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Offshore Support Vessel Market Analysis, Revenue, Price, Market Share, Growth Rate, Forecast to 2024

Continually surging prices of oil and subsequent rise in exploration activities across the world are likely to play as major factors stimulating offshore support vessel (OSV) market growth. Over the last few years, the offshore oil & gas industries have expanded significantly, especially in terms of deep-water exploration projects. The US, Saudi Arabia, Mexico, Brazil, and Norway are some of the countries outlaying massive amounts in crude oil production, which is favoring OSV industry size. Government policies across multiple countries to control groundwater pollution caused by onshore drilling and to secure hydrocarbon supply will offer a massive push to offshore drilling activities, which, in turn, is further driving global OSV market trends.

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According to the latest research conducted by Global Market Insights, Inc., offshore support vessel market is likely to surpass a valuation of more than $60 billion by 2024.

Developing deep-water projects on a global scale along with intensifying inclination towards exploration and production may escalate offshore support vessel industry share.

The US has witnessed a discernible rise in the number of offshore exploration projects, which is set to bolster OSV industry growth. Easy availability of resources and the presence of a large number of untapped oil fields in the country are key factors influencing exploration trends. Moreover, the O&G industry is fairly mature in the country, which facilitates low-risk investment.

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In recent years, the Gulf of Mexico has witnessed a number of new deep-water discoveries, which is slated to support OSV market growth. As per the US Energy Information Administration (EIA), Gulf of Mexico accounted for around 4.5% of total U.S. dry natural gas production and 16% of crude production. In 2017, a manned tripod structure was planned to be installed in the Gulf of Mexico with a production capacity of approximately 5 Mcf of gas per day and about 4,500 bbl of oil/day.

Rise in demand for floating drill ships is fueling offshore support vessel industry trends. FLNG and FPSO platform are being increasingly installed due to the advantages of vast production and storage capacity associated with them. For instance, in 2016, the first FLNG unit of Petronas was started with a processing capacity of 1.2 mtpa at a deep-water reservoir, located at Kanowit, Malaysia.

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With several new subsea exploration & production projects developing in Saudi Arabia, the country is likely to emerge as a key revenue pocket for OSV market. In addition, amplifying drilling activities in the country on account of its vast reserves of oil and gas fields is likely to support industry expansion. , such as Safaniya oilfield producing around 1.1 to 1.5 million bbl/d and accounting for almost 13% of the total offshore oil production in the world.

Furthermore, Norway has a strong order book of shipyards, which substantially caters to the oil and gas industry. Offshore support vessel industry in Norway is likely to surpass 400 OSV fleet due to the discoveries of new oilfields. According to the U.S. EIA, In 2016, Norwegian fields produced about 7% of the total offshore oil production in the world.

A key trend that is becoming prominent within the OSV industry is the rising adoption of LNG by fleet owners to ensure compliance with stringent government norms for limiting marine emissions. In 2015, the International Maritime Organization (IMO) introduced legislation for fleets in emission control areas to limit NOx content to 0.5% in fuel.

A large amount of money is being disbursed by several offshore support vessel market companies to discover and develop new oilfields. Some of the major players operating in offshore support vessel industry are Bourbon, Seacor Marine, Farstad, Gulfmark, Swire, Hornbeck, Havila Shipping, Tidewater, REM Maritime, Siem, Maersk, Vroon, Solstad, Edison Chouset, Island Offshore, and Harvey Gulf.

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.

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