Remote Operated Vehicle Market: Current Analysis and Forecast (2022-2030)

Report Description

The Remote Operated Vehicle Market was valued at USD 102.63 billion in 2021 & is expected to grow at a CAGR of 11.9% from 2022-2030. Owing to the growing increasing demand for deep-sea exploration and research. ROVs are capable of descending to great depths and conducting research in areas that are difficult or impossible for human divers to reach. Moreover, the use of ROVs has also become more cost-effective compared to traditional methods of underwater exploration and maintenance, such as manned submarines or divers. ROVs can operate for extended periods of time without the need for rest, and can be operated from a remote location, reducing the need for costly infrastructure and personnel.

Some of the major players operating in the market include NIPPON STEEL CORPORATION; Interpipe; OMK; EVRAZ plc; Bochumer Verein Verkehrstechnik GmbH.; Lucchini RS S.p.A.; Remote Operated Vehicle [ROV] Factory; GHH-Bonatrans; Amsted Rail Company, Inc; CAF, Construcciones y Auxiliar de Ferrocarriles, S.A. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst application, the Military & Defense segment will also attain a considerable share of the market during the forecast period.”

Based on application, the market is segmented into oil and gas applications, military & defense, scientific research, and others. Amongst these, the military & defense will also attain a considerable share of the market during the forecast period. The factors such as the increasing need for advanced technology to support military operations, ROVs provide a way for military personnel to conduct operations in dangerous or hard-to-reach areas, without putting themselves at risk and development of new technologies, such as advanced sensors and imaging systems, that have improved the capabilities of these vehicles are the factors driving the growth of the market.

“Amongst system components, the frame and propulsion captured the majority share of the market in 2021.”

By system component, the market is segmented into electronics and control systems, frame and propulsion, camera and lighting system, and others. Among these, frame and propulsion captured the majority share of the industrial relay market in 2021 as they determine the ROV’s ability to move and locate itself in the water which also makes it efficient for the military and defense sector.

“Europe holds the second largest share of the remote operated vehicle market in 2021.”

The use of remote operated vehicles (ROVs) has significantly increased in Europe, and this growth can be attributed to several factors. One of the major factors is the expansion of offshore industries, particularly in the North Sea. These industries, such as the oil and gas sector, use ROVs extensively for the inspection and maintenance of their offshore infrastructure. Moreover, the military and defense sector has also contributed to the growth of ROVs in Europe. For instance, in 2020, the UK Ministry of Defense purchased four new advanced deep-sea ROVs to support submarine operations.  In addition, Technological advancements have also played a significant role in the growth of ROVs in Europe. The development of autonomous underwater vehicles (AUVs) has made undersea exploration and research more efficient and precise.

Remote Operated Vehicle [ROV] Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global remote operated vehicle market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Remote Operated Vehicle [ROV] Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global remote operated vehicle market were the three major steps undertaken to create and analyze the adoption of remote operated vehicle in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global remote operated vehicle market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the remote operated vehicle market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the remote operated vehicle market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application, and system component. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the remote operated vehicle market. Further, we conducted factor analysis using dependent and independent variables such as type, application, and system component of the remote operated vehicle market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the remote operated vehicle market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global remote operated vehicle market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the remote operated vehicle market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global remote operated vehicle market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global remote operated vehicle market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, application, and system component in the global remote operated vehicle market.

The main objective of the Global Remote Operated Vehicle [ROV] Market Study

The current & future market trends of the global remote operated vehicle market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the remote operated vehicle market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the type, application, and system component.
• Define and analysis of the regulatory framework for the remote operated vehicle
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the remote operated vehicle market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the remote operated vehicle market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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