Offshore Support Vessel Market Analysis

Offshore Support Vessel Market Analysis

Platform Supply Vessel (PSV) industry will witness substantial growth due to the implementation of several highly efficient drilling techniques on account of enhancing the oil well production capacity. Furthermore, rising demand for dynamic posting fleet in order to achieve maximum flexibility across high sea operation will boost the boost the adoption of PSV.
 

Growing demand for advanced drilling technologies coupled with significant rise in rig count will drive the AHTS offshore support vessel industry. These products are designed specifically to tow ships, handle anchors and serve as a rescue vessel.
 

Offshore support vessel industry from Fast Support vessel (FSV) will witness growth over 3% by 2024. Dynamic ride control, water jet propulsion, and engine monitoring system are some prominent features that will increase the carrier deployment over other alternatives available in the industry
 

Shallow Water OSV industry is anticipated to witness gains over 4% by 2024. Significant rise in the demand for various petroleum products will subsequently drive the industry demand. Furthermore, limited technical integrities along with low cost and will drive the business outlook over the forecast period.
 

Surging investments toward deep and ultra-deep oil field explorations with growing technological advancements to enhance drill efficiency will raise the deep water OSV market size. For instance, as per the U.S. Energy Information Administration, in 2018, the total global production of crude oil from offshore deep-water projects is anticipated to expand over 2.5 million barrel per day between 2017 and 2040.
 

LNG offshore support vessel industry is set to expand over 19% by 2024. Shifting focus toward adoption of low carbon emission fuel owing to rising greenhouse gas emissions will drive the business growth. For instance, as per the EIA, the U.S. exported nearly 4.7 billion cubic feet per day of LNG in May 2019 to cater to the rising demand of across Asia Pacific and Europe region.
 

Asia Pacific OSV market size is expected to surpass over USD 17 billion by 2024. Positive economic outlook coupled with the rising E&P investments to explore the region’s untapped potential reserves will drive the business landscape. For instance, in 2019, Perdana Petroleum, Malaysia was awarded the contract from Petronas as a panel contractor, for the provision of services pertaining to drilling rigs, offshore installation & towing and anchor jobs with the help of OSVs.
 

Europe offshore support vessel industry will grow on account of rising investments toward expansion of ultra-deep offshore fields. In addition, the increasing trade of LNG coupled with the growing concerns toward GHG emissions will further complement the industry growth. For instance, in March 2019, the volume of LNG trade between the U.S. and EU has crossed more than 1.4 billion cubic meters.
 

Middle East offshore support vessel market will witness growth of over 4% by 2024. Growing investment toward new crude oil discoveries along with increasing concentration of mature and aging oilfield will further boost the industry outlook. For instance, in 2019, Khalid Al-Falih (Minister of Energy, Industry and Mineral Resources, Saudi Arabia) has announced the discovery of natural gas in Red Sea.