The Offshore Remote Operated Vehicle Market Is Witnessing Strong Growth Due to Increasing Demand from the Oil and Gas Industry

 

Offshore Remote Operated Vehicle Market

Offshore remote operated vehicles (ROVs) plays an important role in carrying out underwater activities in offshore industries. It is difficult for divers to work in deep water. ROVs provide a unique solution to this problem. These vehicles are often used when diving by humans is either dangerous or impractical, such as investigating submerged hazards or working in deep water. They are used for underwater inspection, monitoring, and surveillance. Offshore remote operated vehicles are widely used in a variety of industries, such as search and rescue, military, recreation and discovery, aquaculture, marine biology, oil and gas, offshore energy, shipping, submerged infrastructure, and more. The aforementioned factors are expected to accelerate the growth of the offshore remote operated vehicle market.

Offshore industries, such as the oil and gas industry, requires ROVs to perform underwater maintenance, installation, inspection, and repairing activities. For instance, in June 2020, Oceaneering International received a three-year contract from the Cabinda Gulf Oil Company Limited (CABGOC) to provide inspection services. Moreover, the company won a contract for inspection services for a Middle East operator based in Dubai. The demand for offshore ROV is increasing with the increasing oil consumption worldwide, which in turn, is expected to augment the offshore remote operated vehicle market growth. The vehicle is connected to the ship by series of cables and these cables transmits commands and signals to the operator. They are controlled by operator from the surface.

Moreover, technological advances in ROVs not only improve inspection, maintenance, and repair operations but also lower their environmental footprint. For instance, in April 2021, Houston Mechatronics developed the Aquanaut that can transform from an AUV into an ROV in less than 30 seconds. The vehicle has a working range of 200 km (124 mi), 3,000 m (9,842 ft.) depth rating, and 24-hour endurance period. Such technological advances are also driving the growth of the offshore remote operated vehicle market growth. Furthermore, there is an increasing demand for conventional energy resources, such as LPG, jet fuel, kerosene, diesel, and petrol, all of them are byproducts of the crude oil.

The crude oil consumption of is increasing day by day across the world. According to the U.S. Energy Information Administration (EIA), the world consumed 92.2 million barrels per day (b/d) of petroleum and other liquid fuels in 2020. Thus, with the increasing consumption of crude oil, the demand for offshore ROV is increasing also increasing rapidly. Moreover, growth of the market is driven by the increasing demand for renewable energy. The construction of offshore wind farms requires regular inspection, thereby need ROVs to reduce operational cost, which in turn increases the demand for offshore ROVs. However, dearth of trained ROV pilots and high cost of ROV’s is restraining the offshore remote operated vehicle market growth.

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