Global Offshore ROV market will reach 350 million US$ by the end of 2025
Published Date: 2018/11/13
Remotely operated vehicles (ROVs) are a vital part of underwater activities. The offshore industry could not function without them as ROVs perform crucial installation, inspection, maintenance, and decommissioning of subsea infrastructure.
In the coming years there is an increasing demand for offshore ROV in the regions of North America and Europe that is expected to drive the market for more advanced offshore ROV. Increasing of underwater fields expenditures, more-intense competition, launches in introducing new products, increasing of spending on marine work, retrofitting and renovation of old technology, increasing adoption of offshore ROV will drive global market growth.
The consumption volume of offshore ROV is related to downstream industries and global economy. As there will always be some uncertain in the global economy in the following years, the growth rate of offshore ROV industry may not keep that fast. But it is surely forecasted that the market of offshore ROV is still promising.
The global Offshore ROV market is valued at 220 million US$ in 2017 and will reach 350 million US$ by the end of 2025, growing at a CAGR of 5.9% during 2018-2025.
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