(2019 – 2024) Global ROV Market is Anticipated to Reach US$ XX Billion by 2024

ROV

(2019 – 2024) “ROV Market Report studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and ROV Analysis. The ROV market is expected to register a CAGR of approximately XX% during the forecast period of (2019 – 2024).

ROV Market Report Covers Leading Manufacturers: DeepOcean AS, DOF Subsea AS, TechnipFMC PLC, Forum Energy Technologies, Fugro Subsea Services Ltd, Helix Energy Solutions Group, Oceaneering International, Inc., Saab Seaeye Limited, Soil Machine Dynamics Ltd, and Subsea 7 SA

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The global remotely operated vehicles (ROV) market is closely linked with offshore activities in the oil & gas industry. Therefore, a drop in offshore activity post-2014 posed a major threat to the global ROV market growth during the last few years. From January 2015 to August 2017, the global offshore drilling rig count had come down from 371 to 219. A major decline in the rig count had been caused by decreased offshore activities in Africa and South America, which are traditional areas for deepwater activity. But development plans for large deepwater discoveries, such as Eni’s Zohr gas field, offshore Egypt, and ExxonMobil’s Liza discovery offshore Guyana show that some capital-intensive projects are expected to be sanctioned in the near future, in turn, driving the ROV market.

Drop in Offshore Breakeven Oil Prices to Drive the Market

Deepwater operation project costs have fallen 20% since 2014. Around 5 billion barrels of pre-sanctioned offshore oil and gas reserves now breakeven at USD 50 per barrel or lower. Therefore, some of the offshore projects, considered commercially unviable two years ago, are being reconsidered now. This development is likely to drive oil & gas investment. Also, emerging markets, such as developing countries in Asia-Pacific and Africa are expected to drive oil demands, which, in turn, is expected to increase in onshore and offshore drilling and production activities. Therefore, growing investments and growing oil & gas demand are expected to spur the demand for ROV during the forecast period. Uncertainty in the recovery of oil prices and environmental regulation, regarding offshore drilling, is continuing as major constraints for ROV market.

Petrobras’s Financial Crisis to Restrain the Market in South America

South America, which contributes heavily to global ROV market, had experienced a decline in offshore activity. In August 2017, 17 offshore drilling rigs were operating in South America, out of which, 11 were operating in Brazil, making Brazil the major player for ROV market in the region. Deepwater projects in Brazil are expected to decline as Petrobras, a National Oil Company and the largest oil and gas player in Brazil, is suffering from financial crisis. This situation in Brazil is driving down the ROV market growth. On the other hand, offshore activities in the Middle East have been growing as opposed to other regions. From January 2015 to August 2017 the number of offshore drilling rigs had increased from 43 to 51. As the demand for oil and gas rises, offshore activities in the Middle East are expected to grow at an even higher rate, which is a bright spot for global ROV market growth. But, the preference of drivers over ROVs for a majority of operations has caused Middle East region to capture a relatively small share in the global ROV market.

China to Experience Significant Growth

Despite low oil prices, offshore activity in China has seen a substantial increase. China’s offshore activity is mainly concentrated in Bohai Bay, Pearl River Delta, and Beibu Gulf areas. As of May 2017, world’s 5% of the total offshore fleet was active in the country. Growing industrialization, urbanization, and increasing per capita income are the drivers of energy demand in the country. In order to meet this energy demand, the exploration & production activity, including offshore, is expected to increase in China, which, in turn, is expected to propel the ROV market in the country.

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Reasons to Purchase ROV Market Report:

  • Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge. 
  • Analysing various perspectives of the market with the help of Porter’s five forces analysis.
  • The authentication mode is likely to witness the highest adoption of these systems in the market.
  • The regions that are expected to witness the fastest growth during the forecast period.
  • The SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
  • 3 months’ analyst support along with the Market Estimate sheet (in excel). 

Customization of the Report:

  • This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.

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