Market Size of United States ROV Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
US ROV Market Analysis
The US ROV market is expected to register a CAGR of more than 4.5% during the forecast period. The market was moderately impacted by the COVID-19 pandemic in 2020. Presently, the market has reached pre-pandemic levels.
Over the long term, the major driving factors of the market include increasing offshore oil and gas discoveries, growing offshore wind energy installations, and rising oil and gas decommissioning activities. On the flip side, increasing environmental damage due to the increasing use of fossil fuels has led to the banning of offshore exploration of oil and gas in the North American region. This is expected to slow down the market, especially in the United States, during the forecast period. Nevertheless, technological advancements in the US ROV market are expected to create enormous opportunities for the United States ROV deployment.
US ROV Industry Segmentation
Remotely-operated underwater vehicles (ROVs) are robots that can function underwater on behalf of a crew located on the surface, with whom the ROV is tethered. A remotely operated vehicle (ROV) is connected to an operator, usually in the ship from which the ROVs are deployed.
The US ROV market is segmented by type, application, and activity. By type, the market is segmented into work-class ROV and observatory-class ROV. By application, the market is segmented into oil and gas, defense, and other applications. By activity, the market is segmented into survey, inspection, repair, and maintenance, and other activities. For each segment, the market sizing and forecasts are provided in terms of value in USD billion.
| Type | |
| Work Class ROV | |
| Observatory Class ROV |
| Application | |
| Oil and Gas | |
| Defense | |
| Other Applications |
| Activity | |
| Survey | |
| Inspection, Repair, and Maintenance | |
| Other Activities |
United States ROV Market Size Summary
The United States ROV market is poised for growth, driven by factors such as increasing offshore oil and gas discoveries, expanding offshore wind energy installations, and heightened oil and gas decommissioning activities. Despite the challenges posed by environmental concerns leading to bans on offshore exploration in North America, technological advancements in ROV deployment are expected to create significant opportunities. The market, which experienced a moderate impact from the COVID-19 pandemic, has rebounded to pre-pandemic levels. The inspection, repair, and maintenance (IRM) segment is anticipated to see substantial growth due to aging offshore infrastructure, particularly in the North American region, including the Gulf of Mexico. This segment remains resilient to oil price volatility, as IRM operations are essential for maintaining infrastructure integrity.
The offshore sector, particularly deepwater and ultra-deepwater activities, has adapted to previous downturns by implementing cost-reduction strategies and improving operational efficiencies. The resurgence in the number of operational oil and gas rigs, driven by tighter fuel supplies, has bolstered demand for ROV services in the IRM segment. Additionally, the growing trend of offshore wind farm installations in the United States is expected to further propel the ROV market. Companies are increasingly offering advanced ROV services for various offshore projects, including subsea engineering and maintenance tasks. The market is characterized by fragmentation, with key players such as Subsea 7 SA, TechnipFMC PLC, and Fugro NV actively participating. These developments indicate a promising outlook for the US ROV market during the forecast period.
United States ROV Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Work Class ROV
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2.1.2 Observatory Class ROV
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2.2 Application
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2.2.1 Oil and Gas
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2.2.2 Defense
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2.2.3 Other Applications
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2.3 Activity
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2.3.1 Survey
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2.3.2 Inspection, Repair, and Maintenance
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2.3.3 Other Activities
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United States ROV Market Size FAQs
What is the current United States ROV Market size?
The United States ROV Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in United States ROV Market?
Fugro NV, TechnipFMC PLC, Subsea 7 SA, Helix Energy Solutions Group and DeepOcean AS are the major companies operating in the United States ROV Market.
