This report is very helpful in understanding the market in-depth. The data and the information regarding the market are taken from reliable sources such as websites, annual reports of the companies, journals, and others and were checked and validated by the industry experts. The facts and data are represented in the report using diagrams, graphs, pie charts, and other pictorial representations. This enhances the visual representation and also helps in understanding the facts.
A competitive landscape that identifies the major competitors of the global market and their global Remotely Operated Vehicle (ROV) market share are further highlighted in this research report. A deliberate profiling of major competitors of the global Remotely Operated Vehicle (ROV) market as well as a innovative analysis of their current developments, core competencies and investments in each segment are also elaborated in the research report.
Global Remotely Operated Vehicle (ROV) Market report helps to decide market potential, product, trends, challenges, and marketing strategy. It reduces the risks involved in making decisions as well as strategies for companies and individuals interested in the global Remotely Operated Vehicle (ROV) industry. Both established and new players in this industry can use report to understand the market.
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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.
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.
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
Technology Support Providers
> 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
Rest of Europe
o Rest of Asia-Pacific
> Middle East & Africa
o Saudi Arabia
o Rest of Middle East & Africa
> Latin America
o Rest of Latin America
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