The offshore ROV market is estimated to be USD 802.9 million in 2018 and is projected to reach USD 943.1 million by 2023, at a CAGR of 3.27% from 2018 to 2023. The market is set to grow due to increasing offshore oil & gas discoveries in prominent countries and rise in demand for oil & gas.
The Observation class segment is expected to hold the largest share of the Offshore ROV market
The offshore ROV industry has been segmented, by type, into Observation class, Work Class, and Intervention Class. The observation class segment is expected to be the largest market because it can be used in all kinds of offshore applications for observing the process during drilling and completion work.
The Drilling and Well Completion Support is expected to dominate the offshore ROV market
The offshore ROV industry has been segmented, by application, into Drilling and Well Completion Support, Construction Support, Inspection Repair & Maintenance Services, Remote Subsea Intervention Tooling Design and Build, and Subsea Engineering Services. The Drilling and Well Completion Support segment is estimated to hold the largest market share by 2023. The market growth in the segment is driven by the increasing deep water offshore activities in Angola and ultradeep water in Brazil.
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Middle East & Africa expected to be the largest market for offshore ROV
The Middle East & Africa is expected to dominate the offshore ROV market during the forecast period. The rise in offshore deep and ultradeep water activities is driving the offshore ROV industry in the Middle East & Africa region. The increasing activities of offshore exploration and production in countries such as Angola, UAE, Nigeria, etc. will drive the offshore ROV industry in the Middle East & Africa region.
Some of the leading players in the offshore ROV market are Oceaneering (US), Subsea 7 (UK), Fugro (Netherlands), TechnipFMC (UK), Saipem (Italy), Forum (US), DOF (Norway), ECA (France), Deep Ocean Group (Norway), ISE (Canada), Deep Ocean Engineering (US), and AC-CESS (Scotland).