Offshore ROV Market Growth Analysis | 2023-2028

Market Insights

The offshore ROV market was estimated at USD 754.14 million in 2022 and is likely to grow at a CAGR of 4.12% during 2023-2028 to reach USD 967.56 million in 2028.

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The major drivers underpinning the market are the discoveries of offshore oil and gas in prominent economies and the increase in their demand.

What is offshore ROV?

Offshore ROVs are remote control vehicles that are used as electronic devices which are tethered underwater. These devices are unoccupied and are operated by a crew on a proximate land. These devices are usually common in offshore hydrocarbon extraction processes.

Offshore ROV is linked to a host by a neutrally buoyant tether. It helps in lengthening and shortening the tether so that the effect of the cable reaches where the underwater currents are minimized.

Segments Analysis

By Type

Based on the type, the market is segmented as observation class, work class, and intervention/inspection class. The observation class segment dominates the market as it can be used in all kinds of offshore applications for observing the processes during drilling and completion work.

By Application Type

Based on the application type, the market is segmented as drilling & well completion, construction support, inspection, repair & maintenance service, remote subsea intervention tooling design & build, and subsea engineering services. The drilling & well completion segment accounted for the largest market share in 2022 and is expected to command the market during the forecasted period. The growth of the segment is driven by the growing deepwater offshore activities in the regions, such as Angola and ultradeep water in Brazil, respectively.

By Depth Type

Based on the depth type, the market is segmented as <5,000 ft., 5,000-10,000 ft., and >10,000 ft. The 5,000–10,000 feet segment is likely to lead the market during the forecast period. The growth of the segment is attributed to the practice adopted by operators, wherein they are undertaking difficult offshore field development reserves, targeted to gain access to the marginal reserves that remain available in deep and ultra-deepwater, particularly in the deep-water ‘Golden Triangle’ regions of North America, Latin America, and Africa.

Regional Insights

In terms of regions, the Rest of the World is estimated to lead the market during the forecast period. The growth in offshore deep and ultradeep water activities is bolstering the market in the Middle Eastern & African regions. The increasing activities of offshore exploration and production in countries, such as Angola, the UAE, Nigeria, etc. are expected to catapult the growth of the market during the forecast period.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Type

• Observation Class
• Work Class
• Intervention/Inspection Class

By Application Type

• Drilling & Well Completion Support
• Construction Support
• Inspection, Repair, and Maintenance Service
• Remote Subsea Intervention Tooling Design & Build
• Subsea Engineering Services

By Depth Type

• <5,000 ft.
• 5,000-10,000 ft.
• >10,000 ft.

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major players in the market are-

• Oceaneering
• Subsea 7
• Fugro
• TechnipFMC
• Saipem
• Forum
• DOF
• ECA
• Deep Ocean Group
• ISE
• Deep Ocean Engineering
• AC-CESS

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 800 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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