(MENAFN- GetNews) Global Remotely Operated Vehicle Market Research Report Covers Historical Market Trends, Current Market Dynamics, Market Valuation by Segmentation as Well as Region, Country-level Analysis for Every Segment, Key Player's Market Share Analysis, Competitive Landscape and Supply Chain Analysis. Remotely Operated Vehicle (ROV) MarketOverview
Exploration of resources has now crossed the limits of the land. Outer space and underwater are two areas that come under the human purview where areas in terms of resource and dominance can be highly beneficial. The sea is much closer in terms of reach and one of the prime reasons for underwater exploration growing hand-in-hand with technological upheaval. And in that remotely operated vehicles are playing a crucial role. The obstacles to exploring underwater are numerous. However, remotely operated vehicles (ROV) facilitate that by providing an operational control that can be guided from out of the water. Connected with an operator with a series of cables inside which transmit command and control signals, these vehicles efficiently perform their task. The global remotely operated vehicles market is expected to spring by 10.51% CAGR during the forecast period (2018-2023) and scale to a worth of USD 3,127.7 million by 2023.
Increasing defense expenditure and endeavors to explore oil and gas underwater are showing promising signs for the market. Defense uses remotely operated vehicles to monitor, retrieve weapons, and many others. With growing tensions among countries regarding the maritime border, the inclusion of remotely operated vehicles has become all the more necessary. The naval sector also uses it for hull inspection and maintenance. Furthermore, various countries are using technology to explore oil & gas sources in the sea for economic benefits. This popularity across sectors can provide sufficient traction to the remotely operated vehicles (ROV) market.
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Despite such benefits, the remotely operated vehicles market can get bogged down by the high prices associated with it. It prohibits many countries from giving remotely operated vehicles much-needed thought. The dearth of trained remotely operated vehicles operators can also adversely impact the market growth. But the future seems promising for the remotely operated vehicles (ROV) market. 3D printing technology can bring down the price substantially and increase the remotely operated vehicles' market proliferation.
Key Competitors:
Prominent players included in the report of the remotely operated vehicles market are-
Saab AB (Sweden) TechnipFMC PLC (the U.K.) Sapura Energy Berhad (Malaysia) Subsea 7 (the U.K.) Fugro (the Netherlands) Teledyne Technologies Incorporation (the U.S.) DOF ASA (Norway) DeepOcean Group Inc. (the Netherlands) Oceaneering International Inc. (the U.S.) Helix ESG (the U.S.) Segmentation: Based on the industry, the remotely operated vehicles market can be segmented into oil & gas application, military & defense, scientific research, others. Oil & gas segment can be segmented into drilling support, construction support, inspection, repair, and maintenance, and others. The segment has the maximum market share. Military & defense can be segmented into explosive ordnance disposal, hull inspections, ballast tank inspections, and search & rescue operations.
On the basis of a system component, the remotely operated vehicles market can be segmented into electronics & control systems, frame & propulsion, camera & lighting systems, and others. Electronics & control systems contribute the most in total revenue generation by 2023.
Based on vehicle type, the remotely operated vehicles market can be segmented into observation vehicle, work class vehicle, and towed & bottom-crawling vehicle. Work class vehicle includes light work class, medium work class, and heavy work class. Observation vehicle segment can reach the maximum market value among the three segments.
Regional Analysis:
Geographic analysis of the remotely operated vehicles market namely includes North America, Europe, Asia Pacific (APAC), Latin America, and Middle East & Africa (MEA). North America's technological brilliance has kept it in charge of the global market for so long. In addition, the presence of a market like the U.S. can be considered bolstering. The country spends more in defense than any other region where it allocates substantially for the remotely operated vehicles (ROV) market as well. The global market valuation in 2017 and following analyses suggest that the APAC region with its enormous growth can take over the rein and dominate the global market with the maximum CAGR during the forecast period. The APAC market is getting ahead as India, China, Indonesia, and others are generating huge demands for such vehicles for better exploration and sea dominance.
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Table of Contents
1 Executive Summary
2 Market Introduction
2.1 Definition
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
4.1 Introduction
4.2 Drivers
4.2.1 Growing Demand for Rovs in the Oil & Gas Industry
4.2.2 Increase in Military Spending
4.3 Restraints
4.3.1 High Costs of Rovs
4.3.2 Lack of Trained Rov Pilots
4.4 Opportunities
4.4.1 Growing Need for Situational Awareness in Naval Warfare
4.4.2 Advent of 3d Printing
Continued…….
List of Tables
Table 1 Market Synopsis
Table 2 List of Assumptions
Table 3 Global: Rov Market, by Industry, 2017-2023 (Usd Million)
Table 4 Global: Rov Market, by Oil and Gas Application, 2017-2023 (Usd Million)
Table 5 Global: Rov Market, by System Component, 2017-2023 (Usd Million)
Table 6 Global: Rov Market, by Vehicle Type, 2017-2023 (Usd Million)
Table 7 Global Rov Market, by Region, 2017-2023 (Usd Million)
Table 8 North America Rov Market, by Country, 2017-2023 (Usd Million)
Table 9 North America: Rov Market, by Industry, 2017-2023 (Usd Million)
Continued……
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