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Remotely Operated Vehicle Market Research Report 2019: Industry Size, Share, Trends, Growth and Opportunity Assessment, Regional Analysis and Segmentation By Industry (Oil & Gas Application, Military & Defense, Scientific Research, Others) by System Component (Electronics & Control Systems, Frame & Propulsion, Camera & Lighting Systems, Others) by Vehicle Type (Observation Vehicle, Work Class Vehicle, Towed & Bottom-Crawling Vehicle), and Region - Forecast till 2023The global remotely operated vehicles (ROV) market is projecting a possibility of attaining 10.51% CAGR during the review period (2018-2023). Market Research Future (MRFR) claims that the market could easily exceed the potential market valuation of USD 3127.7 million by 2023. The entire system works with an operator panel that holds cables and vehicles with those cables fitted to them. Using signals from those cables, these vehicles perform in difficult regions.
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Remotely operated vehicles find profound utility in the military & defense sector and oil & gas exploration activities. The defense segment has prominent use of the machine in patrolling border areas. Access to difficult regions becomes of paramount importance owing to which this technology gains prominence as it is safer. At the same time, it is gaining momentum in research sector where understanding weather pattern requires such technology to reduce human error and also save lives. These factors are expected to provide ample tailwind to the global remotely operated vehicles industry.
Key Players
• Saab AB (Sweden)
• Fugro (the Netherlands)
• TechnipFMC PLC (the U.K.)
• DeepOcean Group Inc. (the Netherlands)
• Sapura Energy Berhad (Malaysia)
• Teledyne Technologies Incorporation (the U.S.)
• Oceaneering International Inc. (the U.S.)
• DOF ASA (Norway)
• Subsea 7 (the U.K.)
• Helix ESG (the U.S.)
These companies don’t just follow a singular path of climbing new heights but they take the market as a whole forward.
In May 2019, Deep Trekker launched Revolution a ROV with carbon fiber and stainless steel. This has auto stabilization, recording capabilities, wireless connectivity, and 4K Ultra HD video resolution. Deep Trekker has launched this to penetrate commercial and defense industries in a better way.
Segmentation:
Based on industry, system component, and vehicle type, the remotely operated vehicles market has been studied by experts from MRFR. This study is enriched with data that depends on volume-wise and value-wise reading of the market.
On the basis of the industry, the remotely operated vehicles market includes oil & gas application, military & defense, scientific research, others. The oil & gas segment encompasses drilling support, inspection, repair, construction support, maintenance, and others. The military & defense segment comprises ballast tank inspections, explosive ordnance disposal, hull inspections, and search & rescue operations. The oil & gas segment can exceed the anticipated valuation of USD 1477.3 million by 2023. The military & defense segment to grow faster with 11.57% CAGR during the forecast period.
Based on the system component, the remotely operated vehicles market consists frame & propulsion, electronics & control systems, camera & lighting systems, and others. The electronics & control systems segment is touted to pass USD 1237.2 million by 2023 with the highest CAGR of 11.02% over the review period.
Based on the vehicle type, the remotely operated vehicles market includes observation vehicle, work class vehicle, and towed & bottom-crawling vehicle. The work class vehicle comprises medium work-class, light work-class, and heavy work-class. The observation vehicle segment to scale a valuation of USD 1415.6 million by 2023.
Regional Analysis:
North America, Europe, Asia Pacific (APAC), Latin America, and Middle East & Africa (MEA) are regions namely included in the MRFR report for a better region-wise development. Unleashing the potential of these regions would help in better understanding of the global market.
North America dominates the market with a share of 30.82% and can climb up to USD 898.5 million by 2023. The region is far ahead of its peers owing to easy access to technology and integration of it in the manufacturing process. Presence of the U.S. is also important as the region brings in remarkable investment to assist the growth of the market.
The APAC controlled over 27.84% of the ROV market in 2017. Meanwhile, it is projected to achieve the fastest CAGR of 12.81% during the review period. In fact, it has the potential to overtake the market of the North America. Countries such as India, China, and Indonesia are creating substantial demand for such vehicles.
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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...........
List of Figures
Figure 1 Global Rov Market: Market Structure
Figure 2 Research Process of Mrfr
Figure 3 Top-down & Bottom-up Approaches
Figure 4 Dro Analysis of Global Rov Market
Figure 5 Baker Hughes Rig Count, Worldwide Vs Us, 2013–2017 30
Figure 6 Change in Military Spending of Top 10 Countries, 2007–2017
Figure 7 Porter's Five Forces Analysis of the Global Rov Market
Figure 8 Supply Chain: Rov Market
Figure 9 Major Granted Patents on Rov (1st October 2014 – 1st October 2018)
Figure 10 Global Rov Market, by Industry, 2017 (% Share)
Continued........
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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Organization: Market Research Future
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Website: https://www.marketresearchfuture.com/reports/remotely-operated-vehicle-market-7023
Release ID: 520368
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