Observation Class ROV Market: Introduction

  • Remote operated vehicles (ROVs) are tethered or un-tethered underwater vehicles used for ocean exploration and marine construction. Observation class ROVs are equipped with high accuracy, sensitivity, and range sensors to perform mundane underwater tasks of searching, monitoring, survey, and inspection.
  • Observation class ROVs enable users to perform these underwater tasks with greater safety and in cost-effective way by reducing time, effort, and risk. However, observation ROVs are not capable of completely replacing human divers due to complications in sensory and manipulative data communication that is needed to carry out intricate tasks.

Key Drivers of Observation Class ROV Market

  • Initially, when this technology was introduced, ROVs were used by government agencies only, which was subsequently adopted by oil and mining companies. The ocean technology sector has rapidly evolved since then, and ROVs have become an integral part of multiple applications. Furthermore, several end-users are opting for unmanned subsea vehicles to reduce the danger to human divers, and extend the working capabilities in deeper waters and increase efficiency. Observation class ROVs are being designed to be utilized by oceanographers, scientists, archeologists, commercial divers, photographers, and undersea explorers. Rise in number of potential applications is driving the global observation class ROV market.
  • Economic growth and industrialization in developing and developed countries for the last few years has led to a surge in transport volumes of commodities from one place to another. This, in turn, has augmented world trade activities. According to estimates of World Trade Organization, the merchandise trade volume is expected to increase by 8.0% across globe in 2021. Around 80% of global trade by volume and over 70% of global trade by value are carried by sea, and the growing trade volumes are fueling the usage of currently operational ships as well as sale of new vessels. This increase in maritime trade activities fuels the demand for ship maintenance activities, and observation class ROVs are increasingly being employed to perform this task to observe and inspect ship hulls. Therefore, an increase in demand from the maritime industry is propelling the global observation class ROV market.

Challenges in Observation Class ROV Market

  • Initial cost of purchasing an observation class ROV is high, and its operation and training require additional costs. Consequently, most end-users prefer to avail ROV services instead of owing it. This is hampering the sale of new ROV units and subsequently, restraining the global observation class ROV market.
  • Various other operational issues exist with observation class ROVs, which vary with type of application, but cable entanglement and system reliability are some of the common issues that limit the application of these systems and consequently, hamper the observation class ROV market across the globe

Impact of COVID-19 pandemic on Observation Class ROV Market

  • The COVID-19 pandemic led to a shutdown of companies, which negatively impacted manufacturing activities across the globe. Moreover, the lockdowns imposed by multiple government agencies to curb the spread of pandemic disrupted the supply chains, which in turn hindered the demand for ROVs. Furthermore, a shortage of electronic chips has also hampered the production of ROVs.

Opportunities in Observation Class ROV Market

  • Underwater sensors and instrumentation collect information about underwater objects and ocean properties, which makes them vital components of ROVs. Subsea technology companies are using the latest developments in digital sensor technology to upgrade their product portfolio of sensors and instrumentation. For instance, in September 2020, Valeport Ltd. launched its new series of sensors, miniIPS2 and uvSVX, which are lightweight and capable of working accurately at any depth.  Development of sensors and instrumentation components with advanced technology and launch of enclosures & frames made from strong composite materials are expected to boost the operational depth of ROVs. This is anticipated to offer significant opportunity for industry participants in the global observation class ROV market.

Middle East & Africa to hold significant share of global observation class ROV market

  • Middle East & Africa accounted for a significant share of the global observation class ROV market in 2020. A significant 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 across the globe. This fuels the demand for observation class ROVs for pipeline inspection and maintenance along with other applications.

Key Players Operating in Observation Class ROV Market

The global observation class ROV market is fairly concentrated due to the presence of top manufacturers. A few of the key players operating in the observation class ROV market are:

  • Fugro subsea Services Ltd.
  • IKM Gruppen AS
  • Innova
  • Kongsberg Maritime
  • Oceaneering International Inc.
  • Planys Technologies
  • Saab Seaeye Ltd
  • Sea Robotics
  • Subsea 7
  • Teledyne Technologies International Corp.

Global Observation Class ROV Market: Research Scope

Global Observation Class ROV Market, by Type

  • Pure Observation
  • Observation with payload-option

Global Observation Class ROV Market, by Application

  • Observation & Inspection
  • Search & Rescue
  • Recreation

Global Observation Class ROV Market, by End-user

  • Military/ Government Agencies
  • Oil & Gas Rigs
  • Shipyards & Maintenance Service Providers
  • Others

Global Observation Class ROV Market, by Working Depth

  • Shallow Water
  • Deepwater
  • Ultra-Deepwater

Global Observation Class ROV Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Nordic Region
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Observation Class Rov Market