global remotely operated vehicles market is expected to spring by 10.51% CAGR during the forecast period (2018-2023) and scale to a worth of USD 3,127.7 million by 2023. Reports published by Market Research Future (MRFR) has a detailed analysis of segments and factors that can influence the market growth in the foreseeable future. The remotely operated vehicles work with an operator panel that holds cables. These cables transmit signals and enable the vehicle to perform under the guidance of a controller sitting far away.
Among the factors that can significantly impact the remotely operated vehicles market growth, military & defense, along with oil & gas exploration score high. Many scientific types of research to understand environmental changes are also promoting the remotely operated vehicles market considerably. The naval sector also uses technology to maintain ships and monitor any unwanted prying. With growing sea border dispute, the remotely operated vehicles (ROV) market is going to enjoy sufficient tailwinds.
Despite such benefits, the remotely operated vehicles market can get plateaued by the high prices associated with it and shortage in expert operators. But the future holds prospect for the remotely operated vehicles market. The advent of 3D printing technology can curb the production cost and simplify the remotely operated vehicles’ market proliferation.
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The global remotely operated vehicles (ROV) market can be segmented by industry, system component, and vehicle type.
Industry-wise, the remotely operated vehicles market includes oil & gas application, military & defense, scientific research, others. Oil & gas segment can be segmented into drilling support, construction support, inspection, repair, and maintenance, and others. The segment had the maximum market share and was valued at USD 837 million which can go up to USD 1,477.3 million by 2023. Military & defense can be segmented into explosive ordnance disposal, hull inspections, ballast tank inspections, and search & rescue operations. The segment can record the fasts CAGR of 11.57% during the forecast period.
Based on system component, the remotely operated vehicles (ROV) market can be segmented into electronics & control systems, frame & propulsion, camera & lighting systems, and others. Electronics & control systems can climb up to USD 1,237.2 million by 2023 while maintaining the highest CAGR of 11.02% over the review period.
Bon the basis of vehicle type, the remotely operated vehicles market comprises observation vehicle, work class vehicle, and towed & bottom-crawling vehicle. Work class vehicle includes light work-class, medium work-class, and heavy work-class. Observation vehicle segment has the maximum market value and can scale USD 1,415.6 million valuation during the assessment period.