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Europe ROV Market Size (2024 - 2029)

The Europe ROV market is anticipated to experience growth driven by factors such as increased oil and gas production, a burgeoning offshore wind power sector, and rising decommissioning activities. Despite challenges posed by a shift towards renewable energy and fluctuating crude oil prices, the oil and gas industry is projected to maintain the largest market share due to the demand for ROV systems throughout the offshore oil and gas life cycle. The expansion of offshore wind capacity in the European Union is expected to create new opportunities, with Norway poised for significant growth due to its offshore oil and gas discoveries and wind energy installations.

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Market Size of Europe ROV Industry

Europe ROV Marke - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 5.00 %
Market Concentration Low

Major Players

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*Disclaimer: Major Players sorted in no particular order

Europe ROV Market Analysis

Europe's ROV market is expected to register a CAGR of 5% during the forecast period of 2022-2027. The COVID-19 outbreak in Q1 of 2020 led to a decline in demand from end-user applications and further delayed financial investment decisions and capital expenditure. Factors such as rising oil and gas production activities, a growing offshore wind power industry, and increasing oil and gas decommissioning activities are expected to drive Europe's ROV market during the forecast period. However, a shift toward renewable energy sources, along with the high volatility of crude oil prices, is expected to hinder the market growth.

  • The oil and gas sector is expected to hold the largest share in the Europe ROV market, owing to the demand for ROV systems across all phases of the offshore oil and gas life cycle.
  • The installed offshore wind capacity in the European Union was 14.6 GW in 2021 and is set to increase by at least 25 times by 2030, which is expected to open up new avenues for the Europe ROV market during the forecast period.
  • Norway is expected to witness significant growth, with the majority of the demand coming from offshore oil and gas discoveries and offshore wind energy installations.

Europe ROV Industry Segmentation

The Europe ROV Market includes:

Type
Work Class ROV
Observatory Class ROV
Application
Oil and Gas
Defense
Other Applications
Activity
Survey
Inspection, Repair, and Maintenance
Burial and Trenching
Other Activities
Geography
United Kingdom
Norway
Netherlands
Rest of Europe
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Europe ROV Market Size Summary

The Europe ROV market is poised for growth, driven by the increasing activities in the oil and gas sector, the expansion of offshore wind power, and decommissioning projects. The market's trajectory was initially impacted by the COVID-19 pandemic, which caused a temporary decline in demand and delayed investments. However, the resurgence in oil and gas production, particularly in the North Sea, and the significant potential for undiscovered resources are expected to bolster the market. The oil and gas industry remains the largest segment for ROV systems, with Norway anticipated to experience substantial growth due to its offshore discoveries and wind energy initiatives. The transition towards renewable energy, while presenting challenges, also opens new opportunities for ROV services, especially in the development of large-scale offshore wind farms.

The North Sea and Mediterranean regions are central to the demand for ROV services in Europe, with the North Sea being a hub for oil and gas production and renewable energy projects. The region's mature industry and ongoing wind farm developments, such as the Dogger Bank project, highlight the growing need for ROVs. Norway's plans for offshore wind auctions and floating wind farms further underscore the market's potential. The Europe ROV market is characterized by fragmentation, with key players like DeepOcean AS, DOF Subsea AS, and Subsea 7 S.A. actively participating. Innovations in ROV technology, such as Boxfish Research's Alpha and ECA Group's R7, reflect the industry's commitment to advancing capabilities for inspections and operations.

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Europe ROV Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Work Class ROV

      2. 2.1.2 Observatory Class ROV

    2. 2.2 Application

      1. 2.2.1 Oil and Gas

      2. 2.2.2 Defense

      3. 2.2.3 Other Applications

    3. 2.3 Activity

      1. 2.3.1 Survey

      2. 2.3.2 Inspection, Repair, and Maintenance

      3. 2.3.3 Burial and Trenching

      4. 2.3.4 Other Activities

    4. 2.4 Geography

      1. 2.4.1 United Kingdom

      2. 2.4.2 Norway

      3. 2.4.3 Netherlands

      4. 2.4.4 Rest of Europe

Europe ROV Market Size FAQs

The Europe ROV Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

DeepOcean AS, DOF Subsea AS, Subsea 7 S.A., Oceaneering International Inc. and Fugro N.V are the major companies operating in the Europe ROV Market.

Europe ROV Report Snapshots

Europe ROV Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)