ROV Market to Grow Through 2015

24 October 2011

ROV support of underwater operations is expected to grow from $891 million in 2010 to $1,692 million in 2015, according to the latest report from Douglas-Westwood.

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

"Despite continuing turmoil in financial markets, in 2011 it seems that the offshore oil and gas industry is facing a future of significant growth and in the longer term we still have the full impact of Brazil’s major presalt deepwater developments to come. In addition, new, albeit much smaller, markets are emerging in sectors such as the offshore wind. The next future looks good for the ROV industry.”