Offshore Support Vessel Market Will Witness Moderate CAGR To Overtake $60 Billion By 2024
SELLBYVILLE, Del., Aug. 17, 2018 /PRNewswire-iReach/ -- World Offshore Support Vessel Market revenue is all set to surpass USD 60 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Shifting trends toward exploration and production across subsea coupled with ongoing expansion of deep-water projects will drive the offshore support vessel market. Growing measures to untap the unexplored hydrocarbon reserves will further stimulate the business outlook. As per EIA, in 2016, Gulf of Mexico accounted for 16% of total U.S. crude production and 4.5% of dry natural gas production.
Rising demand for floating production units and drillships will foster the platform supply vessel market growth. Growing installation of FPSOs and FLNG platforms on account of its large production and storage capacity will complement the industry outlook. In 2016, Petronas' first FLNG unit commenced its operation with a processing capacity of 1.2 mtpa at the Kanowit deep-water field in Malaysia.
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U.S. offshore support vessel market is predicted to witness strong growth on account of mature industry and low-risk investment region. Availability of resources across untapped fields along with large ongoing projects will supplement the product demand. A manned tripod structure with a capacity of 5 million cubic feet of gas per day and 4,500 barrels of oil per day is planned to be installed in the U.S. Gulf of Mexico by end of 2017.
Norway offshore support vessel market is predicted to surpass 400 OSV fleet by 2024. Strong orderbook of Norwegian shipyards to cater the O&G industry will positively influence the industry landscape. As per the U.S. Energy Information Administration, in 2016, 7% of global offshore oil production was originated from Norwegian fields.
Brazil in 2016, accounted for over 60% of the Latin America offshore support vessel market share. Predominant expansion of deep-water pre-salt projects along with positive outlook towards subsea E&P will embellish the industry outlook.
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Saudi Arabia offshore support vessel market is set to witness gain over 4% by 2024. Ongoing drilling activities along with new subsea E&P projects will augment the industry landscape. The country has several fields including Safaniya oil field that produces 1.1 to 1.5 million barrels per day and holds 13% of the world total offshore oil production.
Shifting trends towards eco-friendly hydrocarbons owing to rising environmental concerns will embellish the offshore support vessel market growth. Adoption of LNG as fuel by major fleet owners owing to government regulations toward reduction of marine emissions will stimulate the product demand. In 2015, IMO implemented a legislation that focusses toward reduction of NOx content in fuel to 0.5% for the fleets sailing in emission control areas.
Notable players in global offshore support vessel market include Bourbon, Seacor Marine, Farstad, Swire, Tidewater, Gulfmark, Hornbeck, Havila Shipping, Maersk, REM Maritime, Siem, Solstad, Vroon, Edison Chouset, Harvey Gulf and Island Offshore.
Browse key industry insights spread across 870 pages with 1600 market data tables & 10 figures & charts from the report, "Offshore Support Vessel Market" in detail along with the table of contents:
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Sample TOC:
Chapter 2. Executive Summary
2.1. Offshore Support Vessel industry 360(0) synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Vessel trends
2.1.3. Water Depth trends
2.1.4. Fuel trends
2.1.5. Regional trends
Chapter 3. Offshore Support Vessel Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024 (USD Million)
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.4. Innovation and technology landscape
3.5. Global trends for deep-water and ultradeep water activities
3.6. List of key new deep-water discoveries in Gulf of Mexico
3.7. Oil production trends
3.7.1. Offshore vs onshore
3.8. Regulatory landscape
3.8.1. U.S.
3.8.2. UK
3.8.3. Europe
3.8.4. China
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.1.1. North America
3.9.1.1.1. Growing demand for offshore E&P
3.9.1.1.2. Untapped potential across deep water fields
3.9.1.2. Europe
3.9.1.2.1. Regulations toward marine emissions
3.9.1.3. Asia-Pacific and Middle-East & Africa
3.9.1.3.1. Increasing demand for hydrocarbons
3.9.1.3.2. Government spending on offshore projects
3.9.1.4. Latin America
3.9.1.4.1. Positive outlook toward E&P spending
3.9.2. Industry pitfalls & challenges
3.9.2.1. High initial cost
3.9.2.2. Volatile day charter rates
3.10. Growth Potential Analysis
3.11. Porter's analysis
3.12. Competitive landscape, 2016
3.12.1. Strategy dashboard
3.12.2. Mergers and Acquisitions
3.13. PESTEL analysis
Chapter 4. Offshore Support Vessel Market, By Vessel
4.1. Global market share by vessel, 2016 & 2024
4.1.1. AHTS
4.1.1.1. Market estimates and forecast, 2013-2024
4.1.1.2. Market estimates and forecast, by region, 2013-2024
4.1.1.3. Water Depth
4.1.1.3.1. Market estimates and forecast, 2013-2024
4.1.1.3.2. Market estimates and forecast, by region, 2013-2024
4.1.1.4. Fuel Oil
4.1.1.4.1. Market estimates and forecast, 2013-2024
4.1.1.4.2. Market estimates and forecast, by region, 2013-2024
4.1.2. PSV
4.1.2.1. Market estimates and forecast, 2013-2024
4.1.2.2. Market estimates and forecast, by region, 2013-2024
4.1.2.3. Water Depth
4.1.2.3.1. Market estimates and forecast, 2013-2024
4.1.2.3.2. Market estimates and forecast, by region, 2013-2024
4.1.2.4. Fuel Oil
4.1.2.4.1. Market estimates and forecast, 2013-2024
4.1.2.4.2. Market estimates and forecast, by region, 2013-2024
4.1.3. FSV
4.1.3.1. Market estimates and forecast, 2013-2024
4.1.3.2. Market estimates and forecast, by region, 2013-2024
4.1.3.3. Water Depth
4.1.3.3.1. Market estimates and forecast, 2013-2024
4.1.3.3.2. Market estimates and forecast, by region, 2013-2024
4.1.3.4. Fuel Oil
4.1.3.4.1. Market estimates and forecast, 2013-2024
4.1.3.4.2. Market estimates and forecast, by region, 2013-2024
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Media Contact: Jignesh Thakkar, Global Market Insights, Inc., +13028467766, sales@gminsights.com
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