ROV exploration market to hit a value of $2.5 billion

Press Release   •   Feb 26, 2013 12:04 GMT

The past few years have seen the global ROV (remote operated vehicle) exploration market grow rapidly and by the end of 2012 the sector has been forecast to hit a market value of approximately $2.5 billion.

A remotely operated underwater vehicle, commonly referred to as an ROV, is a tethered underwater vehicle. They are common in deepwater industries such as offshore hydrocarbon extraction.

ROVs are unoccupied, highly manoeuvrable and operated by a person aboard a vessel. They are linked to the ship by either a neutrally buoyant tether or often when working in rough conditions or in deeper water a load carrying umbilical cable is used along with a tether management.

As expenditure in deepwater areas and on subsea infrastructure around the world increases, ROVs will become an increasingly critical aspect of offshore oil and gas development.

The positive growth forecast for the development of the deepwater market and subsea infrastructure market along with the increased focus on safety and security mean that ROVs will take on an even more important role in the oil and gas business throughout the coming decade.

The market for ROVs in the oil & gas industry is a rapidly growing segment of the global offshore oil & gas market where technological advances of recent years have resulted in increasing installation of subsea infrastructure, and have allowed companies to operate in ever greater water depths.

The complexity of subsea equipment and the dangers associated with operating in deepwater and ultra deepwater areas have made ROVs indispensable to the development and safety of offshore hydrocarbon projects around the world.

In the primary offshore oil & gas activity sector a long period of high oil prices and surging deepwater activity has driven orders for offshore drilling rigs to numbers not seen for decades. These rigs, together with large numbers of subsea construction vessels coming into the market in the years ahead, will drive ROV demand to new highs.

For more information on the ROV exploration market, see the latest research: ROV Exploration Market

Follow us on Twitter @CandMResearch issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.