Remote Operated Vehicle (ROV) Market to Expand at a CAGR of 3.11% During Forecast Period, Opines TMR
- The remote operated vehicle (ROV) market is expected to cross the valuation of US$ 1.22 Bn by 2031. Surging demand for minerals and petroleum with increased industrialization is expected to fuel market growth.
Increasing demand for ROV services in Middle East & Africa is anticipated to generate prominent growth avenues in the regional market
Remote operated vehicles (ROVs) refer to untethered or tethered underwater vehicles used in marine construction and ocean exploration. While these vehicles are either propelled by ship or self-propelled, they are mainly used in distant viewing of construction or subsea environment, and performing construction or repairing activities of ship hulls, pipes, and others.
According to the analysts at Transparency Market Research (TMR), the remote operated vehicle market is expected to expand at a CAGR of 3.11% during the forecast period of 2021–2031.
Players to Collaborate with University Researchers to Innovate Vehicles
Several companies in the remote operated vehicle (ROV) market are entering into collaboration agreement with researchers from different universities in order to innovate in their vehicles. Moreover, many researches are focused on interdisciplinary technologies in the fields of autonomous ROVs, navigation, and data acquisition systems.
Use of Special Paints Help Manufacturers to Resolve Corrosion Issues
ROVs may face corrosion issues when they are on surface where they are exposed to dampness and atmospheric oxygen. In order to address this, ROV manufacturers are using special paints, which help in prevention of microbes' attack on ROV surface and removal of existing microbes ones.
Government bodies of several departments (including defense department, meteorology department, water supply & irrigation department, and municipal corporations) are increasingly using ROVs in order to carry out varied marine activities such as inspecting, observing, and lifting objects effortlessly and with precision. Besides, ROVs are also helping end-use industries in obtaining real-time data, avoiding any miss-events and forecasting correctly.
Major enterprises in the global remote operated vehicle (ROV) market are growing focus on wireless remote control intended for underwater vehicles. There is growth in the use of commercial off-the-shelf underwater non-acoustic and acoustic modems for both short-range broadband and long-range low-rate communication. Thus, the market players are gaining interest in the design of hybrid wireless-driven underwater vehicles that are customized specifically for off-shore operations. The specialty of such vehicles would be their ability to work as autonomous underwater vehicles (AUVs) or remote operated vehicles.
In recent years, the demand for remote operated vehicles with sturdy thrusters is increasing, as these vehicles can be operated in critical sea conditions or strong currents. Thus, the market enterprises are increasingly investing in R&D activities mainly focused on remote operated vehicles that can fulfill the current end users need of subsea observation and inspection to light underwater works.
Major companies are focused on their market share expansion. As a result, they are utilizing different strategies such as establishment of new facilities and participation in merger and acquisitions.
Many players are engaging in the production of ROVs in a cost-efficient manner. Moreover, several companies are increasing focus on resolving the issue of instability of underwater vehicles. Thus, they are optimizing control systems of vehicles in order to achieve reduced cost and time of different underwater missions.
The study profiles some of the prominent players operating in the remote operated vehicle (ROV) market. Thus, the research document delivers all important information, including company overview, product portfolio, financial overview, recent developments, and business strategies of each player profiled in the market report.
Some of the key players in the remote operated vehicle [ROV] market are:
Fugro subsea Services Ltd.
IKM Gruppen AS
Oceaneering International Inc.
Saab Seaeye Ltd
Teledyne Technologies International Corp.
Total Marine Technology
The Whale Inc.
Global Remote Operated Vehicle (ROV) Market: Segmentation
Remote Operated Vehicle (ROV) Market, by Vehicle Type
Remote Operated Vehicle (ROV) Market, by Class
Class I (Pure Observation)
Class II (Observation with Payload Option)
Class III (Work Class Vehicles)
Class IV (Seabed-working Vehicles)
Class V (Prototype or Development Vehicles)
Remote Operated Vehicle (ROV) Market, by Technology
Vehicle Cameras & Lighting System
Hydraulic Tool Control System
Vehicle Control & Navigation System
Tether Management System (TMS)
Launch And Recovery Systems (LARS)
Remote Operated Vehicle (ROV) Market, by Application
Search & Rescue
Subsea Engineering Services
Observation & Inspection ROVs
Remote Operated Vehicle (ROV) Market, by Working Depth
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