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, growing at a CAGR of 3.27% from 2018 to 2023. The market growth is primarily driven by the rise in demand for oil and gas. The demand for oil & gas is continuously rising despite environmental pressure and growth of renewable resources. Road transportation accounted for more than 50% of the global demand for oilin the year 2016.
The Middle East & Africa is estimated to be the largest market for offshore ROVfollowed by Asia Pacific during the forecast period. The global market is dominated by major players such as 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).
The market growth strategies adopted by key players in the offshore ROV Market include contracts & agreements, new product launches, mergers & acquisitions, and expansions & partnerships. Contracts & agreements was the most commonly adopted strategy by market players from 2014 to May 2018. Industry players also adopted the strategies of new product launches and expansions & partnerships during the stated period.
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Oceaneering is one of the key players in the offshore oil & gas industry and provides engineered services and products to offshore oil & gas, defense, aerospace, and commercial theme park industries worldwide. It has operations and presence in more than 65 locations across the world. The company operates through two diversified segments, namely, oilfield and advanced technologies. The oilfield business segment consists of ROVs, subsea products, subsea projects, and asset integrity sub-segments. Oceaneering has a comprehensive range of products and services for offshore operations and subsea completions. The company manufactures various kinds of work class ROV’s, production control umbilical’s and specialty subsea hardware, and provides various services such as survey, subsea installation and inspection, maintenance, and repair services. In March 2018, Oceaneering International announced that one of its wholly owned subsidiaries has acquired Ecosse Subsea Limited ("Ecosse"), a provider of offshore engineering, seabed preparation, route clearance and trenching services to the renewable energy and oil and gas industries for approximately USD 67 million.
Subsea 7 provides seabed-to-surface engineering, construction, and contract services to the offshore energy industry. The company, which was created by the merger of Acergy S.A. and Subsea 7 Inc, has presence in more than 36 countries. It operates through 3 segments, namely, surf and conventional, i-tech services, and renewables and heavy lifting. The company operates a fleet of pipelay, construction, remote intervention, and diving support vessels. The i-Tech division of the company provides a subsea intervention technology that offers remotely operated vehicles and tooling services to support exploration and production activities. In May 2018, Subsea 7 announced the award of a substantial contract by Statoil for the provision of subsea inspection, repair, and maintenance (IRM) services on the Norwegian Continental Shelf.
Offshore ROV Market by Type (Observation, Work, and Intervention), Depth (< 5,000, 5,000–10,000, and >10,000 Feet), Application (Completion, Construction, Repair & Maintenance, Design & Build, and Engineering), AUV, and Region - Global Forecast to 2023
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