Total annual expenditure on ROV support of underwater operations is expected to grow from $891 million in 2010 to $1,692 million in 2015. New research published by international energy business advisors Douglas-Westwood shows that the fundamental market drivers for the ROV business are in growth and this is likely to continue for the foreseeable future.
Douglas-Westwood's latest edition of the World ROV Market Forecast 2011-2015 details the market for the operation of work-class ROVs. Europe is the largest market by a small margin over Africa with its strong growth driven by deepwater oil & gas activity. The world fleet of work-class ROVs consists of 641 units operated by 21 companies and Oceaneering is by far the largest player with 241 units, 32% of the global total. The Douglas-Westwood report shows the present industry structure is the result of a series of mergers and acquisitions over some 30 years and M&A activity still continues.
Chairman of Douglas-Westwood, John Westwood, himself a pioneer of the ROV industry in the North Sea commented: "Although ROVs are today used in many sectors ranging from academic research to military applications and salvage, the largest commercial user is the offshore oil & gas industry where they have become an essential tool for deepwater operations. This was clearly demonstrated recently in the subsea work to cap the Macondo blow-out in the US Gulf of Mexico. "Despite continuing turmoil in financial markets, in 2011 it seems that the offshore oil & gas industry is facing a future of significant growth and in the longer term we still have the full impact of Brazil's major pre-salt deepwater developments to come. In addition, new, albeit much smaller, markets are emerging in sectors such as the offshore wind. The next future looks good for the ROV industry" concluded Westwood.
A unique market forecast
In this report DW forecast the market for the operation of work-class ROVs. Our research shows that all of the fundamental market drivers of the ROV business are in a period of growth, which is likely to continue for the foreseeable future. This new report forecasts that total annual expenditure on ROV support of underwater operations is expected to grow from $891 million in 2010 to $1,692 million in 2015.
Strong growth in ROV operations expenditure is forecast in all regions outside the Middle East, with Africa set to remain the largest market, followed by Latin America and North America.
Why purchase the World ROV Market Forecast 2011-2015?
Geared to meet senior executives' needs in business planning and decision makingAssumes no previous reader knowledge of the subject areaA concise, sector-by-sector format allows for targeted view of marketsAnalysis based on extensive in-house databases maintained by the DW teamBenefit from DW's industry forecasting expertise developed over many yearsAll data is presented clearly and accessibly.
World ROV Market Forecast
This concise report presents analysis based on unique and proprietary data:
- Identification and discussion of key underlying drivers and defines their influence on the global work-class ROV market
- Historic and forecast activity 2006 to 2015, segmented by region & sectorSegmentation by ROV days and market value
- Segmentation by: drill support, construction support and IRM
- Detailed forecasts of ROV activities, including work requirements on: subsea trees, umbilicals & flowlines, subsea processing, FPSO mooring & risers, trunkline installation etc.
Technology & Applications
A detailed review of unmanned underwater vehicles, defining the respective roles of AUVs, ROVs and USVs, the technology involved and their applications is given in a separate Volume 2. This describes the development of the industry and gives many examples of the various types of ROVs, AUVs & USVs. Individual sections discuss the fundamental technologies of positioning and obstacle avoidance; main vehicle components such as umbilical cables, tooling, survey sensors, cameras and manipulators.
Part of an acclaimed series
The World ROV Market Forecast 2011-2015 is the latest in an acclaimed series of business studies used by organisations in over 70 countries. These include oil majors, drilling companies investment banks, OEMs, contractors, and government departments & agencies worldwide.