Global ROV Market - Growth, Trends and Forecasts (2015-2020)
As offshore activities move into deeper waters nowadays, it is becoming more and more difficult for divers to perform the various required activities at these depths. This is where an ROV comes into play. A Remotely Operated underwater Vehicle (ROV) can be operated by a crew located on the surface to carry out underwater tasks. With an increase in the number of offshore activities around the world, the demand for these underwater robots is also increasing. The Global ROV market will show a growth rate of XX%, growing from USD XX Million in 2015 to reach USD XX Million by 2020.
The oil and gas industry is one of the major customers for the ROV market. Drilling support, construction support, and inspection repair and maintenance are the activities that provide the largest demand for ROVs from this market segment. ROVs also find application with militaries, for underwater scientific and exploration activities, underwater cable laying and with the offshore renewable energy industry among others.
The market has been classified based on the type of ROVs currently in use into small electric, high capability electric, work class vehicle and heavy work class vehicle. Another classification based on the activities that these robots help in has been given. Drilling & development, underwater construction support, Inspection, Repair & Maintenance (IRM) and decommissioning have been identified as the key activities that ROVs today help in.
The growth in the offshore oil and gas industry provides a huge stimulus to the ROV industry. Volatile oil and gas prices are affecting offshore exploration and production, and thereby the ROV market as well. In spite of this, offshore exploration and production will increase as the energy demand in the world is still rising, and onshore resources are becoming exhausted. Therefore, the market will eventually improve significantly by the end of the study period, even though it may see a slight dip in between.
Offshore activities in Africa will provide a major market for ROVs. Explorations along West Africa as well as new oil discoveries in East Africa will all be factors promoting demand. Asia-Pacific and South America also represent growing markets. Dwindling production in the North Sea will see a slight reduction in demand from Europe.
Some of the major players in this market include Oceaneering, DeepOcean, FMC Technologies, DOF Subsea and Subsea 7 among others.
This report elucidates the current situation of the ROV market around the world and studies it by type, activity and application industry. The report is also divided by geography into North America, Europe, Asia Pacific, South America, and Africa & Middle East. The market share of each region is analysed and an estimate is provided for the next 5 years.
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