DeepOcean Group, Inc. (the Netherlands), Sapura Energy Berhad (Malaysia), Teledyne Technologies Incorporation (the U.S.), Oceaneering International Inc. (the U.S.), DOF ASA (Norway), Subsea 7 (the U.K.), and Helix ESG (the U.S.). These companies don’t just follow a singular path of climbing new heights but they take the market as a whole forward.

North America, Europe, Asia Pacific (APAC), Latin America, and Middle East & Africa (MEA) are regions namely included in the MRFR report for a better region-wise development. Unleashing the potential of these regions would help in better understanding of the global market.

North America dominates the market with a share of 30.82% and can climb up to USD 898.5 million by 2030. The region is far ahead of its peers owing to easy access to technology and integration of it in the manufacturing process. Presence of the U.S. is also important as the region brings in remarkable investment to assist the growth of the market.

The APAC controlled over 27.84% of the ROV market in 2022. Meanwhile, it is projected to achieve the fastest CAGR of 12.81% during the review period. In fact, it has the potential to overtake the market of the North America. Countries such as India, China, and Indonesia are creating substantial demand for such vehicles.                                                                                                                       

Industry Updates

In May 2019, Deep Trekker launched Revolution a ROV with carbon fiber and stainless steel. This has auto stabilization, recording capabilities, wireless connectivity, and 4K Ultra HD video resolution. Deep Trekker has launched this to penetrate commercial and defense industries in a better way.