ROV Support Market to Double

Strong growth in demand for ROV support of offshore operations is anticipated over the forecast period 2011-2015, driven by a significant rise in offshore exploration and subsea field development activity, a report of Douglas-Westwood (UK) shows. Their research indicates that all of the market drivers of the work-class ROV business are in a period of growth. The report forecasts that total annual expenditure on ROV support of underwater operations is expected to grow from USD891 million in 2010 to USD1,692 million in 2015.  

Although ROVs are used in many sectors ranging from academic research to military applications and salvage, the largest commercial user is the offshore oil & gas industry, where they have become an essential tool for deepwater operations. This was demonstrated recently in the subsea work to cap the Macondo blow-out in the US Gulf of Mexico.

 

In the primary offshore oil & gas activity sector a long period of high oil prices and surging deepwater activity has driven orders for offshore drilling rigs to numbers not seen for decades. These rigs, together with large numbers of subsea construction vessels coming into the market in the years ahead, will drive ROV demand to new highs.

 

Strong growth in ROV operations expenditure is forecast in all regions outside the Middle East, with Africa set to remain the largest market, followed by Latin America and North America.