(EnergyIndustry.Net, November 04, 2022 ) According to Precision Business Insights (PBI) latest report, the global remotely operated vehicle market size was valued at USD 1.22 billion in 2021, growing at a CAGR of 3.11% during the forecast period 2022-28. Remotely operated vehicles (ROVs) are equipment that can be remotely driven underwater for a variety of purposes in industries like oil and gas, military & defense, and scientific research. They are often tethered or connected through a cable. This robotic-looking underwater vehicle is equipped with several sampling equipment, sensors, and umbilical cords. This is mostly used for communication as well as information transfer as well as data collection in various forms.
One of the key development factors for this market is the rising military spending, which tends to raise spending on various operational activities like hull inspection, ballast tank inspection, as well as search and rescue missions. The key ROV market players now have the chance to produce cutting-edge ROVs in order to address the need for industrial applications. In order to prepare for various activities, ROVs survey the seafloor. The evolution and advancement of ROV technology are leading to an increase in the use of ROVs in a variety of tasks, including military and defense, scientific research, and oil and gas operations. They can perform a variety of duties, including inspection, retrieval, and observation because they are equipped with cameras, high-frequency image sonar, and lighting.
The Global Remotely Operated Vehicle Market on the basis of Product Type, the market is segregated into Light Work Class Vehicle, Medium Work Class Vehicle, Heavy Work Class Vehicle, Observation Vehicle, Towed and Bottom Crawling Vehicle. Based on Application, the market is classified into Military & Defense, Oil & Gas Industry, Scientific Research, Others. Based on System Component, the market is categorized into Sensors and Automation Systems, Imaging System, Navigation System, Steering and Positioning, Energy and Propulsion, and Others.
Remotely Operated Vehicle Market Trends
• Companies in the remote-operated vehicle (ROV) sector in India is anticipated to work with academic academics to develop innovative vehicles. The development of multidisciplinary technologies in the field of autonomous ROV navigation and data-collecting systems is a key area of concentration.
• Major market drivers include expanding marine activities like the quest for new mineral sources as well as increasing expenditure in oil and gas exploration.
Due to the region's superior technological capabilities and higher government spending on aerospace and military services when compared to other regions, which are the main reasons for the rise of remotely controlled vehicles in the region, North America leads the remotely operated vehicle industry.
The major players operating in the Remotely Operated Vehicle Market are Oceaneering International Inc., TechnipFMC PLC, Fugro, Saab AB, Helix Energy Solutions Group, Sapura Energy Berhad
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