By Regina Ciardiello October 22, 2019

#Oi2020 History

Photo Courtesy of The Marine Technology Society

The ROV market continues to expand and grow rapidly throughout the 2000s, and it doesn’t seem to be slowing its pace. According to Advances in Marine Technology (as published by The Marine Technology Society), this exponential growth is “attributed to advances in technologies related to offshore oil and gas.” In addition, the book states that “As deepwater and ultra deepwater production stepped up, a corresponding complexity in subsea installations has increased the demand for work class ROV systems with an average cost of up to $5 million each.” Markets such as telco and defense, according to the MTS, are continually noted as key ROV markets, as their technologies and purposes have become indispensable.

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