GCC ROV Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The ROV market in GCC is expected to register a CAGR of more than 4.6% during the forecast period of 2022–2027. The COVID-19 outbreak in Q1 of 2020 had led to a decline in demand from end-user applications (includes oil and gas, defense, etc.) and further delayed financial investment decisions and capital expenditure. Rising offshore oil and gas discoveries, and increasing oil and gas decommissioning activities are expected to drive the ROV market in GCC during the forecast period. However, the declining number of offshore rigs and offshore oil and gas activities in GCC countries are restraining the market growth during the forecast period.
Key HighlightsThe GCC ROV market is moderately fragmented. Some of the major players in the market include Subsea 7 SA, TechnipFMC PLC, ROVOP, Forum Energy Technologies Inc., and Fugro NV.
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