ROV Market Dynamics: Understanding the Forces Behind Market Movements

“The ROV Market was estimated at USD 2.3 billion in 2023 and is likely to grow at a healthy CAGR of 4.3% during 2024-2030 to reach USD 3.2 billion in 2030”.

ROVs are tethered unmanned underwater vehicles specifically designed for operations in harsh underwater environments. They are equipped with cameras, sensors, thrusters, and manipulator's arms. ROV offers inspection, surveys, maintenance, repair, and assistance to underwater works, and serves a wide range of applications, such as offshore wind energy, hydrography, defense, construction, rescue operations, and Oil & Gas (majorly drill support). The motion of ROV is controlled by thrusters, cameras, and sensors that provide critical data and visual information, and sensors provide feedback on water depth, temperatures, currents, and ROV orientation.