Global offshore support vessel (OSV) market size is estimated to exceed USD 71 billion by 2022 and is expected to grow at an estimated CAGR of over 11% from 2015 to 2022. Rising demand for fuels and energy coupled with increasing offshore E&P activities is expected to drive market growth over the forecast period.
Increasing exploration in golden triangle including Gulf of Mexico, Brazil, and West Africa is anticipated to drive offshore E&P activities in the region. This is expected to stimulate the carrier demand over the foreseeable future. Major factors such as carrier size, lifespan, horsepower, and trading restrictions are anticipated to play major role in market growth over the forecast period.
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Increasing deep and ultra-deep water hydrocarbon exploration activities in Asia Pacific particularly in South China Sea are also expected to stimulate product demand in the region. Technological advancements involving product innovations and environmental performance are expected to fuel development of sustainable solutions in carrier value chain.
OSVs including anchor handling, towing & supply (AHTS), and platform supply vessel (PSV) are expected to dominate the global market over the forecast period. Depending on volume requirement, other configurations in the product line include multi-purpose service (MPSV), crew boats, and rescue & standby vessels.
Recent slump in oil & gas pricing is expected to negatively impact the offshore activities, thereby affecting overall profitability of OSV businesses. Besides fuel trends, other factors such as regulatory outlook, technology deployment, and economic factors are also anticipated to influence vessel demand over the forecast period.
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Globalization and rapid development of Asian economies played a major role in maritime trade growth. Financial outlook including bank interests and trade policies are expected to influence both short and long term charter rates. Despite uncertainty associated with Chinese economy outlook, growing number of gas transport agreements in Asia Pacific and Middle East are expected to fuel market growth over the forecast period.
Increasing development of regasification terminals as well as intra-regional gas pipeline infrastructure is expected to stimulate gas procurement contracts. Growing number of LNG plants coupled with surging consumption is anticipated to positively influence the carrier segment.
Major offshore operators present in golden triangle are expected to play dominant role in market growth over the forecast period. Growing number of deepwater discoveries in this region are estimated to drive subsea drilling and transport activities. Advancements in seismic and drilling technologies are also expected to stimulate efficient operation of offshore activities.
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