ROV Market projected to reach $2.8 Billion in 2020 owing to Increased Offshore Activity!

2024-04-19 02:21:15 Automotive

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Remotely Operated Vehicle (ROV) is a tethered Underwater Unmanned Vehicle which is controlled by a human operator on board and receives the control signals via umbilical cord. ROVs are basically categorized into Work Class and Observation Class. Work Class can be further sub-divided into Light Work Class and Heavy Work Class. Heavy Work Class ROV are the most advanced underwater vehicles, having a depth rating above 3,000msw and are used to perform all the subsea operation during offshore oil production activity. Light Work Class ROV is used to perform light work commercially and in research applications for sample collection. The Observation Class ROV is used for inspection and survey purposes. The various applications for which ROV is utilized include drilling support, subsea construction and installation activity, inspection, maintenance and repair (IMR) activity and decommissioning operations.

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The ROV Market is mainly driven by the commercial activities such as the offshore oil and gas industry. New offshore oilfield development, capital expenditure in offshore industry, number of active offshore oil rigs, offshore renewable energy harvesting ventures and movement to deep-waters are the factors driving ROV market globally. Mandatory safety measures and government regulations can limit the level of offshore activity, high capital and operational costs of Work Class ROV and higher capital expenditure required for R&D can constrain the growth of ROV Market. Fluctuating oil prices causing uneven offshore activity and movement to deep-water to extract oil, where high deep-water operating costs cannot be sustained at lower oil prices, are some of the challenges the ROV industry faces.
According to IndustryARC analysis, the CAGR for ROV industry is estimated to be around 7% and the market size is estimated to reach $2.8 Billion in 2020. The Commercial Segment is projected to contribute around 80% of the ROV revenue during this period. The report published by IndustryARC suggests that ROV Operations Market and sales market will register CAGR of around 6.8% and 7.4% respectively for 2014-2020.

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Latin America and Asia Pacific regions are estimated to exhibit increased offshore activity due to the increased energy and oil demand of the emerging economies in this region. These regions are making efforts to become self-sufficient in terms of energy demand by exploring the offshore arena. With the government issuing E&P licenses to IOC and NOC, the CAGR for ROV Market in these regions is projected to be around 10% for 2015-2020. The North American and European ROV Markets are the most affected because of the soft oil and gas offshore industry, substantial reduction in capital expenditure and low investments in the offshore industry.

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2015 and 2016 will be challenging years for ROV companies until the oil prices stabilize to a level of around $75 per barrel, only at this price deep-water E&P offshore operations start to become economically viable. Rebound and rise in offshore E&P activity, driving the ROV market growth, can be anticipated after 2017 when the effect of shale oil revolution normalizes and oil prices increase. Activities including harnessing renewable wind energy will lead to ROV market growth but large scale impact will happen only after 2018 when huge investments and capital expenditure for installation of offshore wind mills is anticipated to happen.

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