The Offshore ROV Market is estimated to be USD 802.9 million in 2018 and is projected to reach USD 943.1 million by 2023, growing at a CAGR of 3.27% from 2018 to 2023. Offshore oil & gas discoveries in prominent countries are expected to drive the demand for offshore ROV market globally.
Browse 65 market data Tables and 42 Figures spread through 125 Pages and in-depth TOC on "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"

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The offshore ROV market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the offshore ROV market are 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).
The South American offshore ROV market is expected to be the fastest growing market during the forecast period. The increase in offshore ultra-deep-water exploration and production activities and various CAPEX investments by major players in the offshore regions of South America are expected to drive the offshore ROV market in the region during the forecast period.
By type, the offshore ROV market has been segmented into Observation class, Work class, and Intervention class. Observation class ROVs are ideal for undertaking routine maintenance checks of subsea structures and providing additional visual support to work class operations. The observation class ROV can be used in all kinds of offshore applications for observing the process during drilling and completion.
Offshore ROVs, by depth, are categorized as Less than 5,000 feet, 5,000–10,000 feet, and Above 10,000 feet. The less than 5,000 feet segment is expected to be the fastest growing market during the forecast period. Due to the limited production capacity of onshore wells, operators are increasingly focusing on offshore exploration. The majority of the existing offshore oil wells, which require ROVs for maintenance and inspection activities, are situated at a depth up to 5,000 feet. Less than 5,000 feet segment is therefore the fastest growing market during the forecast period.

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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. Inspection, repair and maintenance is expected to be the fastest growing market during the forecast period. The market growth in the segment is driven by the increasing preventive maintenance activities in offshore wells.