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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Market Dynamics

Introduction

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 lengthen and shorten the ether so that the effect of the cable reaches where the underwater currents are minimized.

Market Drivers

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

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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

Note: The above list does not necessarily include all the top players in the market.

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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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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects offshore ROV market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• 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 1,000 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 15 detailed primary interviews with market players across the value chain in all four regions and 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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

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 offshore ROV 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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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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