Global Remote Operated Vehicle (ROV) Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028, Development in infrastructure, building and construction activities, increased demand from various end-use industries, and beneficial properties of metal coatings are some of the factors driving the market's growth during the forecast period.
The Global Remote Operated Vehicle (ROV) Market is valued at USD 211.76 Billion in 2021 and is expected to reach USD 327.56 Billion by 2028 with a CAGR of 6.43% over the forecast period.
Remotely operated vehicles (ROVs) are devices that are usually attached or connected by cables and can be operated remotely underwater for a variety of applications in industries such as oil and gas, military and defense, and scientific research. This underwater vehicle is similar to a robotic device and is equipped with various sampling tools, sensors, and umbilical cables. It is mainly used for collecting various types of data and for communication or information transfer. Also, currently, some remotely operated vehicles are being developed which can be operated on the ground as well, which will be of great help to the defense.
The COVID-19 pandemic has affected products and services in the global market. Like other sectors, it has also affected the remote-operated vehicle market worldwide. Product sales have decreased due to COVID-19 and the pandemic has forced the remotely operated vehicle market to adopt new strategic objectives to increase the reduced demand for product sales. This updated strategy is designed to keep in mind the current needs of the public. The COVID-19 analysis report states that the pandemic has affected the production of the ROV market as the demand has decreased and the supply chain of the product has been affected. Remotely driven vehicle manufacturers are also withdrawing their support due to financial constraints.
Besides, it was a very important time for the remotely operated vehicle market. However, with the adoption of new policies, the global remotely operated vehicle market has resumed its business and is evolving with time. Key drivers have also contributed to the ROV market to make up for the loss in sales. As a result, the ROV market has maintained stability in its position in the global market and achieved its strategic goals by mid-2022.
The remote operated vehicle (ROV) market is segmented on the basis of vehicle type, class, technology, application, working depth, industry, and geographically. On the basis of metal vehicle type, the remote operated vehicle (ROV) market is segmented into Micro, Mini, General, Light Work, Heavy Work, and Burial. On the basis of class, the remote operated vehicle (ROV) market is segmented into Class I (Pure Observation), Class II (Observation with Payload Option), Class III (Work Class Vehicles), Class IV (Seabed-working Vehicles), and Class V (Prototype or Development Vehicles). On the basis of technology, the remote operated vehicle (ROV) market is segmented into Vehicle Cameras & Lighting System, Hydraulic Tool Control System, Vehicle Control & Navigation System, Tether Management System (TMS), Launch and Recovery Systems (LARS), and Others. On the basis of application, the remote operated vehicle (ROV) market is segmented into Heavy Lifting, Search & Rescue, Subsea Engineering Services, Observation & Inspection ROVs, and Others. On the basis of working depth, the remote operated vehicle (ROV) market is segmented into Shallow Water, Deepwater, and Ultra-Deepwater. On the basis of metal industry, the remote operated vehicle (ROV) market is segmented into Oil & Gas Industry, Scientific Research, Military & Defense, and Others.
The regions covered in this remote operated vehicle (ROV) market report are Asia-Pacific, North America, Europe, and the Rest of the World. Based on a country level, the market of metal coatings is subdivided into the U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some of the major players in the metal coatings market include Bourbon Corporation, TechnipFMC PLC, Oceaneering International Inc, Helix Energy Solutions Group, DOF Subsea AS, and DeepOcean.
Global Remote Operated Vehicle (ROV) Market Recent Developments-
The Gujarat Police Department will use an underwater ROV for search and rescue operations.
On May 2, 2022, Additional Director General of Police (ADGP) Gujarat State (India) Narsimha Komar announced that they will deploy "Underwater Remote-Operated Vehicles (ROV)" for rescue operations and searches related to drugs and other crimes in an effort to modernize the police and adopt technology." are going to take. Equipped with a 4K Ultra HD camera, the underwater ROV can penetrate up to 200 meters of water and transmit information about floating or submerged objects to its base station.
Helix Energy Solutions Announced a Two-Year Contract Extension with Petrobras for CEM Helix 2
On September 19, 2022, Helix Energy Solutions Group, Inc. announced that they have awarded Petroleo Brasileiro S.A. for the Siem Helix 2 well intervention vessel offshore. The well intervention charter and service agreement with Petrobras have been extended by two years. The negotiated extension is scheduled to be completed in December 2024 and will directly follow Helix's existing contracts with Petrobras.
Increasing underwater construction activities and construction are driving the growth of the remote-operated vehicle (ROV) market. A large number of new water bridge and dam construction projects are currently underway around the world. A large number of ROVs are being used to periodically inspect the underwater floor at this location. This technology is being widely used to survey the land where they are to be built. For Instance, On October 7, 2021, Union Finance Minister of India Nirmala Sitharaman announced that ministry has approved a new bridge over the Brahmaputra River involving a financial outlay of USD 30.94 Billion. Besides, on June 10, 2022, China and Russia inaugurated the first border bridge over the Amur (Heilongjiang) River. Blagoveshchensk in Russia and Hehe in China are connected through this bridge. Besides, Rodney Mallett announced on February 15, 2022, that construction would begin in April to replace the decades-old Intracoastal Bridge in Louisiana's West Baton Rouge Parish. Before starting many projects like this, it is very important to test the sub-surface. And there is no better technology currently available in the market for this inspection than the Remote Operated Vehicle (ROV). Due to this, the demand for Remote Operated Vehicle (ROV) is increasing in the market. Several such government projects are expected to boost the ROV market in the coming years as well.
However, in order to innovate in their vehicles, several companies in the remote operated vehicle (ROV) market are entering into collaboration agreements with researchers from various universities. Moreover, several research is focused on interdisciplinary technologies in the fields of autonomous ROVs, navigation, and data acquisition systems. On August 07, 2020, Fugro completed a contract for Nexans to provide Remotely Operated Vehicle (ROV) survey and monitoring support services for laying the North Sea Link cable through mountains and along lakebeds in Norway. On February 1, 2022, Norway-based IKM Subsea selected Nauticus Robotics' fully electric work-class manipulator Olympic arm for its subsea resident remotely operated vehicle (ROV) system. In February 2022, Aker Solutions, a Norwegian oilfield services business, received a "state-of-the-art" remotely operated vehicle (ROV) engineering simulator from PaleBlue. Aker Solutions uses simulators to model the behavior of subsea robots and ROVs in a controlled environment while completing accessibility assessments for subsurface oil and gas infrastructure. The ROV design product, according to PaleBlue, integrates with a wide variety of CAD data. Geometry data is loaded directly into the editing solution, where it can be optimized and edited. Hierarchies and meta-data are maintained in CAD for easy access to structural properties. Thus, market players are increasingly investing in R&D activities primarily focused on remotely operated vehicles that can meet current end-users' needs for ocean monitoring and inspection for underwater operations. The demand for the product is increasing in a big way due to this new technology in the market.
The major restraints that will challenge the remotely operated vehicle during the forecast period are a lack of trained remotely operated vehicle operators and high installation costs.
Players in the Remote-Operated Vehicle (ROV) market are expected to collaborate with university researchers to innovate the vehicles. There is a serious emphasis on R&D investment in interdisciplinary technologies in the areas of autonomous ROV navigation and data acquisition systems.
North America dominates the remotely operated vehicle market due to the region's technological brilliance and increased government spending on military and defense services as compared to other regions, which are the factors responsible for the growth of the remotely operated vehicle market. For example, the United States spent the highest defense budget globally in 2021, at USD 800.6 billion, an increase of about 26.3% compared to the 2015 value (USD 633.8 billion). This has led to R&D on ROV vessels. ROVs form an important part of the United States Navy's subsea capabilities. In January 2022, an American F-35C Lightning II crashed in the South China Sea, and the wreckage sank to the bottom of the sea. The F-35 jet model contains sophisticated technology that would pose a problem if acquired by hostile nations, so the US Navy began a recovery program. On March 2, the wreckage was discovered at a depth of 12,400 feet by the CURV-21, which is the Navy's primary deep-sea rescue vehicle and can operate up to a maximum depth of 20,000 feet. Besides, with the United States investing heavily in expanding oil and gas production capacity, the Gulf of Mexico has become a global hotspot for ROV demand. By 2021, the Gulf of Mexico is responsible for 97% and 15% of the United States' offshore and total hydrocarbon production, respectively. The country has the highest global density of offshore rig deployment and includes other oil and gas infrastructure such as production and drilling platforms, marine vessels, and pipeline networks.
As ROV technology becomes more and more affordable, oil and gas producers in the United States are inclined to invest in ROV services to acquire data and perform routine maintenance work on offshore assets and surfaces. Despite higher upfront costs compared to diving crews, ROVs require less time to complete the same amount of work, reducing overall project OPEX. Because of this, several contracts are regularly awarded by major oil and gas companies for ROV services in the Gulf of Mexico. In January 2021, Oceaneering announced that its subsea division had won several contracts totaling USD 225 million. These contracts were issued by international oil and gas operators and offshore construction companies, and the contracted services include remote operated vehicle (ROV) services delivered from floating drilling rigs and multi-service, subsea intervention, and construction vessels; ROV tooling; surveying; positioning; and autonomous underwater vehicle (AUV) services. Therefore, based on the factors mentioned above, North America is creating a niche in the ROV market.
Due to increasing technological advancements in the market, Asia-Pacific is estimated to hold the second largest market share. The market in this region is mainly driven by demand from China, which accounting the major market share in Asia Pacific. Rising military spending coupled with increasing demand for oil and gas in the region has led to more investment by companies in countries like China, Japan, and India to explore oil fields and meet national needs. China, the world's second-largest spender, allocated an estimated $293.02 billion to the military in 2021, a 4.7 percent increase from 2020. Also, India's military expenditure of USD 76.8 billion in 2021 was the third highest in the world. Since 2020, defense spending has increased by 0.9 percent, and by 33 percent since 2012. Such heavy government military spending is fueling the growth of remotely operated vehicles (ROV) in the Asia Pacific region.
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