Global ROV Market share 2018 will grow and hit XX% CAGR by 2023

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ROV Market research report (2018 – 2023) studies market insights, List of major Key players, buyers, threats of new entrants and substitute products. Also, ROV market includes the various market dynamics like Drivers, Restraints, and Opportunities globally. The research report involved the various affecting factors like market growth, market share, competitive intelligence and growth opportunity.

ROV Market report is expected to register a CAGR of XX% over a five years forecast period.”

List of Major Key players operating in the Global ROV Market are –

  • DeepOcean AS
  • DOF Subsea AS
  • TechnipFMC PLC
  • Forum Energy Technologies
  • Fugro Subsea Services Ltd
  • Helix Energy Solutions Group
  • Oceaneering International
  • Inc.
  • Saab Seaeye Limited
  • Soil Machine Dynamics Ltd
  • and Subsea 7 SA

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The global remotely operated vehicles (ROV) market is closely linked with offshore activities in the oil & gas industry. Therefore, a drop in offshore activity post-2014 posed a major threat to the global ROV market growth during the last few years. From January 2015 to August 2017, the global offshore drilling rig count had come down from 371 to 219. A major decline in the rig count had been caused by decreased offshore activities in Africa and South America, which are traditional areas for deepwater activity. But development plans for large deepwater discoveries, such as Eni's Zohr gas field, offshore Egypt, and ExxonMobil's Liza discovery offshore Guyana show that some capital-intensive projects are expected to be sanctioned in the near future, in turn, driving the ROV market.

Drop in Offshore Breakeven Oil Prices to Drive the Market

Deepwater operation project costs have fallen 20% since 2014. Around 5 billion barrels of pre-sanctioned offshore oil and gas reserves now breakeven at USD 50 per barrel or lower. Therefore, some of the offshore projects, considered commercially unviable two years ago, are being reconsidered now. This development is likely to drive oil & gas investment. Also, emerging markets, such as developing countries in Asia-Pacific and Africa are expected to drive oil demands, which, in turn, is expected to increase in onshore and offshore drilling and production activities. Therefore, growing investments and growing oil & gas demand are expected to spur the demand for ROV during the forecast period. Uncertainty in the recovery of oil prices and environmental regulation, regarding offshore drilling, is continuing as major constraints for ROV market.

Petrobras’s Financial Crisis to Restrain the Market in South America

South America, which contributes heavily to global ROV market, had experienced a decline in offshore activity. In August 2017, 17 offshore drilling rigs were operating in South America, out of which, 11 were operating in Brazil, making Brazil the major player for ROV market in the region. Deepwater projects in Brazil are expected to decline as Petrobras, a National Oil Company and the largest oil and gas player in Brazil, is suffering from financial crisis. This situation in Brazil is driving down the ROV market growth. On the other hand, offshore activities in the Middle East have been growing as opposed to other regions. From January 2015 to August 2017 the number of offshore drilling rigs had increased from 43 to 51. As the demand for oil and gas rises, offshore activities in the Middle East are expected to grow at an even higher rate, which is a bright spot for global ROV market growth. But, the preference of drivers over ROVs for a majority of operations has caused Middle East region to capture a relatively small share in the global ROV market.

China to Experience Significant Growth

Despite low oil prices, offshore activity in China has seen a substantial increase. China’s offshore activity is mainly concentrated in Bohai Bay, Pearl River Delta, and Beibu Gulf areas. As of May 2017, world’s 5% of the total offshore fleet was active in the country. Growing industrialization, urbanization, and increasing per capita income are the drivers of energy demand in the country. In order to meet this energy demand, the exploration & production activity, including offshore, is expected to increase in China, which, in turn, is expected to propel the ROV market in the country.

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Global ROV Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2018-2023):

  • North America (United States, Canada and Mexico)
  • Europe (Germany, UK, France, Italy, Russia, Spain and Benelux)
  • Asia Pacific (China, Japan, India, Southeast Asia and Australia)
  • Latin America (Brazil, Argentina and Colombia)
  • The Middle East and Africa

Key Questions Answered About ROV Market:

  • What is the market size and growth rate of the global and regional market by various segments?
  • What is the market size and growth rate of the ROV market for selective countries?
  • Which region or sub-segment is selected is expected to drive the market in the forecast period?
  • What factors are estimated to drive and restrain the market growth?
  • What are the key technological and ROV market trends shaping the market?
  • What are the key companies operating in the market?
  • Which company accounted for the highest market share?

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Reasons to Purchase ROV Market Report:

  • The report analyses how stringent emission control norms will drive the global ROV market.
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
  • Study on the product type that is expected to dominate the market.
  • Study on the regions that are expected to witness the fastest growth during the forecast period.
  • Identify the latest developments, market shares and strategies employed by the major ROV market players.
  • 3 months’ analyst support along with the Market Estimate sheet (in excel).

Scope of the Report:

The report analyses ROV market, which includes –

  • Analysis of the growth of ROV market in global and regional level including Asia-Pacific, Americas, and EMEA.
  • The report provides ROV market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
  • The report offers country level ROV market volume and value by end-user segment for the period 2012-2023.
  • Qualitative analysis of key market drivers and restraints, and analysis of their impacts on ROV market are discussed.
  • The report provides competitive landscape at country level for the year 2018. It also covers key policies and initiatives, key deals, and key upcoming projects.

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360 Market Updates

Mr. Ajay More

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