PUNE, India, July 11, 2018 /PRNewswire/ --

According to a new market research report "Offshore ROV Market by Type (Observation, Work, and Intervention), Depth (< 5,000, 5,000-10,000, and >10,000 Feet), Application (Completion, Construction, Repair & Maintenance, Design & Build, and Engineering), AUV, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market is expected to grow from an estimated to be USD 802.9 million in 2018 and is projected to reach USD 943.1 million by 2023, at a CAGR of 3.27% from 2018 to 2023. The market is set to grow due to increasing offshore oil & gas discoveries in prominent countries and rise in demand for oil & gas.

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The Observation class segment is expected to hold the largest share of the Offshore ROV Market, by type, during the forecast period.

The Offshore ROV Market has been segmented, by type, into Observation class, Work Class, and Intervention Class. The observation class segment is expected to be the largest market because it can be used in all kinds of offshore applications for observing the process during drilling and completion work.

5,000-10,000 feet segment is the fastest growing market of the offshore ROV, by depth, during the forecast period.

The Offshore ROV Market has been segmented, by depth, into Less than 5,000 Feet, 5,000-10,000 feet, and Above 10,000 feet. The 5,000-10,000 feet segment is estimated to hold the largest share of the market during the forecast period. Operators are undertaking complicated offshore field development reserves in order to access marginal reserves in deep and ultra-deep water, particularly in the deep-water 'Golden Triangle' regions of Africa, Latin America, and North America.

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The Drilling and Well Completion Support is expected to dominate the Offshore ROV Market, by application, in 2018.

The Offshore ROV Market has been segmented, by application, into Drilling and Well Completion Support, Construction Support, Inspection Repair & Maintenance Services, Remote Subsea Intervention Tooling Design and Build, and Subsea Engineering Services. The Drilling and Well Completion Support segment is estimated to hold the largest market share by 2023. The market growth in the segment is driven by the increasing deep water offshore activities in Angola and ultradeep water in Brazil.

Middle East & Africa expected to be the largest market for offshore ROV during the forecast period.

The Middle East & Africa is expected to dominate the Offshore ROV Market during the forecast period. The rise in offshore deep and ultradeep water activities is driving the Offshore ROV Market in the Middle East & Africa region. The increasing activities of offshore exploration and production in countries such as Angola, UAE, Nigeria, etc. will drive the Offshore ROV Market in the Middle East & Africa region.

Oceaneering (US), Subsea 7 (UK), Fugro (Netherlands), TechnipFMC (UK), Saipem (Italy), Forum (US), DOF (Norway), ECA (France), Deep Ocean Group (Norway), ISE (Canada), Deep Ocean Engineering (US), and AC-CESS (Scotland) are the key players in the market.

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