Market Research Future (MRFR) in its recently published study analysis asserts that the global offshore supply vessels market is poised to touch a valuation over USD25 BN by 2023 registering over 5% CAGR throughout the forecast period (2018-2023).
Offshore Supply Vessels (OSVs) refer ships that precisely serve operational purposes in offshore exploration activities such as the installation of rigs systems, O&G exploration, and storage in the offshore O&G platforms.
Over the last decade, the global offshore supply vessels market has been witnessing significant growth, majorly due to the rising oil & gas exploration activities, worldwide which are driving demand for these vessels.
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Moreover, factors such as the ever-increasing demand for crude oil, the constant development of offshore reserves, and rising Deepwater production are escalating the market on the global platform.
Additional factors that are substantiating the growth of the market include the increasing oil & gas production in North America and the Middle East and the shifting focus of operators towards offshore markets.
The liberalization of the O&G sector in Mexican is another key driving force pushing up the growth of the market, fuelling the demand for offshore supply vessels. Moreover, O&G gas exploration activities alongside the rising offshore investments are boosting the number of deployed offshore supply vessels.
On the flipside, factors such as the high cost required for the replacement and maintenance associated with these OSVs accounts for some of the major factors obstructing the growth of the market. Nevertheless, technological advancements transpired in the field of engineering and development of these fleet would support the growth of the market, providing solutions for the extending maintenance period.
Global Offshore Supply Vessels Market – Segmentations
For a better understanding, the Offshore Supply Vessel Market report has been segmented into three key dynamics:
By Type : Anchor Handling Tug Supply, Platform Supply, Multipurpose Support, Seismic, and Standby & Rescue among others.
By Application : Shallow Water and Deepwater.
By Region : Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).
Offshore Supply Vessels – Geographical Analysis
North American region heading with the large, untapped resources and a high number of rig count, dominates the global offshore supply vessel market. The region witnesses tremendous growth in offshore activities, which is a key force driving the regional market.
With its large numbers of untapped resources and over 200 rigs count the offshore supply vessel market in North America is likely to witness significant growth over the forecast period.
The offshore supply vessels market in the Asia Pacific region is another lucrative market, globally. Factors such as the growing demand for power (energy) and the increasing investment in offshore exploration activities are expected to drive the APAC market during the forecast period.
The region accounts for one of the largest consumers for oil & gas, following North America closely. The extensive consumption leads to the augmenting demand, which results in fostering the regional market, leading to increasing exploration and production activities in the region.
Key players driving the global offshore support vessel market include Siem Offshore AS (Norway), GulfMark Offshore Inc. (U.S.), Maersk (Denmark), SEACOR Marine (U.S.), Tidewater (U.S.), Vroon B.V. (Netherlands), Havila Shipping (Norway), Edison Chouest Offshore (U.S.), Abdon Callais Offshore LLC (U.S.), Swire Pacific Offshore Operations (Pte) Ltd (Singapore), Solstad Farstad (Norway), and Bourbon Offshore (France) among others.
Industry/ Innovation/Related News:
- May 20th, 2019 —- Equinor ASA (Norway), a petroleum industry company announced its partnership with Solstad Offshore ASA (Norway), an offshore service and supply ship shipping company. It is a one-year contract to use two Solstad Offshore platform supply vessels -The Sea Frost and Sea Falcon (both of a PX105 Design) will be on the contract until July 2020 and November 2020, respectively.
- May 23th, 2019 —- Harvey Gulf International Marine, LLC (the US), a marine transportation company, providing Offshore Supply and Support Vessels for Deepwater operations in the U.S. Gulf of Mexico announced commissioning GE’s Power Conversion business to provide the onboard SeaGreen energy storage system (ESS) to its Harvey Champion, a platform service vessel (PSV).
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