Global Remotely Operated Vehicles Market Is Expected To Spring By 10.51% CAGR During The Forecast Period (2018-2023) And Scale To A Worth Of USD 3,127.7 Million By 2023.
Reports published by Market Research Future (MRFR) has a detailed analysis of segments and factors that can influence the market growth in the foreseeable future. The remotely operated vehicles work with an operator panel that holds cables. These cables transmit signals and enable the vehicle to perform under the guidance of a controller sitting far away.
Among the factors that can significantly impact the remotely operated vehicles market growth, military & defense, along with oil & gas exploration score high. Many scientific types of research to understand environmental changes are also promoting the remotely operated vehicles market considerably. The naval sector also uses technology to maintain ships and monitor any unwanted prying. With growing sea border dispute, the remotely operated vehicles (ROV) market is going to enjoy sufficient tailwinds.
Despite such benefits, the remotely operated vehicles market can get plateaued by the high prices associated with it and shortage in expert operators. But the future holds prospect for the remotely operated vehicles market. The advent of 3D printing technology can curb the production cost and simplify the remotely operated vehicles’ market proliferation.
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The global remotely operated vehicles (ROV) market can be segmented by industry, system component, and vehicle type.
Industry-wise, the remotely operated vehicles market includes oil & gas application, military & defense, scientific research, others. Oil & gas segment can be segmented into drilling support, construction support, inspection, repair, and maintenance, and others. The segment had the maximum market share and was valued at USD 837 million which can go up to USD 1,477.3 million by 2023. Military & defense can be segmented into explosive ordnance disposal, hull inspections, ballast tank inspections, and search & rescue operations. The segment can record the fasts CAGR of 11.57% during the forecast period.
Based on system component, the remotely operated vehicles (ROV) market can be segmented into electronics & control systems, frame & propulsion, camera & lighting systems, and others. Electronics & control systems can climb up to USD 1,237.2 million by 2023 while maintaining the highest CAGR of 11.02% over the review period.
Bon the basis of vehicle type, the remotely operated vehicles market comprises observation vehicle, work class vehicle, and towed & bottom-crawling vehicle. Work class vehicle includes light work-class, medium work-class, and heavy work-class. Observation vehicle segment has the maximum market value and can scale USD 1,415.6 million valuation during the assessment period.
Region-specific detailed study of the remotely operated vehicles (ROV) market namely includes North America, Europe, Asia Pacific (APAC), Latin America, and Middle East & Africa (MEA).
North America has the maximum market share of 30.82% and is eyeing for a valuation of USD 898.5 million by 2023. The regional technological brilliance has kept it ahead of its peers. In addition, the presence of a market like the U.S. can be considered can quite fruitful.
The APAC had control over 27.84% of the ROV market in 2017. The global market is expected to grow with the fastest CAGR of 12.81% over the forecast period. During the forecast period, the regional market can overtake that of North America’s. The market growth can be attributed to countries such as India, China, and Indonesia which are generating huge demands for such vehicles.
Prominent players included in the report of the remotely operated vehicles market are DeepOcean Group, Inc. (the Netherlands), Teledyne Technologies Incorporation (the U.S.), TechnipFMC PLC (the U.K.), Subsea 7 (the U.K.), Oceaneering International Inc. (the U.S.), Fugro (the Netherlands), Saab AB (Sweden), DOF ASA (Norway), Sapura Energy Berhad (Malaysia), and Helix ESG (the U.S.). The remotely operated vehicles market is benefitting much from the strategies implemented by the market titans. These strategies include mergers, acquisitions, collaborations, product launches, and others.
In August 2018, Fugro introduced a new bathymetric LiDAR system known as RAMMS that has superior mapping technology. In January 2018, Saab AB inked a deal with Sabertooth, where they have promised to deliver autonomously operated vehicles that would be essential for survey and intervention work.