The global market for remotely operated vehicles (ROVs), which are a vital part of underwater activities in offshore, is valued at USD 210 million in 2018 is expected to reach USD 330 million by the end of 2025, growing at a CAGR of 6.3% during 2019-2025.
In the coming years there is an increasing demand for offshore ROV in the regions of North America and Europe that is expected to drive the market for more advanced offshore ROV, said a report from QY Research.
Increasing of underwater fields expenditures, recovery of oil & gas industry, launches in introducing new products, increasing of spending on marine work, retrofitting and renovation of old technology, increasing adoption of offshore ROV will drive global market growth.
The consumption volume of offshore ROV is related to downstream industries and global economy. As there will always be some uncertain in the global economy in the following years, the growth rate of offshore ROV industry may not keep that fast. But it is surely forecasted that the market of offshore ROV is still promising.
The offshore industry could not function without them as ROVs perform crucial installation, inspection, maintenance, and decommissioning of subsea infrastructure, it said.