OFFSHORE REMOTE OPERATED VEHICLE MARKET ANALYSIS

Offshore Remote Operated Vehicle MarketSize and Trends

There is rising demand for conventional energy resources such as petrol, diesel, kerosene, jet fuel and LPG, which are byproducts of the crude oil. The consumption of crude oil is increasing day by day globally.  For instance, according to the Coherent Market  Analysis, offshore oil & gas industry accounted for US$ 94 billion in 2018, globally and is estimated to exhibit a CAGR of 4.9% over the forecast period. According to same source out of the total global sales of ROV across different industries, the oil & gas industry accounted for about 50%. ROV’s are widely used in the oil and gas industry to carry out underwater activities. Moreover, the oil consumption is increasing day by day, which is expected to drive demand for ROV, and is further expected to drive growth of the market over the forecast period.

Moreover, there is rising demand for renewable energy sources such as solar energy, wind energy and hydropower, as these are clean energy. The offshore wind energy industry has shown significant growth in the recent years. For instance, according to the Coherent Market Analysis, offshore wind energy market accounted for US$ 23 billion in 2018, and is estimated to exhibit a CAGR of 12.3% over the forecast period. The underwater construction in offshore wind farms requires regular inspection and operational cost can be reduced by deploying the ROV’s instead of human divers. ROV’s can also record the video of underwater infrastructure for further analysis. These factors are expected to drive growth of the global offshore remote operated (ROV) vehicle market during the forecast period.

Growth in offshore industries such as oil & gas is expected to drive the global offshore remote operated vehicle market over the forecast period.