The ‘Global ROV Market - Growth, Trends, and Forecast (2018 - 2023)’ report has been added to ResearchAndMarkets.com's offering. The global remotely operated vehicles (ROV) market is closely linked with offshore activities in the oil & gas industry. Therefore, a drop in offshore activity post-2014 posed a major threat to the global ROV market growth during the last few years.
From January 2015 to August 2017, the global offshore drilling rig count had come down from 371 to 219. A major decline in the rig count had been caused by decreased offshore activities in Africa and South America, which are traditional areas for deepwater activity.
South America, which contributes heavily to global ROV market, had experienced a decline in offshore activity. In August 2017, 17 offshore drilling rigs were operating in South America, out of which, 11 were operating in Brazil, making Brazil the major player for ROV market in the region. Deepwater projects in Brazil are expected to decline as Petrobras, a National Oil Company and the largest oil and gas player in Brazil, is suffering from financial crisis./p>
Despite low oil prices, offshore activity in China has seen a substantial increase. China's offshore activity is mainly concentrated in Bohai Bay, Pearl River Delta, and Beibu Gulf areas. As of May 2017, world's 5% of the total offshore fleet was active in the country. Growing industrialisation, urbanization, and increasing per capita income are the drivers of energy demand in the country./p>
Companies mentioned in the report include:
- DeepOcean AS.
- DOF Subsea AS.
- TechnipFMC PLC.
- Forum Energy Technologies.
- Fugro Subsea Services Ltd.
- Helix Energy Solutions Group.
- Oceaneering International Inc. S.Ab Seaeye Limited.
- Soil Machine Dynamics Ltd.
- Subsea 7 SA.
Read the article online at: https://www.worldpipelines.com/business-news/18042018/global-rov-report-published/