Jun 08, 2020, 09:26 EST
New York, United States, Jun 08, 2020, 09:26 /Comserve / -- The market for remotely operated vehicles accounted for a market value of USD 2,099.40 million globally in 2018. This market is anticipated to grow further at a significant CAGR of 10.62% over the forecast period, i.e., 2020-2027.
Research Nester released a report titled “Remotely Operated Vehicle (ROV) Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global remotely operated vehicles (ROV) market in terms of market segmentation by category, by end user industry, by system component, by propulsion system, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market for remotely operated vehicles accounted for a market value of USD 2,099.40 million globally in 2018. Moreover, this market is anticipated to grow further at a significant CAGR of 10.62% over the forecast period, i.e., 2020-2027. Remotely operated vehicles (ROV) are devices which can be operated for various underwater applications in industries such as oil and gas, military & defense, and scientific research. They are mainly used to collect various forms of data and for communication or information transfer. The market is segmented by category, by end user industry, by system component, by propulsion system, by application and by region. The remotely operated vehicle (ROV) market is segmented on the basis of end user into oil & gas, military & defense and scientific research. Out of these, the oil and gas industry segment is predicted to grow at the highest CAGR of 10.55% over the forecast period as a result of the emerging energy demand across the world.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America is predicted to hold the leading share in the market on account of increase in investments towards the naval sector by the government entities to maintain the safety and security across the waters. The market in Asia Pacific is anticipated to reach a significant market value by 2027 on the back of growing military expenses along with the rising demand for oil and gas in this region.
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Technological Advancements in Industries to Drive the Market Growth
The evolution and advancements in the ROV technology is resulting in increasing applications of ROVs in various operations such as military and defense, scientific research, oil and gas operations. They are equipped cameras, high-frequency image sonar, and lights, which allow the operator to perform a wide variety of tasks including inspection, retrieval and observation among others. This is anticipated to become a major growth driver for the market. However, the high installation and maintenance cost associated with the remotely operated vehicle is predicted to hamper the growth of this market.
This report also provides the existing competitive scenario of some of the key players of the global remotely operated vehicles (ROV) market which includes company profiling of Oceaneering International, Inc., Fugro, Saab AB, TechnipFMC plc, SUBSEA 7, Teledyne Technologies Incorporated, DOF ASA, Total Marine Technology and Helix Energy. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
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On the whole, the report depicts detailed overview of the global remotely operated vehicles (ROV) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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