May 11, 2020

Remote Operated Vehicle Rov Market Surge At A Robust Pace In Terms Of Revenue

Remote Operated Vehicle (ROV) Market: Introduction

  • Increasing marine activities, including search for new sources of minerals, is driving the global remote operated vehicle (ROV) market. Scarcity of minerals in land mines across the globe has prompted search for new possible sites for mining under the seas. This, in turn, has boosted the demand for remote operated vehicles.
  • A remotely operated vehicle (ROV) is a tethered underwater mobile vehicle. The construction and operation of an ROV is fundamentally different from that of other remote controlled vehicles operating on land or in the air. ROVs are unoccupied/ unmanned, highly maneuverable underwater, and are generally operated by a team from a ship.

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Key drivers of global remote operated vehicle (ROV) market

  • Regulations and standards implemented by government authorities and regulatory bodies are promoting the development of different class of remote operated vehicles that are suitable for specific underwater applications; subsequently, fueling the demand for remote operated vehicles and in turn propelling the global remote operated vehicle (ROV) market. For instance, the petroleum industry in Norway in conjunction with several other companies has developed NORSOK standards for ROVs. These standards are aimed at ensuring adequate safety, value addition, and cost effectiveness for petroleum industry developments and operations. Furthermore, these standards serve as a reference for other ROV-related regulations.
  • Stringent regulations are demanding a reduction in air pollution caused by vehicle emissions in order to reduce carbon footprint and control climate change, which has led to the development of electrically powered remote operated vehicles. These developments are driving the global remote operated vehicle (ROV) market. For instance, Oceaneering International, Inc. has developed work class ROVs that utilize electric propulsion technology to reduce emission and marine environmental impact caused due to ROVs operating underwater.
  • Scarcity of minerals, petrochemical products, and other natural resources that are used in diverse industries, including pharmaceutical, is compelling governments to increase marine activities in search of these products. All these operations need different class of remote operated vehicles, which in turn is boosting the demand for ROVs, and thereby propelling the global market. For instance, ROVs are classified from Class I to Class V and perform functions as per the vehicle class. These functions include observation, search and rescue, and heavy lifting.

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