Observation Mini ROVs Global Market Report 2024

The observation mini rovs market size has grown strongly in recent years. It will grow from $11.39 billion in 2023 to $12.07 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth observed in the historic period for observation mini-ROVs can be attributed to several factors, including increased demand for underwater exploration and research, inspections within the oil and gas industry, maintenance of underwater infrastructure, participation in search and rescue operations, and monitoring activities in the field of aquaculture. These applications collectively drove the expansion of the observation mini-ROV market during that period.

The observation mini rovs market size is expected to see strong growth in the next few years. It will grow to $14.92 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The projected growth in the upcoming period is primarily driven by the expansion of offshore renewable energy initiatives, a rise in underwater construction projects, increased focus on environmental monitoring and conservation, advancements in marine science research, and the growing applications in defense and security. Noteworthy trends anticipated in the forecast period encompass a strategic emphasis on compact and portable ROV designs, the integration of advanced sensors for enhanced environmental monitoring capabilities, a market-wide focus on user-friendly interfaces and controls, and the escalating utilization of ROVs in search and rescue operations. Furthermore, collaborative efforts for technological integration are expected to play a pivotal role in shaping the industry landscape.

The anticipated surge in investments in unmanned aerial vehicles (UAVs) is poised to drive the growth of the observation mini remotely operated vehicles (ROVs) market. UAVs, commonly referred to as drones, operate without an onboard human pilot and are remotely controlled, offering a versatile platform for various applications. Unmanned underwater drones, a subset of UAVs, play a pivotal role in conducting visual inspections of underwater environments, freshwater tanks, reservoirs, and pipelines - functions crucially addressed by observation mini ROVs. For instance, in March 2023, Open Sea Robotics, a UK-based marine robotics company, secured $1.75 million in funding to develop unmanned solar-powered surface vehicles equipped with sensors, cameras, and communication equipment for oceanic data gathering. Additionally, Drone Industry Insights, a Germany-based analytics firm, reported a substantial increase in global drone industry investments, surging from $2.43 billion in 2021 to $7.91 billion in 2022. Hence, the escalating investments in UAVs are a key driver behind the growth of the observation mini ROVs market.

The expansion of the military industry is set to contribute significantly to the growth of the observation mini ROVs market. The military industry, encompassing entities involved in the research, development, production, and sale of military equipment, employs observation mini ROVs for underwater surveillance, reconnaissance, and inspections. These ROVs enhance situational awareness and ensure the success and safety of military operations by providing real-time visual information in challenging and hazardous conditions. Notably, data from the Aerospace Industries Association's 2022 Facts & Figures Data revealed a 2.1% growth in combined sales revenue for the US aerospace and defense sector, reaching $892 billion in 2021. Moreover, exports from the A&D industry rose by 11.2% between 2020 and 2021, totaling $100.4 billion. Consequently, the expansion of the military industry stands as a driving force behind the growth of the observation mini ROVs market.

The observation mini-ROV market is witnessing a notable trend in product innovations, with major companies strategically embracing new technologies to solidify their market positions. A case in point is ECA Group, a France-based aerospace and defense company, which introduced R7-based ROVs in October 2021 specifically designed for the Observation Mini ROV sector. The R7 seamlessly combines the deployment ease of mini-ROVs with the professional observation-class ROVs' speed, performance, and payload capacity. Equipped with advanced digital technology, the R7 facilitates navigation in challenging visibility conditions through a high-sensitivity wide-angle video sensor on its navigation camera. Targeted at oceanographers, hydrographers, fish farmers, and submerged structure managers, the R7 caters to a wide range of underwater operations up to 300 meters, including inspection, observation, surveillance, maintenance, and object recovery.

Significant players in the observation mini-ROV market are actively incorporating cutting-edge technologies such as real-time 3D perception to elevate the level of situational awareness in ROV operations. Real-time 3D perception involves capturing and interpreting the 3D structure of the environment in real-time. Voyis Imaging Inc., a Canada-based subsea optical inspection technologies company, exemplifies this trend with the launch of their discovery vision systems product line in April 2023. This innovative system enhances ROV vision systems by providing high-resolution video and real-time 3D perception for piloting, inspection, and autonomy applications. The system captures low-latency enhanced video for piloting and simultaneously captures high-quality still images for 3D modeling, enabling remarkable 3D reconstructions without the need for specialized technicians or expensive third-party processing.

In April 2022, Halma PLC, a UK-based safety equipment company, strengthened its portfolio by acquiring Deep Trekker for an undisclosed amount. This strategic acquisition enhances Halma's capabilities in underwater monitoring technology, offering submersible robots for the protection and maintenance of critical infrastructure, such as offshore wind farms and aquaculture, while also contributing to ocean science and study. Deep Trekker, based in Canada, specializes in manufacturing portable, affordable, and user-friendly remotely operated vehicles (ROVs), including observation mini-class ROVs, aligning with Halma's commitment to fostering a better, cleaner, and safer future through cutting-edge solutions.

Major companies operating in the observation mini rovs market report are Teledyne SeaBotix Incorporated, VideoRay LLC, Saab Seaeye, International Submarine Engineering Ltd., Ocean Modules Sweden AB, 2G Robotics Inc., Blue Robotics Inc., Deep Trekker Inc., MarineNav Ltd., Outland Technology Inc., Blueye Robotics, Argus Remote Systems AS, SEAMOR Marine Ltd., Subsea Tech LLP, Shark Marine Technologies Inc., Aquabotix Corporation, AC-CESS, CISCREA SAS, JW Fishers Mfg, ROBOSEA, Boxfish Research Limited, Gnom ROV, OpenROV, Hydromea SA, Qysea.

North America was the largest region in the observation mini ROVs market in 2023. The regions covered in the observation mini rovs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the observation mini rovs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary classifications of observation mini-ROVs encompass micro-observation ROVs and mini-observation ROVs. Micro Observation ROVs are a specific subtype of remotely operated vehicles tailored for conducting underwater observations in limited or small-scale environments, typically covering distances ranging from 100 meters (328 feet) to 300 meters (984 feet). These versatile ROVs are equipped with varying payloads, categorized as light or heavy, and find applications in diverse sectors such as the oil and gas industry, military and defense, scientific research, among others.

The observation mini ROVs market research report is one of a series of new reports that provides observation mini ROVs market statistics, including the observation mini ROVs industry global market size, regional shares, competitors with an observation mini ROVs market share, detailed observation mini ROVs market segments, market trends, and opportunities, and any further data you may need to thrive in the observation mini ROVs industry. This observation mini ROVs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The observation mini ROVs market consists of sales Observation mini ROVs without Payloads and observation mini ROVs with Payloads. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.