Douglas-Westwood (DW) forecast the market for the operation of work-class ROVs to total $14.2 billion over the period to 2019, in the seventh edition of the World ROV Operations Market Forecast.
Author, Antoine Paillat, commented, “This represents a 19% increase on the previous five-year period, however, near-term we see some difficult conditions with weaker dayrates and lower levels of utilisation for the work-class fleet. We expect the global ROV market to significantly contract in value terms in 2016 (-6.3%) and then plateau in 2017, due to the current oil price downturn.
“However, we will see recovery later in the decade and this results in an overall compound annual growth rate (CAGR) of 4.3% for ROV expenditure over the forecast period. For the fleet, we expect to see an additional 193 units over the period, increasing from 983 ROVs in 2014 to 1,176 in 2019.”
Purchase the report, here.