Remote Operated Vehicle (ROV) Market: Introduction

  • Increasing marine activities, including search for new sources of minerals, is driving the global remote operated vehicle (ROV) market. Scarcity of minerals in land mines across the globe has prompted search for new possible sites for mining under the seas. This, in turn, has boosted the demand for remote operated vehicles.
  • A remotely operated vehicle (ROV) is a tethered underwater mobile vehicle. The construction and operation of an ROV is fundamentally different from that of other remote controlled vehicles operating on land or in the air. ROVs are unoccupied/ unmanned, highly maneuverable underwater, and are generally operated by a team from a ship.

Key drivers of global remote operated vehicle (ROV) market

  • Regulations and standards implemented by government authorities and regulatory bodies are promoting the development of different class of remote operated vehicles that are suitable for specific underwater applications; subsequently, fueling the demand for remote operated vehicles and in turn propelling the global remote operated vehicle (ROV) market. For instance, the petroleum industry in Norway in conjunction with several other companies has developed NORSOK standards for ROVs. These standards are aimed at ensuring adequate safety, value addition, and cost effectiveness for petroleum industry developments and operations. Furthermore, these standards serve as a reference for other ROV-related regulations.
  • Stringent regulations are demanding a reduction in air pollution caused by vehicle emissions in order to reduce carbon footprint and control climate change, which has led to the development of electrically powered remote operated vehicles. These developments are driving the global remote operated vehicle (ROV) market. For instance, Oceaneering International, Inc. has developed work class ROVs that utilize electric propulsion technology to reduce emission and marine environmental impact caused due to ROVs operating underwater.
  • Scarcity of minerals, petrochemical products, and other natural resources that are used in diverse industries, including pharmaceutical, is compelling governments to increase marine activities in search of these products. All these operations need different class of remote operated vehicles, which in turn is boosting the demand for ROVs, and thereby propelling the global market. For instance, ROVs are classified from Class I to Class V and perform functions as per the vehicle class. These functions include observation, search and rescue, and heavy lifting.

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North America to dominate global remote operated vehicle (ROV) market

  • The research and development of remote operated vehicles is backed by major petrochemical companies based in North America. ROVs are utilized by oil & gas companies, mineral mining companies, and the defense industry in countries in North America.
  • Government spending on military and defense services in the region is considerably high, as compared to that by other countries in other regions. Therefore, the region witnesses intense competition among ROV manufacturers in order attract land investment/ funding from the government. All these factors boost the remote operated vehicle (ROV) market in North America.

Key players operating in global remote operated vehicle (ROV) market:

The global remote operated vehicle (ROV) market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global remote operated vehicle (ROV) market are:

  • 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.
  • Total Marine Technology

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Global Remote Operated Vehicle (ROV) Market: Research Scope

Global 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 )

Global Remote Operated Vehicle (ROV) Market, by Working Depth

  • Shallow Water
  • Deepwater
  • Ultra-Deepwater

Global Remote Operated Vehicle (ROV) Market, by Technology

  • Vehicle Cameras and Lighting System
  • Hydraulic Tool Control System
  • Vehicle Control and Navigation System
  • Tether Management System (TMS)
  • Launch and Recovery Systems (LARS)
  • Others

Global Remote Operated Vehicle (ROV) Market, by Application

  • Heavy Lifting
  • Search and Rescue
  • Subsea Engineering Services
  • Observation and Inspection ROVs
  • Others

Global Remote Operated Vehicle (ROV) Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • 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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