Market Research Report
Offshore Support Vessels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||945282|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Offshore Support Vessels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: June 18, 2020||Content info: 110 Pages||
The global offshore support vessels market grew at a CAGR of around 6% during 2014-2019. Offshore support vessels refer to various marine vessels that are used for transporting goods, supplies and equipment during subsea exploration and construction activities. Some of the common types of offshore support vessels include diving support, crane, and pipe laying vessels, seismic survey ships, and platform supply vessels (PSVs). These vessels are primarily used for locating and inspecting oil and gas-bearing areas, towing and positioning rigs/platforms and offering maintenance facilities. They are equipped with powerful small-sized boats that respond to emergencies at offshore installations and also provide various other services, such as transportation, anchor management and platform support.
Increasing oil and gas exploratory activities is one of the key factors driving the growth of the market. Furthermore, the rising demand for PSVs across the globe is also providing a boost to the market growth. PSVs are used in the production stage of offshore drilling and for the transportation of cement, casting and drilling pipes and completion fluids. Additionally, various technological advancements in the manufacturing processes of offshore support vessels and the integration of Dynamic Positioning (DP) systems in marine vessels, is acting as another growth-inducing factor. Manufacturers are emphasizing on producing computer-controlled vessels that can automatically control their propellers and thrusters to maintain a specific position. Other factors, including rapid industrialization and extensive research and development (R&D) activities, along with growing investments in the oil and gas sector across the globe, especially in the emerging economies, are projected to drive the market further. Looking forward, IMARC Group expects the market to continue its moderate growth during the next five years.