North America ROV Market Size (2024 - 2029)

The North America ROV market is anticipated to experience significant growth, driven by factors such as increasing offshore oil and gas discoveries and upcoming offshore wind energy projects. Despite challenges posed by a decline in offshore rigs and activities, the market's expansion is supported by technological advancements and rising oil and gas decommissioning activities. The United States is expected to lead the market, with substantial demand originating from the oil and gas sector and offshore wind energy initiatives.

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Market Size of North America ROV Industry

North America ROV Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 6.00 %
Market Concentration Low

Major Players

North America ROV Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America ROV Market Analysis

The North America ROV market is expected to register a CAGR of more than 6% during the forecast period (2022 - 2027). The COVID-19 outbreak led to a decline in offshore wind energy installation, and the discovery of new oil and gas fields, mainly due to the induced lockdown across the region. Factors such as increasing offshore oil and gas discoveries and rising oil, upcoming offshore wind energy projects and gas decommissioning activities are expected to drive the North American ROV market during the forecast period. However, the declining number of offshore rigs and offshore oil and gas activities are restraining the market.

  • Oil and gas application is expected to dominate the market due to the rising offshore oil and gas production and increasing oil and gas decommissioning activities across the region.
  • Technological advancements in the ROV market are expected to create huge opportunities for North American ROV deployment over the forecast period.
  • The United States is expected to dominate the market, with most of the demand coming from the oil and gas industry, offshore wind energy, etc.

North America ROV Industry Segmentation

The North America ROV Market includes:

Type
Work Class ROV
Observatory Class ROV
Application
Oil and Gas
Defense
Other Applications
Activity
Survey
Inspection, Repair, and Maintenance
Burial and Trenching
Other Activities
Geography
United States
Canada
Rest of North America
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North America ROV Market Size Summary

The North America ROV market is poised for significant growth, driven by the increasing demand for offshore oil and gas exploration and production, as well as the expansion of offshore wind energy projects. Despite challenges such as the decline in offshore rigs and oil and gas activities, the market is expected to benefit from technological advancements in ROV systems, which are becoming increasingly integral to subsea operations. The United States is anticipated to lead the market, largely due to its substantial investments in oil and gas production capacity, particularly in the Gulf of Mexico, which is a major hub for ROV deployment. The oil and gas sector remains the dominant application for ROVs, supported by ongoing decommissioning activities and the need for advanced technologies to safely develop and intervene in subsea wells.

The market landscape is moderately fragmented, with key players like DeepOcean AS, DOF Subsea AS, Oceaneering International Inc., Helix Energy Solutions Group Inc, and TechnipFMC PLC playing significant roles. The demand for ROVs is further bolstered by their versatility across various sectors, including military, aquaculture, and submerged infrastructure. The affordability of ROV technology has encouraged oil and gas producers to invest in these systems for efficient data collection and maintenance of subsea assets, reducing overall operational costs. Notable contracts and innovations, such as VideoRay's Defender systems for the United States Navy and ECA Group's R7 underwater robotic vehicle, highlight the dynamic nature of the market. As the industry continues to evolve, the North America ROV market is expected to experience robust growth, driven by both existing and emerging opportunities.

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North America ROV Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Work Class ROV

      2. 2.1.2 Observatory Class ROV

    2. 2.2 Application

      1. 2.2.1 Oil and Gas

      2. 2.2.2 Defense

      3. 2.2.3 Other Applications

    3. 2.3 Activity

      1. 2.3.1 Survey

      2. 2.3.2 Inspection, Repair, and Maintenance

      3. 2.3.3 Burial and Trenching

      4. 2.3.4 Other Activities

    4. 2.4 Geography

      1. 2.4.1 United States

      2. 2.4.2 Canada

      3. 2.4.3 Rest of North America

North America ROV Market Size FAQs

The North America ROV Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

DeepOcean AS, DOF Subsea AS, Helix Energy Solutions Group Inc, Oceaneering International Inc. and TechnipFMC PLC are the major companies operating in the North America ROV Market.

North America ROV Report Snapshots

North America ROV Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)