Observation Mini ROV Market Analysis 2020-2025 | Industry Projections
Global observation mini ROV market to exhibit a strong CAGR over 2020-2025 and amass 771.4 million by the end of assessment period, with high demand from deep-sea exploration activities.
Mini ROV is the smallest type of ROV (remotely operated vehicle) which is used to explore unreachable areas of oceans, lakes, and rivers. These vehicles are used in various industries such as shipping, offshore energy, gas, oil, marine biology, aquaculture, telecommunications, recreation and discovery, military and search & rescue industries among others.
Increasing deep-sea exploration activities for underwater surveillance and discovering new reservoirs is a major factor driving the observation mini ROV market. Mini ROVs are not only cost effective but are also easy and safe to use. Moreover, these vehicles offer video recording capabilities, extended dive time, minimal maintenance, and quick deployment properties. This factor coupled with escalating defense budgets and growing demand for fossil fuels are further aiding the market expansion.
Advancements in technology pertaining to mini ROVs is stimulating the industry outlook. However, slower operations and high costs of such vehicles as compared to human divers may hinder the observation mini ROV market growth.
As per type, the market is classified into micro observation ROV and mini observation ROV segments. The micro observation ROV market segment is expected to register decent growth during the estimated timeframe. These ROVs are extensively used for offshore structural inspection, to secure inland waterways, and for underwater inspection of ships and vessels. These factors along with rising sub-sea exploration activities for various purposes are contributing towards the popularity of the product across the globe.
Based on the application spectrum, the observation mini ROV market is categorized into defense, oil & gas, and others. The defense applications of observation mini ROV are presumed to witness substantial growth during the estimated timeframe, on account of burgeoning deployment by navies across the globe, primarily for deep sea mine breaking and mine hunting. Moreover, they are also used for detecting environmental hazards on ocean floors, patrolling local harbors, and to stalk enemy waters. Thus, rising adoption of mini ROVs in defense applications will offer enormous growth opportunities to observation mini ROV market behemoths.
Considering the geographical landscape, the observation mini ROV market is bifurcated into Europe, North America, South America, Middle East & Africa, and Asia-Pacific. Based on credible estimations, the Asia-Pacific observation mini ROV market is poised to accumulate praiseworthy gains in the subsequent years. Introduction of 5G technology has multiplied the deployment of mini ROVS for installing underwater connectors which in turn is fueling the Asia-Pacific market growth.
On the other hand, Middle East & Africa observation mini ROV market will witness also considerable growth in the forthcoming years. Flourishing oil & gas industries is a key factor augmenting the demand for mini ROVs across the region.
Seabotix, CISCREA, Outland Technology, AC-CESS, Deep Trekker, Subsea Tech, MarineNAV, VideoRay, and Ocean Modules Sweden are the prominent companies operating in the observation mini ROV market.