Remote Operated Vehicle [ROV] Market (Vehicle Type: Micro, Mini, General, Light Work, Heavy Work, and Burial; Class: Class I [Pure observation], Class II [Observation with Payload Option], Class III [Work Class Vehicles], Class IV [Seabed-working Vehicles}, and Class V [Prototype or Development Vehicles}; Technology: Vehicle Cameras & Lighting System, Hydraulic Tool Control System, Vehicle Control & Navigation System, Tether Management System [TMS], Launch And Recovery Systems [LARS], and Others; Application: Heavy Lifting, Search & Rescue, Subsea Engineering Services, Observation & Inspection ROVs, and Others; and Working Depth: Shallow Water, Deepwater, and Ultra-Deepwater)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027

The global Remote Operated Vehicle [ROV] market gathered revenue around USD 890 Million in 2020 and market is set to grow USD 1.0 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 3.1% during the prediction period 2021 to 2027.

Growth Factors:

These vehicles can be self-propelled or propelled by ship for remote viewing of the subsea environment, construction, and performing repair and construction activities of pipes, ship hulls, and others. They can also be used for seabed mining or cable trenching activities.

The increase in industrialization has been witnessed across the globe. Multiple government activities and policies to boost the number of industries have fueled this industrialization. Technological advancements have boosted production capacities. This rise in industrial production has increased the demand for minerals and petroleum products. Offshore extraction is rising to cater to this increase in demand for minerals and oil & gas, as land resources are limited. The consistent rise in marine activities such as oil & gas production, mineral mining, cable trenching, and marine life exploration is driving the global remote operated vehicle (ROV) market.

The outbreak of COVID-19 pandemic led to the shutdown of several companies, which negatively impacted manufacturing activities across the globe. Furthermore, lockdowns imposed by multiple government agencies to curb the spread of pandemic disrupted the supply chains, which, in turn, reduced the demand and production of ROVs. The shortage of electronic chips has further hampered the production of ROVs, thus restraining the global remote operated vehicle (ROV) market.

This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Remote Operated Vehicle [ROV] market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Remote Operated Vehicle [ROV] market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.

Report Coverage

COVID-19 Impact Assessment on Market Landscape

The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.

Remote Operated Vehicle [ROV] market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.

Market Segmentation analysis:

Based on technology, the vehicle control and navigation system segment held a major share of the remote operated vehicle (ROV) market in 2020. The vehicle control and navigation system includes numerous electronic components such as radar, sonar, and positioning sensors, which are used for tracking, communication, navigating, and positioning of ROVs. These components are critical for operation of any ROV. Hence, the vehicle control and navigation system segment held a major share of the global remote operated vehicle (ROV) market.

Regional Analysis:

In terms of region, the global remote operated vehicle (ROV) market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Middle East & Africa dominated the global remote operated vehicle (ROV) market in 2020. Strong presence of the oil & gas industry in countries of Middle East & Africa, such as Saudi Arabia, Iran, Nigeria, Algeria, and Egypt, makes it leading oil & gas producing region. This fuels the demand for ROVs for pipeline inspection, drilling, repair, and many other such activities, thus making Middle East & Africa a major contributing region of the global remote operated vehicle (ROV) market.

Competitive Rivalry

Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

• Company Overview
• Company Market Share/Positioning Analysis
• Product Offerings
• Financial Performance
• Recent Initiatives
• Key Strategies Adopted by Players
• Vendor Landscape
• List of Suppliers
• List of Buyers

Some of the prominent players in the Remote Operated Vehicle [ROV] Market include:  ECA GROUP, Fugro subsea Services Ltd., Innova, IKM Gruppen AS, Kongsberg Maritime, Oceaneering International Inc., Planys Technologies, ROVCO, Saab Seaeye Ltd, Sea Robotics, Subsea 7, Teledyne Technologies International Corp., The Whale Inc., and Total Marine Technology.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Market: Segmentation

• Remote Operated Vehicle (ROV) Market, by Vehicle Type
• Micro
• Mini
• General
• Light Work
• Heavy Work
• Burial
• Remote Operated Vehicle (ROV) Market, by Class
• Class I (Pure Observation)
• Class II (Observation with Payload Option)
• Class III (Work Class Vehicles)
• Class IV (Seabed-working Vehicles)
• Class V (Prototype or Development Vehicles)
• Remote Operated Vehicle (ROV) Market, by Technology
• Vehicle Cameras & Lighting System
• Hydraulic Tool Control System
• Vehicle Control & Navigation System
• Tether Management System (TMS)
• Launch And Recovery Systems (LARS)
• Others
• Remote Operated Vehicle (ROV) Market, by Application
• Heavy Lifting
• Search & Rescue
• Subsea Engineering Services
• Observation & Inspection ROVs
• Others
• Remote Operated Vehicle (ROV) Market, by Working Depth
• Shallow Water
• Deepwater
• Ultra-deepwater

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Highlights of the Report:

• Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
• Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
• Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
• Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market

Research Methodology

In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Remote Operated Vehicle [ROV] market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.

Secondary resources referred to by analysts during the production of the Remote Operated Vehicle [ROV] market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.

Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Remote Operated Vehicle [ROV] markets more accurate and reliable.

Secondary Research

It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.

The secondary research sources referred in the process are as follows:

• Governmental bodies, and organizations creating economic policies
• National and international social welfare institutions
• Company websites, financial reports and SEC filings, broker and investor reports
• Related patent and regulatory databases
• Statistical databases and market reports
• Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to face interviews, online surveys, and telephonic interviews.

• Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
• In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

Industry participants involved in this research study include:

• CEOs, VPs, market intelligence managers
• Procuring and national sales managers technical personnel, distributors and resellers
• Research analysts and key opinion leaders from various domains

Key Points Covered in Remote Operated Vehicle [ROV] market Study:

• Growth of Remote Operated Vehicle [ROV] in 2021
• Market Estimates and Forecasts (2017-2027)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Remote Operated Vehicle [ROV] and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Remote Operated Vehicle [ROV] Consumption Analysis
•  Remote Operated Vehicle [ROV] Production Analysis
•  Remote Operated Vehicle [ROV] and Management