World ROV Operations Market Forecast 2015-2019

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Douglas-Westwood (DW) forecast the market for the operation of work-class ROVs through to 2019 in this seventh edition of the World ROV Operations Market Forecast. This edition has seen a full refresh of the market model with the latest DW offshore data and revisions to methodology, sense-checked through extensive consultation with industry.

ROV Work Class Operations Market Lower on Weaker Rates & Utilisation

Douglas-Westwood (DW) forecast the market for the operation of work-class ROVs through to 2019 in this seventh edition of the World ROV Operations Market Forecast. This edition has seen a full refresh of the market model with the latest DW offshore data and revisions to methodology, sense-checked through extensive consultation with industry.

The conclusions of the report highlight the current market challenges with weaker dayrates and lower levels of utilisation for the work-class fleet. DW anticipates 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.

Recovery later in the decade results in an overall compound annual growth rate (CAGR) of 4.3% for ROV expenditures over the forecast period. In unit terms, the global fleet is forecast to grow 193 units over the period, from 983 in 2014 to 1,176 in 2019. ROV operational expenditure for the forecast period is expected to total $14.2 billion, an increase of nearly 19% over the previous five-year period.

Drilling support accounts for some 55% of the current market followed by construction support at 29%. The remaining IRM market is the smallest but also the most resilient to downturns in oil price.

Regionally, the Middle East is a bright spot, with no downturn in expenditure evident and a CAGR of 6.5% to 2019. It does, however, only accounts for 10% of overall spend in 2015 due to the extensive use of divers in the region. Latin America is now the largest market albeit growth levels are somewhat muted at 3.3% CAGR as a result of slowdown in developments in Brazil.

The World ROV Operations Market Forecast 2015-2019 analyses the main factors driving demand for ROV operations and key themes include:

  • Market drivers – identification and discussion of key underlying drivers and their influence on the global work-class ROV operations market.
  • Historic and forecast activity – 2010 to 2019, segmented by region & sector.
  • Market segmentation – by drill support, construction support and repair & maintenance, detailed by ROV days and units.
  • Detailed forecasts – of ROV activities, including work requirements on subsea trees, umbilicals & flowlines, subsea processing, FPSO mooring & risers, trunkline installation, exploration & appraisal wells and subsea development wells.

 

Why purchase the World ROV Operations Market Forecast?

The World ROV Operations Market Forecast is an excellent source of information for those seeking a timely update on this dynamic and rapidly changing industry. Geared to senior executives’ needs, the report assumes no previous knowledge of the subject area. The report provides the reader with a comprehensive understanding of the key trends involved in shaping the requirement for ROV operations

DW’s market forecasting is trusted by sector players worldwide, with clients including the world’s top-10 oil & gas companies, top-10 oilfield services companies and top-10 private equity firms.

The report is relevant to strategy teams within subsea manufacturing, subsea services, drilling operations and offshore construction companies as well as financial institutions.

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Additional services: tailored to meet your company’s needs, include dedicated real-time analysis, on-site support and presentations. Please contact us to discuss further research@douglaswestwood.com or call +44 203 4799 505 for more details.

The complexity and flexibility of DW’s models enables us to cut outputs in a number of different formats. DW is able to provide different segmentation or additional granularity if required at an additional cost. Please contact DW to discuss further research@douglaswestwood.com or call +44 203 4799 505 for more details.

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