The offshore ROV market will reach 330 million USD by 2025

The global market for remotely operated vehicles (ROVs), which is an essential component of offshore subsea activities, is estimated at 210 million USD in 2018 and is expected to reach 330 million USD by the end of 2025, with a CAGR 6.3%. during 2019-2025.

In the coming years, demand for offshore ROVs in North America and Europe should spur the market for more advanced offshore ROVs, says a QY Research report.

Increased spending in the underwater areas, recovery of the oil and gas industry, the launch of new products, increased spending on marine work, modernization and renovation of old technologies, the increasing adoption of offshore ROV will spur the growth of the global market.

The consumption volume of offshore ROV is related to downstream industries and the global economy. As there will still be uncertainties in the global economy in the coming years, the rate of growth of the offshore ROV industry may not be maintained as quickly. But it is certainly expected that the offshore ROV market remains promising.

The offshore industry could not function without them as ROVs are installing, inspecting, maintaining and decommissioning subsea infrastructure, he added.