ROV Market Analysis | 2024-2030

Market Insights

“The ROV Market was estimated at USD 2.3 billion in 2023 and is likely to grow at a healthy CAGR of 4.3% during 2024-2030 to reach USD 3.2 billion in 2030”.

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Market Dynamics

Introduction

ROVs are tethered unmanned underwater vehicles specifically designed for operations in harsh underwater environments. They are equipped with cameras, sensors, thrusters, and manipulator's arms. ROV offers inspection, surveys, maintenance, repair, and assistance to underwater works, and serves a wide range of applications, such as offshore wind energy, hydrography, defense, construction, rescue operations, and Oil & Gas (majorly drill support). The motion of ROV is controlled by thrusters, cameras, and sensors that provide critical data and visual information, and sensors provide feedback on water depth, temperatures, currents, and ROV orientation.

Market Drivers

The major factors driving the growth of the ROV market are:

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

Recent Market JVs and Acquisitions:

A huge number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:

• In 2017, Oceaneering International acquired 60% ownership of Dalgidj LLC for approx. US$ 12.4 billion. Dalgidj LLC owns a 49% interest in a joint venture, providing services like ROV solutions, engineering, and project management services.
• In 2017, DeepOcean acquired Searov Offshore SAS, a French-based Africa-focused ROV services company.
• Also in 2018, DeepOcean acquired Delta Subsea and American ROV and tooling services companies. Delta Subsea has a fleet of 10 schilling manufactured ROVs and operates from its Montgomery, Texas base.

Segments Analysis

By Class Type

“Work-class ROV is expected to remain dominant between both classes during the forecast period”.

• The ROV market is segmented into work class and observation class.
• 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.

By Depth Type

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

• Based on the depth type, the ROV market is segmented into less than 1,000m, 1,000 – 4,000m, and more than 4,000m.
• 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.

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By Application Type

“Vessel-based ROV is expected to remain the dominant and faster growing in the market during the forecast period”.

• Based on the application type, the ROV market is segmented into vessel-based and drill support.
• 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.

Regional Insights

“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”.

• In terms of region, the ROV market is segmented into North America, Europe, Asia-Pacific, and RoW.
• 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.

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Key Players

The market is moderately concentrated with the presence of more than 50 players. Most of the major players compete in oil & gas, offshore energy, defense, and hydrography industries.

All the major players in the market possess and operate their own fleets of ROVs. The fleet sizes of key players are Oceaneering International [+250 fleets], Subsea 7 [91 work class fleets], Fugro [64 fleets], DOF Subsea [70 fleets], TechnipFMC PLC [16 fleets], and C-Innovation [57 fleets].

Some of the key players utilize a combination of in-house ROV manufacturing and purchasing from external manufacturers. For instance, DeepOcean has in-house ROV manufacturing capability and also purchases from Saab Seaeye and Sub-Atlantic.

The following are the key players in the ROV market (Based on Dominance)

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

The key players in the ROV market for different applications (Based on Dominance)

• Offshore Wind Energy: Oceaneering International, Fugro, and DOF Subsea
• Drill Support: Oceaneering International, Subsea 7, and Fugro
• Defense: Total Marine Technology Pty Ltd and TechnipFMC PLC
• Hydrography: Oceaneering International and Fugro?

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

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Report Features

This report provides market intelligence most comprehensively. 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.

The ROV market is segmented into the following categories. 

By Class Type

• Work Class
• Observation Class

By Depth Type

• Less than 1,000m
• 1,000-4,000m
• More than 4,000m

By Application Type

• Vessel Based
  • Offshore Wind Energy
  • Hydrography
  • Defense
  • Others
• Drill Support

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Norway, The UK, France, Italy, and Rest of Europe)
• Asia-Pacific (Country Analysis: Australia, China, Japan, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Africa, and Others)

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s 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 10 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 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 three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

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

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