Global Remotely Operated Vehicle (ROV) Market, by industry (Oil and Gas, Military and defence, Scientific Research, Others), By End Use (Electronics and Control System, Frame and Propulsion, Camera and Lighting Systems and Others) opportunities and forecast 2020-2027
Covid-19 Impact on Remotely Operated Vehicle Market:
As the COVID-19 pandemic continuing its effect around the world, many defense and aerospace companies are facing its impact during this time around the world. For instance, commercial aviation companies in the U.S., France, Germany, and Canada are facing disruption in the production process and reduced demand as workforces staying at home, passengers stop traveling, and delay in delivery of new aircraft. Analysts expecting a drop from 3,000 to 4,000 aircraft during the pandemic period. On the defense side, contractors operating in the sector are in a better position, hence the impact of the pandemic is likely low in the short to mid-term. However, low demand due to budget constraints affecting the production as in aircraft manufacturing.ROV Market Overview
The ROV market depends on offshore oil & gas industry and is likely to grow with CAGR of more than 7.0% in the forecast period of 2020 to 2026. As offshore actions move into the deeper waters, it is extremely difficult for the divers to perform actions at such depths. The ROVs provide unique solution to the problem; remotely operated submerged vehicle that can by functioned by crew on surface to carry out the underwater tasks. With rise in number of offshore activities all across the world, ROV market is progressively growing. However, declining number of the offshore rigs is limiting the market. Recently in the year 2018, the U.S. government has lowered royalty rates for the deep water oil activities, in order to increase offshore operations in GOM.
With COVID-19, the world is fighting health pandemic as well as economic pandemic, impacting almost trillions of dollars of the revenues. Most of the market currently are experiencing low demand and supply chain disruption due to the pandemic. The year started as a good opportunity for the businesses, however, the pandemic has caused severe damages to import, export and hence on the demand and supply of the Types. The effect is expected to be long term and will affect the developing economies specially for many years. As a result, the economies are expected to be affected adversely leading to layoffs and hence further lower demand for the Types due to lack of money flow.
Although many of the markets are affected negatively, few markets such as online conference, food delivery apps and others have experienced significant increase in the order intake in the last few months. The markets are expected to show positive growth from mid-2021. The market report will include the detailed analysis of the COVID on the ROV market and various other factors such as economic impact, demand and supply etc.ROV Market Segment Overview
Global ROV market is segmented by Type, Application and geography. Based on Type, global ROV market is segmented into Work Class ROV and Observatory Class ROV. Growing commercialization and industrialization have created demand for the professional and skilled labour in turn propelling the demand for the market. Globally, adoption of ROV is presenting tremendous growth in the upcoming years. Similarly based on Application the market is being segmented into Defence, Oil & Gas. Increasing demand and increasing end use Application are expected to propel the market growth for global ROV market in the coming years.
The report will include the in-depth analysis of each segment and geography to provide proper structure of the market and future growth opportunities to the market players, stakeholders, start-ups and others so that they can reform their strategies accordingly. ROV Regional Overview
Along with the European countries, the U.S. and various Asian countries, such as the China and India, are predictable to develop their individual offshore wind farms and further drive demand for the work-class vehicles. Further, use of observatory class vehicles is the slowly gaining popularity as substitute of the human divers in countries such as Brazil, West Africa, and the U.S., Gulf of Mexico.
The ROV market, by region, has been segmented as Asia-Pacific, Europe, North America, and the rest of the world. The North America accounted for the largest market share in 2019, the market is likely to register CAGR of 7.5% during forecast period. Europe was second-largest market in 2019, the market is expected to register considerable CAGR. However, market in Asia-Pacific was anticipated to register highest CAGR. North America is likely to dominate global market in terms of share during the forecast period owing to technological advancements and well-developed economy of the country. Among North American countries, U.S. accounts for largest market share owing to growing investments in various sector, followed by the Canada and Mexico.ROV Market Competitor overview
The ROV market is the moderately fragmented industry due to several companies operating in industry. The ROV Market is consolidated in nature with few major players commanding the major market share of the ROV Market. Continuous advancements, innovative Types and mergers and such strategies were being used by these players to gain the market share. The report will provide exhaustive information about the top players and their revenue and strategies in the market. The report will also include recent development and other strategical move used by the players to enhance their market share in particular economy or Type segments. Key Players
ROV Market Segmentation
- DeepOcean AS
- DOF Subsea AS
- Helix Energy Solutions Group
- TechnipFMC PLC
- Bourbon Corporation SA
- Fugro NV
- Oceaneering International Inc.
- Saab Seaeye Limited
- Forum Energy Technologies Inc.
- Subsea 7 SA
- Saipem SpA
- Work Class ROV
- Observatory Class ROV
- Oil & Gas
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa