Global Remotely Operated Vehicle Market
Global Remotely Operated Vehicle Market Report Description:
Global remotely operated vehicle market report gives comprehensive outlook on remotely operated vehicle across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report gives historical, current, and future market sizes (US$ Mn) on the basis of product type, application, system component, and region. This report studies global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the global market report includes competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global remotely operated vehicle market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the market include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global remotely operated vehicle products.
Global Remotely Operated Vehicle Market:
The global remotely operated vehicle market growing at significant CAGR and anticipated to reach US$ 6,347.2 Mn by 2025 owing to increase in adoption of remotely operated vehicles for various applications such as offshore, oil and gas, military and defense, and other industries across the globe. Moreover, rise in R&D for the development of technologically advanced remotely operated vehicles, surge in defense expenditure by various countries around the globe, increase in oil and gas exploration, and rise in adoption of advanced products by end user industries are anticipated to burgeon the market revenue over the forecast timeframe. However, high cost for the installation and maintenance, lack of standardization, and less awareness about these products in underdeveloped economies are anticipated to hamper the growth of market over the forecast years.
Increase in the Demand from End User industries
Increase in the adoption of remotely operated vehicle in end user industries such as oil and gas, defense, and research institutions is a major factor bolster the market over the forecast years. In military and defense sector technologically advanced remotely operated vehicles are used to enhance the security from underwater. Moreover, surge in oil and gas exploration across the globe also surge the market over the forecast years.
North America Accounts for Larger Market Revenue Share in Global Remotely Operated Vehicle Market
Global remotely operated vehicle market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Among all the regions, North America remotely operated vehicle market accounted for larger revenue share in 2018 and the market is anticipated to grow at prominent growth rate over the forecast years owing to grow in number of end user industries, increase in defense expenditure in USA, and surge in R&D for the development of advanced vehicles in the region. However, Middle East market creates lucrative opportunities over the forecast years owing to increase in oil and gas exploration in the region.
- Oceaneering International Inc.
- TechnipFMC PLC
- Saab AB
- Helix Energy Solutions Group
- Sapura Energy Berhad
- DOF ASA
- DeepOcean AS
- Kongsberg Maritime
- Teledyne technologies International Corp. Group
Global remotely operated vehicle market is surging owing to frequent product approvals and launchings, strategic alliances, and business expansion by the market players. For instance, In October 2018, ROVOP purchased 28 remotely operated vehicle systems from M2 Subsea.
Key Findings of the Report:
- Global market expanding at significant CAGR over 2019 to 2025 owing to development of technologically advanced vehicles.
- Based on application, oil and gas industry accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global remotely operated vehicle market
By Product Type
- Light Work Class Vehicle
- Medium Work Class Vehicle
- Heavy Work Class Vehicle
- Observation Vehicle
- Towed and Bottom Crawling Vehicle
- Military & Defense
- Oil & Gas Industry
- Scientific Research
By End User
- Sensors and Automation Systems
- Imaging System
- Navigation System
- Steering and Positioning
- Energy and Propulsion
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2014-2018) and forecast (2019-2025)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market