Remotely Operated Vehicles (ROV) Market Size
| Study Period | 2018- 2028 |
| Base Year For Estimation | 2022 |
| CAGR | > 8.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Remotely Operated Vehicles (ROV) Market Analysis
The ROV market is expected to register a CAGR of more than 8% during the forecast period.
- Over the medium term, increasing offshore oil and gas discoveries and rising oil and gas decommissioning activities are expected to drive the ROV market during the forecast period.
- On the other hand, the declining number of offshore rigs and offshore oil and gas activities are restraining the market.
- Nevertheless, the ongoing deepwater and ultra-deepwater oil and gas discoveries and shale gas explorations are expected to create huge opportunities for ROV deployment over the forecast period.
- North America dominated the market worldwide, with most of the demand coming from the United States, Mexico, etc.
Remotely Operated Vehicles (ROV) Market Trends
Oil & Gas Application to Dominate the Market
- The dependence on oil and gas increases as major economies globally still rely heavily on petroleum-based products. The oil and gas industry displays immense influence in international politics and economics.
- In 2021, global oil production recorded 89,877 thousand barrels per day, an increase of 1.5% over the previous year. The increase in population globally reflected an increase in primary energy consumption, which stood at 595.15 exajoules in 2021, up from 520.90 exajoules in 2011.
- Many of the potential global reserves of hydrocarbons lie beneath the sea, and the hydrocarbon industry has developed techniques suited to the conditions found in offshore sites, both to find oil and gas and produce it successfully. Oil and gas drilling rigs may operate in water depths of up to two miles. Many of these deepwater wells and pipeline systems rely on unmanned underwater vehicles to help perform installations, inspections, repairs, and maintenance.
- Over the past few years, remotely operated vehicles (ROV) have evolved from emerging technology with niche uses to extensive applications in the oil and gas sector.
- The capital expenditure in the offshore industry is also increasing significantly across the world, and this increases the demand for various advanced technologies, tools, and equipment for performing certain activities. This includes the ROVs, as they ease the maintenance and inspection work in the offshore sector.
- For instance, in 2022, offshore CAPEX reached around USD 165 billion, mostly spent on wells, exploration, and facilities. With a rise of 21% in CAPEX in 2022 as compared to the last two years. Moreover, the offshore E&P operators are expected to increase their investment to around USD 178 billion in 2023. Such a scenario is expected to increase demand for ROVs during the forecast period.
- In February 2022, the United Arab Emirates, Abu Dhabi National Oil Company (ADNOC), introduced remote-operated vehicles for easier underwater safety inspections. Furthermore, ADNOC stated that ROVs reduce human exposure to underwater hull inspection activities. The company expects to reduce operating costs by up to 68% and eliminate some of the additional support vessels.
Overall, the demand for ROVs is expected to increase during the forecast period because of the rapidly growing offshore oil, gas, and energy operations. There have been several improvements in the technologies associated with remote-operated offshore vehicles.
North America to Dominate the Market
- The region has one of the most well-developed offshore oil and gas industries globally, with the primary areas of focus being the vast reserves in the Gulf of Mexico and offshore Alaska region. As drilling depths have increased over the years, the volume of technically recoverable reserves has increased significantly, which has attracted growing investments.
- As the United States invested heavily in expanding its oil and gas production capacity, the Gulf of Mexico has become a global hotspot for ROV demand. As of 2021, the Gulf of Mexico region is responsible for 97% and 15% of US offshore and total hydrocarbon production, respectively. The region has one of the highest global densities of offshore rig deployment and consists of other oil and gas infrastructure, such as production and drilling platforms, marine vessels, and pipeline networks.
- The United States spends the most globally on its defense budget and has pioneered R&D on ROV vessels. The military expenditure in the United States reached USD 800.7 billion in 2021. ROVs form a critical part of the US Navy’s subsea capabilities. In December 2022, Oceaneering International announced that the company’s Aerospace and Defense Technologies (ADTech) segment had received a multi-year contract supporting the U.S. Navy. Oceaneering will support the modified Virginia Class Subsea and Seabed Warfare (SSW) platform.
- As ROV technology has become increasingly affordable, oil and gas producers in the United States have been investing in ROV services for obtaining data and carrying out routine maintenance work on subsea assets and surfaces. Despite the higher upfront cost compared to diving crews, ROVs need less time to complete the same amount of work, which reduces overall project OPEX.
- Due to this, multiple contracts are routinely dealt out by major oil and gas companies for ROV services in the Gulf of Mexico. In September 2022, DOF Subsea USA announced that the company had been awarded multiple contracts in the Gulf of Mexico by leading regional oil and gas operators. The Jones Act-compliant vessel(s) operated by DOF Subsea will be utilized for around 180 days over a one-year term, performing a range of activities, including inspection, maintenance, repair, light construction, and commissioning support at multiple field locations.
- In March 2022, IKM Subsea announced that it selected the Nauticus Robotics Olympic Arm, a fully electric work-class manipulator, for its subsea resident remotely operated vehicle (ROV) system. The company switched from hydraulic to intelligent electric manipulators. It claims that the new technology increases subsea reliability and capability while extending residency dive times. The system also has similar strength, weight, and size characteristics to traditional work-class hydraulic arms and requires little maintenance. Such activities in the sector are expected to reduce costs and increase the reliability of ROVs.
- Thus, the ROV sector in North America is highly developed. As demand increases for marine construction and oil and gas services, the sector is expected to keep growing fast during the forecast period, thereby driving the demand for ROVs in the region.
Remotely Operated Vehicles (ROV) Industry Overview
The ROV market is moderately fragmented. The key players in the market (in no particular order) include DeepOcean AS, DOF Subsea AS, Oceaneering International Inc., Helix Energy Solutions Group Inc., and TechnipFMC PLC., among others.
Remotely Operated Vehicles (ROV) Market Leaders
DeepOcean AS
DOF Subsea AS
Oceaneering International Inc.
TechnipFMC PLC
Helix Energy Solutions Group Inc.
*Disclaimer: Major Players sorted in no particular order
Remotely Operated Vehicles (ROV) Market News
- April 2022: Boxfish Research, and DK M-Tech, entered into an authorized reseller agreement for the introduction of Boxfish Research's cutting-edge ROV systems (lightweight, adaptable, and simple to use with six degrees of freedom of movement, an auto-stabilization system, and pilot assist features) to the Korean market.
- March 2022: PGS-backed Ocean Floor Geophysics (OFG) acquired the entire share capital in NCS subsea (the owner and operator of P-Cable ultra-high resolution seismic acquisition technology). OFG, with the addition of P-Cable technology, provides the broadest range of marine geophysical data technology and services in the offshore market. The multiphysics offering includes the widest range of sensor solutions deployed from the surface, autonomous underwater vehicle (AUV), and remotely operated vehicle (ROV) platforms. It is combined with multiphysics processing, integration, and interpretation know-how.
Remotely Operated Vehicles (ROV) Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Work Class ROV
5.1.2 Observatory Class ROV
5.2 Application
5.2.1 Oil and Gas
5.2.2 Defense
5.2.3 Other Applications
5.3 Activity
5.3.1 Survey
5.3.2 Inspection, Repair, and Maintenance
5.3.3 Burial and Trenching
5.3.4 Other Activities
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 Denmark
5.4.2.3 Norway
5.4.2.4 United Kingdom
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Japan
5.4.3.4 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Colombia
5.4.4.4 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 United Arab Emirated
5.4.5.3 Nigeria
5.4.5.4 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 DeepOcean AS
6.3.2 DOF Subsea AS
6.3.3 Helix Energy Solutions Group Inc.
6.3.4 TechnipFMC PLC
6.3.5 Bourbon Corporation SA
6.3.6 Fugro NV
6.3.7 Oceaneering International Inc.
6.3.8 Saab Seaeye Limited
6.3.9 Forum Energy Technologies Inc.
6.3.10 Saipem SpA
6.3.11 Delta SubSea LLC
6.3.12 ROVOP
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Remotely Operated Vehicles (ROV) Industry Segmentation
A remotely operated vehicle (ROV) is an unoccupied robot, a highly maneuverable underwater machine attached to a series of cables that can explore ocean depths. These cables convey command and control signals between the operator and the ROV, allowing remote vehicle navigation.
The ROV market is segmented by type, application, activity, and geography. By type, the market is segmented into work-class ROVs and observatory-class ROVs. By application, the market is segmented into oil and gas, defense, and other applications. By activity, the market is segmented into survey, inspection, repair, and maintenance; burial and trenching; and other activities. The report also covers the market size and forecasts for the ROV market across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD billion).
| Type | |
| Work Class ROV | |
| Observatory Class ROV |
| Application | |
| Oil and Gas | |
| Defense | |
| Other Applications |
| Activity | |
| Survey | |
| Inspection, Repair, and Maintenance | |
| Burial and Trenching | |
| Other Activities |
| Geography | |||||||
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Remotely Operated Vehicles (ROV) Market Research FAQs
What is the current ROV Market size?
The ROV Market is projected to register a CAGR of greater than 8% during the forecast period (2023-2028).
Who are the key players in ROV Market?
DeepOcean AS, DOF Subsea AS, Oceaneering International Inc., TechnipFMC PLC and Helix Energy Solutions Group Inc. are the major companies operating in the ROV Market.
Which is the fastest growing region in ROV Market?
North America is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in ROV Market?
In 2023, the North America accounts for the largest market share in the ROV Market.
ROV Industry Report
Statistics for the 2023 ROV market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ROV analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
