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Remotely Operated Vehicle (ROV) Market 2023: DeepOcean AS, DOF ASA, Sapura Energy Berhad, Teledyne Technologies Inc.

Press release   •   Apr 16, 2019 03:33 EDT

North America would dominate the remotely operated vehicle market by 2023. It is expected to register a healthy CAGR of 9.21% during the forecast period. It is expected to reach a market size of USD 898.5 million by 2023.

The new research from Ameco Research on Global Remotely Operated Vehicle (ROV) Market Report for 2023 intends to offer target audience with the fresh outlook on market and fill in the knowledge gaps with the help of processed information and opinions from industry experts. The information in the research report is well-processed and a report is accumulated by industry professionals and seasoned experts in the field to ensure of the quality of research.

The research is backed by extensive and in-depth secondary research which involves reference to various statistical databases, national government documents, relevant patent and regulatory databases, news articles, press releases, company annual reports, webcasts, financial reports, and a number of internal and external proprietary databases. This estimated data is cross-checked with industry experts from various leading companies in the market. After the entire authentication process, these reports are shared with subject matter experts (SMEs) for adding further value and to gain their insightful opinion on the research. With such robust process of data extraction, verification, and finalization, we firmly endorse the quality of our research. With such extensive and in-depth research and comprehensive coverage of information, it is always a possibility of clients finding their desired information in the report with enclosure of key components and valuable statistics in all regards.

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Introduction

Remotely operated vehicles (ROVs) are underwater robots that are connected to an operator through a series of cables that transmit command and control signals to and from the underwater vehicle and the operator, allowing for the remote navigation of the vehicle. The evolution of ROV technology has resulted in the ever-growing application in military and defense, scientific research, oil and gas operations. ROVs are equipped cameras, high-frequency image sonar, and lights, which allow the operator to drive the equipment.

Additionally, a manipulator, cutting arm, water sampler, and other instruments that measure water temperature and clarity may also be used.

Factors such as the increasing demand for ROVs in the oil & gas industry and rising military spending on enhancing maritime security have led to a growing demand for ROVs. However, the high cost of ROVs as compared to divers in shallow water applications and lack of trained ROV pilots could restrain market growth to a certain extent. The growing need for situational awareness in naval warfare and the advent of 3D printing technology offer promising growth opportunities to market players.

Regional Analysis

North America was the largest market for ROVs in 2017. The US is the largest developer, operator, consumer, and exporter of ROVs, globally, which is expected to support the growth of the market in North America. Moreover, significant investments in scientific research and naval forces will lead to an increased demand for ROVs in the US in the coming years. Therefore, it is estimated that the market for ROVs in North America will be the largest, registering a CAGR of 9.21% during the forecast period. In Europe, Russia, the UK, and Norway have vast oil & gas reserves, especially in offshore areas. Moreover, the security risks of offshore activities create a need for ROVs, specifically in search and rescue operations. These countries are spending heavily on underwater vehicles to strengthen their security and for oil and rig activities. Therefore, the European market for ROVs is expected to exhibit a CAGR of 8.23% during the forecast period. 

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Key Players

DeepOcean AS (Netherlands), DOF ASA (Norway), Sapura Energy Berhad (Malaysia), Teledyne Technologies Inc. (US), Helix Energy Solutions Group (US), Oceaneering International, Inc. (US), Saab AB (Sweden), Fugro (Netherlands), Subsea 7 (UK), and TechnipFMC PLC (UK). Oceaneering International, Inc. (US), Subsea 7 (UK), Fugro (Netherlands), DOF ASA (Norway), and Helix Energy Solutions Group (US).

Objective of the Global Remotely Operated Vehicles Market Report - Forecast to 2023

  • To provide insights into factors influencing the market growth
    • To provide historical and forecast revenue of the market segments and sub-segments with respect to regional markets and their key countries
    • To provide historical and forecast revenue of the market segments based on platform, application, material type, technology, and region
    • To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market
  • Target Audience

    UUV Manufacturers
    UUV Dealers
    Sub-component Manufacturers
    Technology Support Providers

    Key Findings

  • The global remotely operated vehicle market in this report has been segmented by platform into industry, system component, and vehicle type.
    •The remotely operated vehicle market in this report has been segmented on the basis of industry into oil and gas application, military and defense, scientific research, and others. The military and defense segment market is projected to register the highest CAGR of 20.43% during the forecast period.
    • The remotely operated vehicle market in this report has been segmented on the basis of system component into electronics and control systems, frame & propulsion, camera and lighting systems, and others. The electronics and control systems segment market is projected to register the highest CAGR of 11.57% during the forecast period.
    •The remotely operated vehicle market in this report has been segmented on the basis of vehicle type into observation vehicle, work class vehicle, and towed and bottom-crawling vehicle. The work class vehicle segment market is projected to register the highest CAGR of 11.53% during the forecast period.
    • North America would dominate the remotely operated vehicle market by 2023. It is expected to register a CAGR of 9.21% during the forecast period. It is expected to reach a market size of USD 898.5 million by 2023.
  • The regional analysis also includes:

  • North America
    o US
    o Canada
    • Europe
    Russia
    UK
    Norway
    Rest of Europe
    Asia-Pacific
    o India
    o Japan
    o Australia
    o Rest of Asia-Pacific
    • Middle East & Africa
    o Israel
    o UAE
    o Saudi Arabia
    o Rest of Middle East & Africa
    • Latin America
    o Brazil
    o Mexico
    o Rest of Latin America
  • Available customization:

    With the given market information, Ameco research offers customization's in line with the company's specific wishes. The following customization choices unit of measurement accessible for the report:
    Regional and country-level analysis of the Global Remotely Operated Vehicle (ROV) Market, by end-use.
    Detailed analysis and profiles of additional market players.

    Table of Contents

    Global Remotely Operated Vehicle (ROV) Market Research Report Forecast to 2023

    1 Executive Summary

    2 Market Introduction
    2.1 Definition
    2.2 Scope of the Study
    2.3 List of Assumptions
    2.4 Market Structure

    3 Research Methodology
    3.1 Research Process
    3.2 Primary Research
    3.3 Secondary Research
    3.4 Market Size Estimation
    3.5 Forecast Model

    4 Market Dynamics
    4.1 Introduction
    4.2 Drivers
    4.2.1 Growing demand for ROVs in the oil & gas industry
    4.2.2 Increase in military spending
    4.3 Restraints
    4.3.1 High costs of ROVs
    4.3.2 Lack of trained ROV pilots
    4.4 Opportunities
    4.4.1 Growing need for situational awareness in naval warfare
    4.4.2 Advent of 3D printing

    5 Market Factor Analysis
    5.1 Porter’s Five Forces Model
    5.1.1 Threat of New Entrants
    5.1.2 Bargaining Power of Suppliers
    5.1.3 Bargaining Power of Buyers
    5.1.4 Threat of Substitutes
    5.1.5 Intensity of Rivalry
    5.2 Supply Chain
    5.3 Patent Analysis
    5.3.1 List of Patents

    6 Global Remotely Operated Vehicle Market, by Industry
    6.1 Overview
    6.1.1 Oil and Gas Application
    6.1.1.1 Drilling Support
    6.1.1.2 Construction Support
    6.1.1.3 Inspection, Repair and Maintenance (IRM)
    6.1.1.4 Others
    6.1.2 Military and Defense
    6.1.2.1 Explosive Ordnance Disposal (EOD)
    6.1.2.2 Hull Inspections
    6.1.2.3 Ballast Tank Inspections
    6.1.2.4 Search and Rescue Operations
    6.1.3 Scientific Research
    6.1.4 Others

    7 Global Remotely Operated Vehicle Market, by System Component
    7.1 Overview
    7.1.1 Electronics and Control Systems
    7.1.2 Frame & Propulsion
    7.1.3 Camera and Lighting systems
    7.1.4 Others

    8 Global Remotely Operated Vehicle Market, by Vehicle Type
    8.1 Overview
    8.1.1 Observation Vehicle
    8.1.2 Work Class Vehicle
    8.1.2.1 Light Work-Class Vehicle
    8.1.2.2 Medium Work-Class Vehicle
    8.1.2.3 Heavy Work-Class Vehicle
    8.1.3 Towed and Bottom-Crawling Vehicle

    9 Global Remotely Operated Vehicle Market, by Region
    9.1 Overview
    9.2 North America
    9.2.1 US
    9.2.1.1 US by Industry
    9.2.1.1.1 US by Oil and Gas Application
    9.2.1.2 US by System Component
    9.2.1.3 US by Vehicle Type
    9.2.2 Canada 59
    9.2.2.1 Canada by Oil and Gas Application
    9.2.2.1.1 Canada by Oil and Gas Application
    9.2.2.2 Canada by System Component
    9.2.2.3 Canada by Vehicle Type
    9.3 Europe
    9.3.1 Russia
    9.3.1.1 Russia by Industry
    9.3.1.1.1 Russia by Oil and Gas Application
    9.3.1.2 Russia by System Component
    9.3.1.3 Russia by Vehicle Type
    9.3.2 UK
    9.3.2.1 UK by Industry
    9.3.2.1.1 UK by Oil and Gas Application
    9.3.2.2 UK by System Component
    9.3.2.3 UK by Vehicle Type
    9.3.3 Norway
    9.3.3.1 Norway by Industry
    9.3.3.1.1 Norway by Oil and Gas Application
    9.3.3.2 Norway by System Component
    9.3.3.3 Norway by Vehicle Type
    9.3.4 Rest of Europe
    9.3.4.1 Rest of Europe by Industry
    9.3.4.1.1 Rest of Europe by Oil and Gas Application
    9.3.4.2 Rest of Europe by System Component
    9.3.4.3 Rest of Europe by Vehicle Type
    9.4 Asia-Pacific
    9.4.1 China
    9.4.1.1 China by Industry
    9.4.1.1.1 China by Oil and Gas Application
    9.4.1.2 China by System Component
    9.4.1.3 China by Vehicle Type
    9.4.2 India
    9.4.2.1 India by Industry
    9.4.2.1.1 India by Oil and Gas Application
    9.4.2.2 India by System Component
    9.4.2.3 India by Vehicle Type
    9.4.3 Australia
    9.4.3.1 Australia by Industry
    9.4.3.1.1 Australia by Oil and Gas Application
    9.4.3.2 Australia by System Component
    9.4.3.3 Australia by Vehicle Type
    9.4.4 Indonesia
    9.4.4.1 Indonesia by Industry
    9.4.4.1.1 Indonesia by Oil and Gas Application
    9.4.4.2 Indonesia by System Component
    9.4.4.3 Indonesia by Vehicle Type
    9.4.5 Rest of Asia-Pacific
    9.4.5.1 Rest of Asia-Pacific by Industry
    9.4.5.1.1 Rest of Asia-Pacific by Oil and Gas Application
    9.4.5.2 Rest of Asia-Pacific by System Component
    9.4.5.3 Rest of Asia-Pacific by Vehicle Type
    9.5 Latin America
    9.5.1 Brazil
    9.5.1.1 Brazil by Industry
    9.5.1.1.1 Brazil by Oil and Gas Application
    9.5.1.2 Brazil by System Component
    9.5.1.3 Brazil by Vehicle Type
    9.5.2 Mexico
    9.5.2.1 Mexico by Industry
    9.5.2.2 Mexico by Oil and Gas Application
    9.5.2.3 Mexico by System Component
    9.5.2.4 Mexico by Vehicle Type
    9.5.3 Rest of Latin America
    9.5.3.1 Rest of Latin America by Industry
    9.5.3.1.1 Rest of Latin America by Oil and Gas Application
    9.5.3.2 Rest of Latin America by System Component
    9.5.3.3 Rest of Latin America by Vehicle Type
    9.6 Middle East & Africa
    9.6.1 Saudi Arabia
    9.6.1.1 Saudi Arabia America by Industry
    9.6.1.1.1 Saudi Arabia America by Oil and Gas Application
    9.6.1.2 Saudi Arabia America by System Component
    9.6.1.3 Saudi Arabia America by Vehicle Type
    9.6.2 UAE
    9.6.2.1 UAE by Industry
    9.6.2.1.1 UAE by Oil and Gas Application
    9.6.2.2 UAE by System Component
    9.6.2.3 UAE by Vehicle Type
    9.6.3 Israel
    9.6.3.1 Israel by Industry
    9.6.3.1.1 Israel by Oil and Gas Application
    9.6.3.2 Israel by System Component
    9.6.3.3 Israel by Vehicle Type
    9.6.4 Rest of Middle East and Africa
    9.6.4.1 Rest of Middle East and Africa by Industry
    9.6.4.1.1 Rest of Middle East and Africa by Oil and Gas Application
    9.6.4.2 Rest of Middle East and Africa by System Component
    9.6.4.3 Rest of Middle East and Africa by Vehicle Type

    10 Competitive Landscape
    10.1 Competitive Scenario
    10.2 Market Share Analysis
    10.3 Mergers & Acquisitions
    10.4 Competitive Benchmarking

    11 Company Profiles
    11.1 Fugro
    11.1.1 Company Overview
    11.1.2 Financial Overview
    11.1.3 Products/Services Offered
    11.1.4 Key Developments
    11.1.5 SWOT Analysis
    11.1.6 Key Strategies
    11.2 Saab AB
    11.2.1 Company Overview
    11.2.2 Financial Overview
    11.2.3 Products/Services Offered
    11.2.4 Key Developments
    11.2.5 SWOT Analysis
    11.2.6 Key Strategies
    11.3 DeepOcean Group, Inc.
    11.3.1 Company Overview
    11.3.2 Financial Overview
    11.3.3 Products/Services Offered
    11.3.4 Key Developments
    11.3.5 SWOT Analysis
    11.3.6 Key Strategies
    11.4 TechnipFMC PLC
    11.4.1 Company Overview
    11.4.2 Financial Overview
    11.4.3 Products/Services Offered
    11.4.4 Key Developments
    11.4.5 SWOT Analysis
    11.4.6 Key Strategies
    11.5 Subsea 7
    11.5.1 Company Overview
    11.5.2 Financial Overview
    11.5.3 Products/Services Offered
    11.5.4 Key Developments
    11.5.5 SWOT Analysis
    11.5.6 Key Strategies
    11.6 Teledyne Technologies Incorporated
    11.6.1 Company Overview
    11.6.2 Financial Overview
    11.6.3 Products/Services Offered
    11.6.4 Key Developments
    11.6.5 SWOT Analysis
    11.6.6 Key Strategies
    11.7 Oceaneering International, Inc.
    11.7.1 Company Overview
    11.7.2 Financial Overview
    11.7.3 Products/Services Offered
    11.7.4 Key Developments
    11.7.5 SWOT Analysis
    11.7.6 Key Strategies
    11.8 DOF ASA
    11.8.1 Company Overview
    11.8.2 Financial Overview
    11.8.3 Products/Services Offered
    11.8.4 Key Developments
    11.8.5 SWOT Analysis
    11.8.6 Key Strategies
    11.9 Sapura Energy Berhad
    11.9.1 Company Overview
    11.9.2 Financial Overview
    11.9.3 Products/Services Offered
    11.9.4 Key Developments
    11.9.5 SWOT Analysis
    11.9.6 Key Strategies
    11.10 Helix ESG
    11.10.1 Company Overview
    11.10.2 Financial Overview
    11.10.3 Products/Services Offered
    11.10.4 Key Developments
    11.10.5 SWOT Analysis
    11.10.6 Key Strategies

    12 Appendix
    12.1 List of References

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