DUBLIN--(BUSINESS WIRE)--The "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 & Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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, at a CAGR of 3.27% from 2018 to 2023.
Rise in the demand for oil & gas is the key factor driving the offshore ROV market. 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 oil in 2016. However, the capital-intensive nature of the market can hinder the growth of the offshore ROV market.
The Inspection, Repair and Maintenance Services of the application segment is expected to grow at the highest CAGR during the forecast period. The repair and maintenance of aging offshore wells helps to reduce the downtime. Operators also use ROVs for preventive maintenance of various subsea structures to avoid a sudden breakdown. These factors will drive the market of ROVs in this segment.
The South American offshore ROV market is the fastest growing market during the forecast period. The rise of offshore ultra-deep-water exploration and production activities and various CAPEX investments by major players in the offshore regions of South America are expected to drive the offshore ROV market in the region during the forecast period.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Offshore ROV Market, By Type/Class
7 Offshore ROV Market, By Application
8 Offshore ROV Market, By Depth
9 AUV Market, By Type
10 Offshore ROV Market, By Region
11 Competitive Landscape
12 Company Profiles
- Oceaneering International
- Subsea 7
- Forum Energy Technologies
- DOF Subsea
- ECA Group
- International Submarine Engineering
- Deep Ocean Engineering
For more information about this report visit https://www.researchandmarkets.com/research/txc4nk/global_offshore?w=4.
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