Market Research Report
World Subsea Vessel Operations & Hardware Market Forecast 2019-2023
|Published by||Douglas-Westwood||Product code||303589|
|Published||Content info||63 Pages
Delivery time: 1-2 business days
|World Subsea Vessel Operations & Hardware Market Forecast 2019-2023|
|Published: November 13, 2018||Content info: 63 Pages||
The recovery in oil prices to above $70/bbl continues to spur a new wave of offshore investment. In view of this, Westwood is forecasting a rebound in offshore activity, with subsea vessel operations and hardware expenditure expected to amount to $152bn over the 2019-2023 period. The recovery in the subsea market is evident, with the positive sentiment seen in 2017 continued into 2018. This has significantly supported project sanctioning, with the number of greenfield projects passing the final investment decision stage in 2018 increasing by 154% compared with 2016, at the low-point of the downturn. This is supported by positive macro drivers in the near and long-term, albeit the recovery remains dependent on geopolitics and OPEC.
Supply-chain conditions remain challenging, and despite the strength of free-cash flow to operators, this has not yet translated to an improved commercial environment for services and equipment. In addition to tight cost control and capital discipline, operators are also managing their risk exposure through phased developments and standardised solutions for equipment.
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“The World Subsea Vessel Operations & Hardware Market Forecast 2019-2023” is presented using Westwood's proprietary database, with detailed insight on both the subsea hardware and vessel day demand by vessel type in eight distinct regions. This market forecast is based on a thorough scrutiny of the data which enables the forecasts to be built on a project-by-project basis, enabling Westwood to consider various market conditions which further complement the detailed evaluation of market activity and anticipated market development.