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ROV Market - Growth, Trends, and Forecast (2020 - 2025)

  • ID: 4514807
  • Report
  • March 2020
  • Region: Global
  • 124 pages
  • Mordor Intelligence
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until Jun 30th 2020
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FEATURED COMPANIES

  • Bourbon Corporation SA
  • DeepOcean AS
  • DOF Subsea AS
  • Fugro NV
  • Saab Seaeye Limited
  • Saipem SpA
  • MORE
The ROV market majorly depends on the offshore oil & gas industry and is expected to grow with more than a CAGR of 7.6% during the forecast period of 2020 – 2025. As offshore activities move into deeper waters, it is becoming extremely difficult for divers to perform the actions at such depths. ROVs provide a unique solution to this problem; a remotely operated underwater vehicle that can be operated by a crew on the surface to carry out underwater tasks. With a rise in the number of offshore activities around the world, the ROV market is steadily growing. However, the declining number of offshore rigs is restraining the market.
  • Oil and gas application is expected to dominate the market, in 2019, owing to rising offshore oil & gas activities. ROVs have emerged as one of the most important and highly researched technologies. Some of the major factors driving the demand for ROV market are - rising offshore oil and gas production, growing offshore wind power industry, and increasing oil and gas decommissioning activities.
  • Further, the ongoing deepwater and ultra-deepwater oil and gas discoveries are expected to create huge opportunities for ROV deployment after the forecast period.
  • North America dominated the market across the globe in 2018, with the majority of the demand coming from the United States.
Key Market Trends

Oil & Gas Application to Dominate the Market
  • The drop in offshore activity and reduction in the number of offshore drilling rig count has effected the ROV market negatively. The demand for work-class vehicles has been hit hard by the downturn in the oil and gas industry, but increasing offshore wind farm development, especially in Europe had created some demand in the past few years.
  • Along with European countries, the US and Asian countries, such as China and India, are expected to develop their respective offshore wind farms and drive the demand for work-class vehicles. Further, the use of observatory class vehicles is slowly gaining popularity as the substitute of human divers in Brazil, West Africa, and the US Gulf of Mexico.
  • Besides this, the ROV market is also likely to grow because of offshore decommissioning activities going on throughout the world. After 1947, only in the Gulf of Mexico (GOM) over 4,750 structures have been removed from the federal waters. Additionally, as of 2018 there were around 2,189 existing platforms in the GOM’s OCS region, of which approximately 30% of platforms were non-producing or otherwise considered ‘idle-iron’, and had to be decommissioned.
  • Due to the various advantages offered by ROVs such as decommissioning activities, subsea inspection, and video surveillance, among others, the demand for ROVs is expected to increase during the forecast period.
North America to Dominate the Market Growth
  • Owing to the nearing exhaustion of onshore reserves, the exploration of deepwater reserves has become a necessity. This, however, requires employing high technology, to explore oil and gas reserves that are buried thousands of meters deep on the ocean floor. This has increased the need to employ remotely operated vehicles (ROV).
  • The Gulf of Mexico in the United States is one of the most mature oil provinces in North America. The region consisted of both shallow and deepwater drillings. The future of the US Gulf is in its deepwater regions.
  • Recently in 2018, the united states government has lowered the royalty rates for deepwater oil activities, to increase offshore operations in the GoM.
  • Similarly in the same year, the Trump administration offered the largest oil and gas offshore auction in the US history for areas in federal waters off the Gulf Coast. The Interior Department has offered 77.3 million acres (31.3 million hectares) offshore Texas, Louisiana, Mississippi, Alabama, and Florida for oil and gas development, an auction that includes all available unleased areas in the Gulf of Mexico. Exploration of deepwater in this region which requires ROV is expected to drive the ROV market.
Competitive Landscape

The ROV market is moderately fragmented due to many companies operating in the industry. The key players in this market include DeepOcean AS, DOF Subsea AS, Helix Energy Solutions Group, Oceaneering International Inc., TechnipFMC PLC, Bourbon Corporation SA, and others.

Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format.
  • 3 months of analyst support.
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Bourbon Corporation SA
  • DeepOcean AS
  • DOF Subsea AS
  • Fugro NV
  • Saab Seaeye Limited
  • Saipem SpA
  • MORE
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast, in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies & Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 Type
5.1.1 Work Class ROV
5.1.1.1 Light Work Class ROV
5.1.1.2 Medium Work Class ROV
5.1.1.3 Heavy Work Class ROV
5.1.2 Observatory Class ROV
5.2 End-use Application
5.2.1 Oil & Gas
5.2.2 Defense
5.2.3 Research
5.2.4 Others
5.3 Activity
5.3.1 Survey
5.3.2 Inspection, Repair, and Maintenance
5.3.3 Burial and Trenching
5.3.4 Others
5.4 Geography
5.4.1 North America
5.4.2 Asia-Pacific
5.4.3 Europe
5.4.4 South America
5.4.5 Middle-East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 DeepOcean AS
6.3.2 DOF Subsea AS
6.3.3 Helix Energy Solutions Group
6.3.4 TechnipFMC PLC
6.3.5 Bourbon Corporation SA
6.3.6 Fugro NV
6.3.7 Oceaneering International Inc.
6.3.8 Saab Seaeye Limited
6.3.9 Forum Energy Technologies Inc.
6.3.10 Subsea 7 SA
6.3.11 Saipem SpA

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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  • 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
Note: Product cover images may vary from those shown
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