Offshore Support Vessel Market Share, Revenue, Business Growth, Demand and Applications Market Research Report to 2024

The latest trending report on Offshore Support Vessel Market research offered by Global Market Insights is an informative study covering the market with detailed analysis, the report will assist reader with better understanding and decision making.

The size of Offshore Support Vessel Market was registered at USD 43 billion in the year 2016 and is anticipated to cross USD 66 billion by 2024. Between the period 2017 -2024, the Offshore Support Vessel Market is expected to register a CAGR of 5.5%. Offshore support vessel market has also witnessed a growth rate that is directly proportionate to the growth of hydrocarbon market. Increasing shallow water hydrocarbon production coupled with low cost of operation and lesser technical reliabilities have stimulated the demand for hydrocarbon as a prominent fuel. According to Energy Information Administration (EIA), shallow water offshore production has increased by 64%, a direct indicator of increased requirement of shallow water fixed platforms.

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These fixed platforms also require to be refurbished with supplies, thus bringing offshore support vessels into play and giving a positive impetus to offshore support vessel industry. That said, deep water drilling does not remain far when it comes to analyzing offshore support vessel market trends. In 2015, oil production from deep water drilling resulted in 9.3 million barrels per day. The increasing number of deep water oil rigs indicates the profitability of this type of drilling methodology. These growing deep-water oil rigs also demand support vessels, thus providing a stimulus to offshore support vessel industry.

The necessity of fuel oil is a major factor contributing toward offshore support vessel market expansion. Lowered associated costs along with easy availability have spurred fuel oil sales, that amounted to 48.6 million metric tons in 2016. These fuels need to be efficiently transported from the rigs, which has thus stimulated the offshore support vessel industry. Furthermore, the increasing environmental concerns have also led to FLNG market depicting substantial growth, which in turn has contributed toward the expansion of offshore support vessel market.

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The lower costs of LNG extraction coupled with stringent government restrictions to decrease carbon emissions have led to an increase in the demand for LNG, bringing LNG extraction methodologies to the limelight. Offshore support vessel market players would certainly tap into the expanding FLNG industry size, estimated to cross 300 metric tons per annum by 2024, in terms of volume.
With the Gulf of Mexico witnessing 0.1 million barrels per day increase of fuel production in 2017, it goes without saying that the U.S. is a pivotal region for offshore support vessel industry growth, with a target size estimation of 1900 OSVs by 2024.

Partial Table of Contents (ToC) of the report:

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

4.1.4.   MPSV

4.1.4.1.    Market estimates and forecast, 2013-2024

4.1.4.2.    Market estimates and forecast, by region, 2013-2024

4.1.4.3.    Water Depth

4.1.4.3.1.    Market estimates and forecast, 2013-2024

4.1.4.3.2.    Market estimates and forecast, by region, 2013-2024

4.1.4.4.    Fuel Oil

4.1.4.4.1.    Market estimates and forecast, 2013-2024

4.1.4.4.2.    Market estimates and forecast, by region, 2013-2024

4.1.5.   Others

4.1.5.1.    Market estimates and forecast, 2013-2024

4.1.5.2.    Market estimates and forecast, by region, 2013-2024

4.1.5.3.    Water Depth

4.1.5.3.1.    Market estimates and forecast, 2013-2024

4.1.5.3.2.    Market estimates and forecast, by region, 2013-2024

4.1.5.4.    Fuel Oil

4.1.5.4.1.    Market estimates and forecast, 2013-2024

4.1.5.4.2.    Market estimates and forecast, by region, 2013-2024

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Norway with its long coastline and concentration of expansive deep-water oil production projects will also contribute to the offshore support vessel market growth. Some of the world’s largest offshore oil fields are located in the Persian Gulf off the coast of the United Arab Emirates, where new research studies have been unveiling more number of oil fields. This will further prompt UAE to opt for more offshore support vessels, owing to which UAE offshore support vessel market share will register a CAGR of 4% over 2017-2024.

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