Integration of Technologies Poised to Open up a Billion Dollar Market
The global oil demand has been increasing at a near constant rate and increasing deep-sea oil and gas finds are leading to more deep-sea rigs. A growing number of ROVs per rig has resulted in a nearly 33.0 percent increase in market size and opportunity. A skewed balance between supply and demand presents significant opportunities for new market participants. After the BP oil spill disaster of 2010, market demand shot up and ever since a widening gap between supply and demand has existed. This study analyzes the changing rig owner needs, government mandates that contribute to increase in usage of remote operated underwater vehicles and the expected boom in the ROV market.