The global Remote Operated Vehicle [ROV] market is expected to grow at a CAGR of around 3.1% over the forecast period 2021 to 2027 and expected to reach the market value of around US$ 1.0 Billion by 2027
These vehicles can be self-propelled or propelled by ship for remote viewing of the subsea environment, construction, and performing repair and construction activities of pipes, ship hulls, and others. They can also be used for seabed mining or cable trenching activities.
The increase in industrialization has been witnessed across the globe. Multiple government activities and policies to boost the number of industries have fueled this industrialization. Technological advancements have boosted production capacities. This rise in industrial production has increased the demand for minerals and petroleum products. Offshore extraction is rising to cater to this increase in demand for minerals and oil & gas, as land resources are limited. The consistent rise in marine activities such as oil & gas production, mineral mining, cable trenching, and marine life exploration is driving the global remote operated vehicle (ROV) market.
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Market Segmentation analysis:
Based on technology, the vehicle control and navigation system segment held a major share of the remote operated vehicle (ROV) market in 2020. The vehicle control and navigation system includes numerous electronic components such as radar, sonar, and positioning sensors, which are used for tracking, communication, navigating, and positioning of ROVs. These components are critical for operation of any ROV. Hence, the vehicle control and navigation system segment held a major share of the global remote operated vehicle (ROV) market.
In terms of region, the global remote operated vehicle (ROV) market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Middle East & Africa dominated the global remote operated vehicle (ROV) market in 2020. Strong presence of the oil & gas industry in countries of Middle East & Africa, such as Saudi Arabia, Iran, Nigeria, Algeria, and Egypt, makes it leading oil & gas producing region. This fuels the demand for ROVs for pipeline inspection, drilling, repair, and many other such activities, thus making Middle East & Africa a major contributing region of the global remote operated vehicle (ROV) market.
COVID-19 Impact on Remote Operated Vehicle [ROV] Sales
- Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Remote Operated Vehicle [ROV] market.
- Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
- Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
- Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Remote Operated Vehicle [ROV] market 2021 onwards. This trend will however continue through the course of the report’s assessment period
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Recent report on the Remote Operated Vehicle [ROV] market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Remote Operated Vehicle [ROV] market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Remote Operated Vehicle [ROV] market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Remote Operated Vehicle [ROV] market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Remote Operated Vehicle [ROV] market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Remote Operated Vehicle [ROV] market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Remote Operated Vehicle [ROV] market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Remote Operated Vehicle [ROV] market is analyzed at both regional and country levels.
Some of the prominent players in the Remote Operated Vehicle [ROV] Market include: ECA GROUP, Fugro subsea Services Ltd., Innova, IKM Gruppen AS, Kongsberg Maritime, Oceaneering International Inc., Planys Technologies, ROVCO, Saab Seaeye Ltd, Sea Robotics, Subsea 7, Teledyne Technologies International Corp., The Whale Inc., and Total Marine Technology.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- Remote Operated Vehicle (ROV) Market, by Vehicle Type
- Light Work
- Heavy Work
- Remote Operated Vehicle (ROV) Market, by Class
- Class I (Pure Observation)
- Class II (Observation with Payload Option)
- Class III (Work Class Vehicles)
- Class IV (Seabed-working Vehicles)
- Class V (Prototype or Development Vehicles)
- Remote Operated Vehicle (ROV) Market, by Technology
- Vehicle Cameras & Lighting System
- Hydraulic Tool Control System
- Vehicle Control & Navigation System
- Tether Management System (TMS)
- Launch And Recovery Systems (LARS)
- Remote Operated Vehicle (ROV) Market, by Application
- Heavy Lifting
- Search & Rescue
- Subsea Engineering Services
- Observation & Inspection ROVs
- Remote Operated Vehicle (ROV) Market, by Working Depth
- Shallow Water
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Remote Operated Vehicle [ROV] market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Remote Operated Vehicle [ROV] market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Remote Operated Vehicle [ROV] market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Remote Operated Vehicle [ROV] market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Remote Operated Vehicle [ROV] are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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