The global offshore ROV market is estimated to be USD 802.9 million in 2018 and is projected to reach USD 943.1 million by 2023, growing at a CAGR of 3.27% from 2018 to 2023. Offshore oil and gas discoveries in prominent countries and rise in demand for oil and gas are driving the offshore ROV market globally.
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 market 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 market in the Middle East & Africa region.
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The research study of AI in Oil & Gas further segmented into Type, Depth and Application
Type is classified into Observation class, Work class, and Intervention class. Observation class ROVs are ideal for undertaking routine maintenance checks of subsea structures and providing additional visual support to work class operations. The observation class ROV can be used in all kinds of offshore applications for observing the process during drilling and completion.
Depth, is categorized as Less than 5,000 feet, 5,000–10,000 feet, and Above 10,000 feet. The less than 5,000 feet segment is expected to be the fastest growing market during the forecast period. Due to the limited production capacity of onshore wells, operators are increasingly focusing on offshore exploration. The majority of the existing offshore oil wells, which require ROVs for maintenance and inspection activities, are situated at a depth up to 5,000 feet. Less than 5,000 feet segment is therefore the fastest growing market during the forecast period.
Application is classified into Drilling and Well Completion Support, Construction Support, Inspection Repair & Maintenance Services, Remote Subsea Intervention Tooling Design and Build, and Subsea Engineering Services. Inspection, repair and maintenance is expected to be the fastest growing market during the forecast period. The market growth in the segment is driven by the increasing preventive maintenance activities in offshore wells.
Key players:
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).
