ROV Market is Forecasted to Reach US$ 3.2 Billion in 2030, Says Stratview Research

Stratview Research, a global market research firm has launched a report on the global ROV market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2023: US$ 2.3 billion

Market Size in 2030: US$ 3.2 billion

Growth (CAGR): 4.3% during 2024-2030

Leading Class Type: Work Class

Leading Depth Type: <1,000m Depth

Leading Application Type: Vessel-Based ROV

Leading Region: North America

Forecast Period: 2024-2030

Trend Period: 2018-2022

Base Year: 2023

Number of Segments Covered: 4

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights on the ROV Market:

The global ROV market is segmented based on class type, depth type, application type, and region.

Based on class type – Work-class ROV is expected to remain dominant between both classes during the forecast period.

·      Work-class ROVs are dominant in the market owing to their heavy-duty operation capabilities in harsh underwater operations making them indispensable for demanding subsea applications.

·      They have higher load capacities (compared to observation class) and offer inspection, maintenance, repair, and construction services in various underwater environments, from shallow waters to deep-sea operations.

Based on depth type – Less than 1,000m is expected to remain the dominant depth type in the market during the forecast period.

·      Less than 1,000m is expected to remain dominant in the market during the forecast period.

·      Key offshore activities, such as oil & gas drill support, underwater construction, and subsea infrastructure maintenance, take place in shallower depth.

·      Cost-effectiveness, safety considerations, and compatibility with existing infrastructure are other factors driving the demand for ROV services for less than 1,000m depth.

Based on application type – Vessel-based ROV is expected to remain the dominant and faster growing in the market during the forecast period.

·      Vessel-based ROV is expected to remain dominant as well as faster growing in the market during the forecast period.

·      Offshore wind energy is the dominant and fastest-growing application in vessel-based ROV services, owing to increasing offshore wind energy installations and rising investment in offshore wind energy projects.

·      Drill support is likely to hold a smaller share of the market during the forecast period.

To know the most attractive segments, click here for a free sample of the report:

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is expected to remain dominant among regions, whereas Asia-Pacific is likely to experience the fastest growth during the forecast period for ROV services. This growth outlook is majorly attributed to the following–

·      North America is expected to remain dominant among regions, whereas Asia-Pacific is likely to experience the fastest growth during the forecast period.

·      Key factors driving the ROV in North America are a large number of offshore rig counts, advancements in ROV technology, expansion in offshore energy development, and increasing research & development activities.

·      Growing offshore exploration & production in China, Japan, Australia, Taiwan, and India; renewable energy expansion, infrastructure development, and technological advancements are key factors for the fastest growth of the Asia-Pacific region.

ROV Market Drivers:

Some of the key drivers listed in the report are given below.

• Increasing offshore wind energy installations.
• Rising offshore energy projects.
• Increasing worldwide offshore rig counts.
• Growing offshore exploration & production.
• Technological expansion.

Top Companies in the ROV Market:

Stratview Research has identified the following companies as the top market players (arranged alphabetically).

• C-Innovation
• DOF Subsea
• Fugro
• Helix Energy Solutions Group
• Oceaneering International.
• Subsea 7

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

Related Reports:

·      Offshore ROV Market

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About us –

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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