Remotely Operated Vehicle (ROV) Market Research Report Information by Type (Observation Vehicle, Work Class Vehicle, Towed & Bottom-Crawling Vehicle), By Application (Oil & Gas application, Military & Defense, Scientific Research, and others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

Global Remotely Operated Vehicle (ROV) Market Overview

The Remotely Operated Vehicle (ROV) Market Size was valued at USD 1.6 billion in 2022. The Remotely Operated Vehicle (ROV) market industry is projected to grow from USD 1.768 Billion in 2023 to USD 3.218 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.50% during the forecast period (2023 - 2030). Military operations are expanding, and the increasing number of offshore operations in the Gulf of Mexico region and the onshore reserves' impending depletion are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Remotely Operated Vehicle (ROV) Market Trends

• The increasing number of offshore operations to boost the market growth

One of the key growth factors for this market is the rising military spending, which tends to increase spending on various operational activities like hull inspection, ballast tank inspection, and search and rescue operations. Due to the demand for advanced ROVs for industrial applications, this presents a chance for the major ROV market players to produce them. Before carrying out various operations, ROVs are used to inspect the seafloor. The evolution and advancement of ROV technology are leading to increased use of ROVs in various operations, including military and defense, scientific research, and oil and gas operations. Their cameras, high-frequency image sonar, and lights can be used for various tasks, including inspection, retrieval, and observation. Thus, driving market CAGR.

Sightseer Lounge cars can be found on long-distance Amtrak routes outside the Northeast Corridor, where Superliner cars are typically standard equipment. These are usually located in the middle of the train's consist and combine additional window exposure on an upper observation level with a lounge area and dormitory facilities on lower levels of the trains.

Observation cars are sometimes installed on one or both ends of contemporary European trains, which typically run in the push-pull mode. The driver sits in a cabin either above the passengers, as in the Swiss GoldenPass, or to the side of them. The driver's cabin of the German ICE control cars is transparent, and the passenger seats are positioned behind the driver. In Italy, the Settebello, which ran from 1952 to 1992, and the Arlecchino also had operator's cabs at the ends of the train, above the lounge compartments are the factors driving the growth of the Remotely Operated Vehicle (ROV) market revenue.

Remotely Operated Vehicle (ROV) Market Segment Insights

Remotely Operated Vehicle (ROV) Type Insights

Based on type, the Remotely Operated Vehicle (ROV) market segmentation includes Observation Vehicles, Work Class Vehicles, and Towed & Bottom-Crawling Vehicles. The Observation Vehicle segment held the majority share in 2022 for the Remotely Operated Vehicle (ROV) market revenue. It is anticipated that industry participants in the remote-operated vehicle (ROV) market will work with academic researchers to develop innovative vehicles. R&D funding for interdisciplinary technologies in autonomous ROV navigation and data collection systems is critically important.

Remotely Operated Vehicle (ROV) Application Insights

Based on Applications, the Remotely Operated Vehicle (ROV) market segmentation includes Oil & Gas applications, Military & Defense, Scientific Research, and others. The Oil & Gas applications segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. In terms of revenue share, the oil and gas sector commanded the underwater remotely operated vehicles (UROV) market ly in 2019. The increase in interest in deep-water exploration and production is responsible for the growth of the military. This is because UROVs are being used more frequently in naval operations like mine countermeasures (MCM), anti-submarine warfare (ASW), and intelligence, surveillance, and reconnaissance (ISR) for Remotely Operated Vehicle (ROV) positively impacts the market growth.

Figure 2:  Remotely Operated Vehicle (ROV) Market by Type, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Remotely Operated Vehicle (ROV) Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. North America Remotely Operated Vehicle (ROV) market accounted for USD 0.7328 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The United States spent the most on defense in the world in 2021, spending USD 800.6 billion, an increase of roughly 26.3 percent from the 2015 figure (USD 633.8 billion). R&D on ROV vessels has resulted from this.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  REMOTELY OPERATED VEHICLE (ROV) MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Remotely Operated Vehicle (ROV) market accounts for the second-largest market share Government spending on military and defense services is higher in this region than in other regions due to its technological prowess, which is driving the growth of the remotely operated vehicle market. Further, the Germany Remotely Operated Vehicle (ROV) market held the largest market share, and the UK Remotely Operated Vehicle (ROV) market was the fastest growing market in the European region.

The Asia-Pacific Remotely Operated Vehicle (ROV) Market is expected to grow at the fastest CAGR from 2022 to 2030. According to estimates, Asia-Pacific currently holds the second-largest market share due to the market's ongoing technological advancements. China, which accounts for the largest market share in Asia Pacific, is the primary driver of the market in this area. Companies in nations like China, Japan, and India have increased their investments to explore oil fields and meet national needs due to rising military spending and demand for oil and gas in the region. The second-largest consumer worldwide is China. Moreover, China Remotely Operated Vehicle (ROV) market held the largest market share, and the India Remotely Operated Vehicle (ROV) market was the fastest growing market in the Asia-Pacific region.

Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.

Remotely Operated Vehicle (ROV) Key Market Players & Competitive Insights

Major market players are spending much money on R&D to increase their product lines, which will help the Remotely Operated Vehicle (ROV) market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Remotely Operated Vehicle (ROV) industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the  Remotely Operated Vehicle (ROV) industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The Remotely Operated Vehicle (ROV) industry has provided medicine with some of the most significant benefits in recent years. In the Remotely Operated Vehicle (ROV) market, major players such as Fugro Subsea Services Ltd., IKM Gruppen AS, ECA GROUP, Sea Robotics, Innova, ROVCO, The Whale Inc., Teledyne Technologies International Corp., Total Marine Technology, Subsea 7, Saab Seaeye Ltd, Oceaneering International Inc., Planys Technologies and others are working on expanding the market demand by investing in research and development activities.

Fugro Subsea Services Ltd., the top geodata expert in the world is Fugro. We extract insights from geodata. Fugro helps clients reduce risks during the design, construction, and use of their assets—on land and at sea—by integrating data acquisition, analysis, and advice. By providing solutions to support the energy transition, sustainable infrastructure, and climate change adaptation, we contribute to a safe and livable world. The foremost expert in geodata is Fugro. In 1962, the Dutch terms for ground mechanics and foundation were combined to form the acronym Fugro. We have a comprehensive understanding of geodata thanks to the last 60 years. We add value over the entire asset life cycle by lowering client exposure to subsurface risk and uncertainty with our "triple A" approach.

Also, IKM Gruppen AS, IKM Group is a business with its headquarters in Sola, Norway. It was established in 2005 and is focused on developing goods and services for the subsea industry. Turn-key subsea solutions and full ROV systems are provided and produced by the business. For the Energy Industry, IKM offers full service. The group currently has a budgeted revenue of 5,2 billion NOK for 2022 and 3 000 employees. Over the years, IKM has been able to combine profitable growth. Additionally, IKM has successfully given its staff a safe workplace and established itself as a trustworthy supplier for its clients. IKM stands out as a comprehensive service provider for the Energy Industry on the NCS thanks to its wide range of services.

Key Companies in the Remotely Operated Vehicle (ROV) market includes

• Fugro Subsea Services Ltd.


• IKM Gruppen AS


• ECA GROUP


• Sea Robotics


• Innova


• ROVCO


• The Whale Inc.


• Teledyne Technologies International Corp.


• Total Marine Technology


• Subsea 7


• Saab Seaeye Ltd


• Oceaneering International Inc.


• Planys Technologies, among others

Remotely Operated Vehicle (ROV) Industry Developments

For instance,February 2022: PaleBlue gave a "modern" remotely operated vehicle (ROV) engineering simulator to Aker Solutions, a Norwegian oilfield services company, in February 2022. While conducting accessibility evaluations for subsurface oil and gas infrastructure, Aker Solutions will use the simulator to model the behavior of subsea robots/ROVs in a controlled environment. According to PaleBlue, a wide range of CAD data can be integrated with the ROV design product. The editing program loads the geometry data immediately, allowing for editing and optimization. The hierarchy and meta-data from CAD are retained to enable simple access to structural properties.

Remotely Operated Vehicle (ROV) Market Segmentation

Remotely Operated Vehicle (ROV) Type Outlook

• Observation Vehicle


• Work Class Vehicle


• Towed & Bottom-Crawling Vehicle

Remotely Operated Vehicle (ROV) Application Outlook

• Oil & Gas Application


• Military & Defense


• Scientific Research


• Others

Remotely Operated Vehicle (ROV) Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America