PUBLISHER: Market Research Future | PRODUCT CODE: 1714181
PUBLISHER: Market Research Future | PRODUCT CODE: 1714181
Report Information on Latin America, Africa, UK, and Vietnam Shallow OSV Market for Oil & Gas Industry Market Research by Vessel Type (Heavy Lift Vessels (HLVs), Anchor Handling Tug Supply Vessels (AHTS), Platform Supply Vessels (PSVs), Multipurpose Support Vessels (MSVs), Dive Support Vessels (DSVs), Construction Support Vessels (CSV), Subsea Support Vessels (SSVs), and Other), by Application (Exploration & Production (E&P) Activities, Offshore Rig Moves, Subsea Services, Pipe & Cable Laying, and Others), Forecast till 2032
The Shallow OSV Market for Oil and Gas Industry in Latin America, Africa, the United Kingdom, and Vietnam is expected to grow at a strong CAGR of 7.62% during the study period. The shallow water offshore supply vessel (OSV) industry is expanding rapidly as global oil and gas demand rises, particularly in Latin America, Africa, the United Kingdom, and Vietnam. Countries such as Nigeria and Angola are increasing crude oil production in Africa, with Nigeria producing over 1.61 million barrels per day and possessing significant known reserves. This expansion improves energy security and reduces dependency on imported goods, making OSVs essential for carrying supplies and workers to offshore rigs. West Africa's attractive day rates and high drill ship utilization rates highlight the importance of OSVs in improving operational efficiency.
Brazil and Mexico produce the most oil in Latin America, averaging more than 3.4 million and 1.9 million barrels per day, respectively. Brazil's large offshore reserves, particularly in the pre-salt regions, and Mexico's regulatory measures aimed at luring private investment are boosting exploration and production activity. This spike in output produces a strong demand for OSVs, which are required for logistical assistance in offshore activities.
The UK offshore sector relies significantly on OSVs, which contribute roughly 794,000 barrels of crude oil per day, the majority of which comes from the North Sea. The UK government's emphasis on maximizing offshore resources and energy security is boosting OSV demand. Meanwhile, Vietnam is presenting itself as a growing participant in the oil and gas sector, with daily production of approximately 313,633 barrels. The country's strategic focus on increasing energy independence and attracting international investment highlights the importance of OSVs in offshore exploration and production.
Marketing Segmentation
The market for shallow water offshore supply vessels for the oil and gas industry in Latin America, Africa, the United Kingdom, and Vietnam is divided into three segments: vessel type, application, and geography.
The market is divided into vessel types: Heavy Lift Vessels (HLVs), Anchor Handling Tug Supply Vessels (AHTS), Platform Supply Vessels (PSVs), Multipurpose Support Vessels (MSVs), Dive Support Vessels (DSVs), Construction Support Vessels (CSVs), Subsea Support Vessels (SSVs), and Others.
The market is divided into five segments based on application: exploration and production (E&P) activities, offshore rig moves, subsea services, pipe and cable laying, and others.
The market is divided into regions such as Latin America, Africa, the United Kingdom, and Vietnam. The Africa region dominated the market in 2023, with a revenue share of 53.2%, and this sector is estimated to rise at a CAGR of 7.05% over the forecast period.
DSV, Bourbon, Choueset, Tidewater Inc., Sea1 Offshore, Vroon, OceanPact, SCALDIS, Allseas, Damen Shipyards Group, Hornbeck Offshore, DOF, SEACOR Marine, and others are the region's top producers of shallow water offshore supply vessels for the oil and gas sector.