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GCC ROV Market Size (2024 - 2029)

The GCC ROV market is poised for growth, driven by factors such as rising offshore oil and gas discoveries and increasing decommissioning activities. Despite challenges like a decline in offshore rigs and activities, the market is expected to expand, particularly in inspection, repair, and maintenance sectors due to aging infrastructure. The emergence of deepwater and ultra-deepwater opportunities further enhances the market's potential. Saudi Arabia is anticipated to lead the market, supported by a surge in offshore oilfield services.

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Market Size of GCC ROV Industry

GCC ROV Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 4.60 %
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order

GCC ROV Market Analysis

The ROV market in GCC is expected to register a CAGR of more than 4.6% during the forecast period of 2022-2027. The COVID-19 outbreak in Q1 of 2020 had led to a decline in demand from end-user applications (includes oil and gas, defense, etc.) and further delayed financial investment decisions and capital expenditure. Rising offshore oil and gas discoveries, and increasing oil and gas decommissioning activities are expected to drive the ROV market in GCC during the forecast period. However, the declining number of offshore rigs and offshore oil and gas activities in GCC countries are restraining the market growth during the forecast period.

  • The inspection, repair, and maintenance activity is expected to witness significant growth during the forecast period, owing to the increasing number aging infrastructure in the region.
  • The rising deepwater and ultra-deepwater discoveries are expected to create huge opportunities for the ROV deployment in GCC countries soon.
  • Saudi Arabia is expected to dominate the ROV market in GCC region during the forecast period, owing to the increasing number of oilfield services in the offshore sector.

GCC ROV Industry Segmentation

The GCC ROV market report includes:

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GCC ROV Market Size Summary

The GCC ROV market is poised for growth, driven by increasing offshore oil and gas discoveries and decommissioning activities. Despite the challenges posed by the COVID-19 pandemic, which initially led to a decline in demand and delayed investments, the market is expected to recover and expand. The inspection, repair, and maintenance (IRM) segment is anticipated to experience significant growth due to the aging infrastructure in the region. This growth is further supported by the rising deepwater and ultra-deepwater discoveries, which present substantial opportunities for ROV deployment. Saudi Arabia is expected to lead the market, bolstered by its extensive offshore oilfield services and ongoing investments in offshore projects.

The GCC ROV market is moderately fragmented, with key players such as Subsea 7 SA, TechnipFMC PLC, ROVOP, Forum Energy Technologies Inc., and Fugro NV actively participating. Saudi Arabia's dominance in the market is reinforced by its status as a leading crude oil producer and exporter, with significant offshore fields like Safaniya, Marjan, and Manifa. The country's commitment to expanding its oil and gas fields, along with collaborations in marine research, underscores the growing demand for ROV and AUV technologies. These developments are expected to drive the market forward, particularly in the IRM segment, as companies continue to offer advanced services for offshore projects.

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GCC 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 Force 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 Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

GCC ROV Market Size FAQs

The GCC ROV Market is projected to register a CAGR of greater than 4.60% during the forecast period (2024-2029)

Subsea 7 SA, TechnipFMC PLC, ROVOP, Fugro NV and Forum Energy Technologies Inc. are the major companies operating in the GCC ROV Market.

GCC ROV Market Report Snapshots

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