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 market 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 market 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 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.
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).
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