PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1512199
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1512199
Market Overview
In 2024, the size of the global remote-operated vehicles industry will be approximately USD 1,623.6 million, and it is projected to attain USD 3,155.0 million by the end of the decade, growing at a CAGR of 11.7% during the projection period. This can be credited to the surge in offshore oil and gas exploration & production, particularly in deep waters, throughout the globe.
Contemporary ROVs are equipped with 4K HD video and graphic recording and are capable of closed-circuit television broadcasting through optical fibers on display devices floated above water surfaces. This enables them to relay live footage of their conduits to the control room that could be on a submersible, a vessel, or an above-land structure. It is capable of manually executing a few operations involving mostly automated interaction with the wellhead or blowout.
In a bid to increase supply and meet the growing global energy demand, there has been a colossal expansion of offshore oil and gas operations. This is pressing the O&G industry to improve its operating technologies in search and develop hydrocarbon resources in deeper parts of the sea. For example, the operation of oil wells in the Gulf of Mexico involves the blowout preventer situated 7,000- 10,000 feet deep below the sea bed and the snout at 5,000-6,000 feet above the seafloor. In these great depths, it is useful to get its assistance in carrying out other complex physical operations using ROV technology.
Key Insights
In 2024, the class 1 observation is the largest category, holding a 45% share, utilized for inspection, mild interventional tasks, and work class interventions, operating up to 1,000 m depth.
Class 3: work class is the fastest-growing category with a CAGR of 12.0% (2024-2030), performing complex physical tasks and subsea interventions in ultra-deep-water drilling.
Deep (up to 1,000 m) is the largest depth category, holding a 50% share in 2024, used in aquaculture, military, oil and gas, and underwater discovery.
Ultra-deep (up to 4,000 m) is the fastest-growing depth category with a CAGR of 12.2% (2024-2030), driven by deep-sea drilling projects.
The tophat category dominates the market with a 70% share in 2024, used for smaller ROVs without payload capacity.
The cage category is the fastest-growing deployment method with a CAGR of 12.1% (2024-2030), providing mechanical protection for ROVs in harsh environments.
MSROV (91 to 907 kg) is the largest and fastest-growing weight category, holding a 12.5% share in 2024 and growing at a CAGR of 11.9% (2024-2030), valued for versatility across industries.
The oil and gas category holds the largest share (40%) in 2024 and is the fastest-growing with a CAGR of 12.3% (2024-2030), due to increased deep-sea exploration and production.
North America holds the largest regional market share (50%) in 2024, driven by early technology adoption, the U.S. Navy's extensive ROV use, and deep-sea exploration trends.
Europe is the second-largest regional market, with increased oil and gas E&P activity in the North Sea, where ROVs are used for critical operations in ultra-deepwater.