Offshore Supply Vessel (OSV) Market 2022-2028
A New Market Study, Titled “Offshore Supply Vessel (OSV) Market Upcoming Trends, Growth Drivers and Challenges” has been featured on fusionmarketresearch.
The Global Offshore Support Vessel Market size was estimated at USD 22.27 billion in 2021, USD 23.66 billion in 2022, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.40% to reach USD 34.33 billion by 2028.
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The COVID-19 pandemic had adversely affected the market, with the reduction or cancellation of offshore drilling contracts. It was noted that around 10% of contract volumes were revoked in the year 2020, which resulted in the estimated loss of USD 3 billion for offshore drilling contractors at the global level. The offshore support vessels market growth is likely to get accelerated in the near future due to the increasing demand for deepwater oil and gas drilling operations, and the improved viability of offshore oil and gas projects. However, the volatility in the prices of commodities extracted creates the path to growth a bit cumbersome for the market.
The market for offshore support vessels has witnessed high growth in recent years, driven by strong incline in exploration activities bolstered by increasing demand for oil attributable to increased industrialization and manufacturing activities and expanding urbanization. This has resulted in a higher demand for oil rigs, platforms and Floating, Production, Storage, and Offloading (FPSO) units.
A large part of OSVs market involves smaller and older vessels, especially in developing and emerging economies but in recent years there has been a shift towards high-end vessels, with cleaner designs, stronger winces, more bollard pull, and greater ROV capacity as these sophisticated vessels have a better ability to support complex operations in deep water. Certain factors that may restrain growth in the market are volatile steel and equipment prices and escalating costs of propulsion systems, double hulls, and more rigid crew comfort requirements.
Cumulative Impact of COVID-19: COVID-19 is an incomparable global public health emergency that has affected almost every industry, and the long-term effects are projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlying COVID-19 issues and potential paths forward. The report delivers insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecasts, considering the COVID-19 impact on the market.
Cumulative Impact of 2022 Russia Ukraine Conflict: We continuously monitor and update reports on political and economic uncertainty due to the Russian invasion of Ukraine. Negative impacts are significantly foreseen globally, especially across Eastern Europe, European Union, Eastern & Central Asia, and the United States. This contention has severely affected lives and livelihoods and represents far-reaching disruptions in trade dynamics. The potential effects of ongoing war and uncertainty in Eastern Europe are expected to have an adverse impact on the world economy, with especially long-term harsh effects on Russia.
Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products etc.):
- Edison Chouest
- Tidewater
- Bourbon Offshore
- Maersk Supply Service
- Farstad Shipping
- Hornbeck
- Swires
- DOF
- Deep Sea Supply
- Harvey Gulf
- Seacor Marine
- Siem Offshore
- Solstad Offshore
- Cosl
- Island Offshore
- Havila
- PACC Offshore Service
- GulfMarket Offshore
- Swire Pacific Offshore
- GC Rieber
- Grupo CBO
- Kawasaki Kisen Kaisha
- MMA offshore
- Nam Cheong Limited
- Ostensjo Rederi
- Royal IHC
- Vroon Group
- Ostenjso Rederi
- GulfMark Offshore Inc.
Offshore Supply Vessel Market By Type
- AHTS – Volume, Value and Forecast
- PSV – Volume, Value and Forecast
Others – Crew Boats, ERRV, FSV, Seismic Supply Vessel, Installation Vessels – Volume, Value and Forecast
- Offshore Supply Vessel Market By Method
- Shallow water
- Deep water
Market by Application
- Oil and Gas Exploration and Production
- Offshore Construction
- Military
Market segment by Region, regional analysis covers
- North America (United States, Canada and Mexico)
- Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
- Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
- South America (Brazil, Argentina, Colombia, and Rest of South America)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
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