Remote Operated Vehicle Market Size - By Class (Work Class ROV, Light Work Class ROV, Observation Class ROV, Micro/Mini ROV), By Application, Global Forecast, 2023 - 2032

Remote Operated Vehicle Market Size

Remote Operated Vehicle (ROV) Market size was valued at USD 1.3 billion in 2022 and is estimated to register a CAGR of 11.5% by 2032 due to the increasing investments in Remotely Operated Vehicles (ROVs). Higher investments fuel research and development, leading to technological advancements in ROV capabilities. For instance, in April 2023, ROVOP, a provider of Remotely Operated Vehicle (ROV) solutions, secured a senior secured credit facility worth USD 25 million from Cordiant Capital (Cordiant), a specialized global manager focusing on infrastructure and real assets.
 

Growth in the offshore oil & gas industry is a key factor driving the industry. As offshore exploration and drilling activities expand, ROVs are becoming essential for underwater operations at various depths. They provide crucial support by inspecting subsea equipment, assisting in drilling processes, and conducting maintenance tasks. With the global demand for energy driving offshore ventures into deeper waters, the reliance on ROVs continues to rise, making them indispensable tools for the industry's success and safety.

The high initial costs associated with Remotely Operated Vehicles (ROVs) pose a significant challenge to industry development. The substantial investment required for purchasing and deploying ROV systems can deter smaller businesses & organizations from adopting this technology. Procuring advanced ROV equipment, along with necessary training and maintenance, can strain financial resources. Consequently, companies may opt for alternative solutions or delay ROV adoption, hindering the widespread integration of these valuable underwater exploration tools.
 

COVID-19 Impact

The COVID-19 pandemic had negative impacts on the industry. It disrupted supply chains, causing delays in ROV manufacturing and deployment. Travel restrictions and lockdowns hindered maintenance & inspection activities, affecting the maintenance of the existing ROV fleets. Additionally, the economic uncertainty led to budget constraints, delaying or canceling planned ROV projects in various sectors including offshore oil & gas.
 

Remote Operated Vehicle Market Trends

Collaborative efforts in supplying ROVs to bolster ocean research are driving the industry progression. Partnerships, such as those between research institutions and technology providers, facilitate the development of specialized ROV systems tailored for scientific exploration. For instance, in July 2023, Forum Energy Technologies (FET) received a contract from the Memorial University of Newfoundland to provide an electric observation Remotely Operated Vehicle (ROV) for the Fisheries and Marine Institute. The ROV, designed for ocean research, is capable of carrying a payload skid for navigation, sensors, and equipment while also having the capability for manipulation along with intervention tasks.
 

Surging deepwater exploration and production activities are a major factor propelling the Remote Operated Vehicle (ROV) market. As offshore industries increasingly venture into deeper waters to extract valuable resources, the demand for ROVs rises significantly. These versatile machines play a pivotal role in underwater operations, assisting in exploration, drilling, and maintenance tasks at considerable depths. Their ability to navigate challenging deep-sea environments positions ROVs as indispensable tools.
 

Remote Operated Vehicle Market Analysis

Based on class, the market is divided into work class ROV, light work class ROV, observation class ROV, and micro/mini ROV. In 2022, the observation class ROV held the highest market share in 2022. The launch of advanced products aimed at enhancing ROV capabilities is driving the observation class ROV segment evolution. Innovative offerings, such as improved power supply systems and smart management features, significantly boost the performance of observation class vehicles. For instance, in March 2023, SeaView Systems unveiled its newest products designed to enhance ROV capabilities. The SVS-709 SubSea VPSU and SVS-708 SuperSea Power Supply introduce intelligent power management features, extending available and umbilical power transmission capabilities for Blue Robotics BlueROV2, observation class vehicles & various others.
 

Based on application, the remote operated vehicle (ROV) market is categorized into aquaculture, commercial & salvage diving, municipal infrastructure, military, oil & energy, and others. In 2022, the oil and energy held a industry share of over 42% in 2022. The growing need for underwater inspection solutions is driving the oil & energy sector's adoption of Remote Operated Vehicles (ROVs). These ROVs are essential for inspecting subsea infrastructure, pipelines, and equipment in the oil & energy industry. With increasing offshore operations and a focus on safety & maintenance, the demand for ROVs equipped with advanced sensors and cameras is rising. ROVs enable efficient and precise inspections underwater, ensuring the integrity of assets and propelling their use in oil & energy applications.
 

North America led the remote operated vehicle market with a major share of over 35% in 2022. Military and defense applications significantly contribute to the North America industry gains. Defense agencies deploy ROVs for vital underwater surveillance, mine countermeasures, and security-related operations, ensuring maritime safety & national security. The region’s focus on bolstering defense capabilities and maritime border security drives continuous demand for advanced ROV systems. These high-tech underwater tools play a crucial role in safeguarding naval assets and supporting defense initiatives.
 

Remote Operated Vehicle Market Share

Major players operating in the remote operated vehicle industry are:

• Deep Ocean Group
• DOF Subsea
• DOVONEX Inc.
• Forum Energy Technologies
• Fugro
• Kongsberg Maritime
• Oceaneering International
• ROVOP
• Saab Seaeye
• Seatronics
• SMD
• Subsea 7
• TechnipFMC

Oceaneering International and TechnipFMC plc are the major industry players operating in the business. Both Oceaneering International and TechnipFMC have a long history and experience in the offshore and subsea industries. They have been operating in the field for many years, which has allowed them to build expertise and a strong reputation. These companies have a significant global presence, with offices and operations in various regions around the world. Their extensive reach enables them to serve a wide range of clients and projects across different geographic locations.
 

Remote Operated Vehicle Industry News

• In June 2021, Blueye Robotics introduced the X3, a Blueye ROV model, featuring three guest ports that allow users to connect external peripherals such as sonars, manipulators, cameras, sensors, and lights. The integration with the Blunux operating system ensures that the X3 is futuristic and user-friendly, enhancing its versatility & functionality for underwater exploration and research.
   

The remote operated vehicle market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

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By Class, 2018 – 2032

• Work Class ROV
• Light Work Class ROV
• Observation Class ROV
• Micro/Mini ROV

By Application, 2018 – 2032

• Aquaculture
• Commercial & Salvage Diving
• Municipal Infrastructure
• Military
• Oil & Energy
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa
  • Saudi Arabia