Global Offshore Support Vessels Market 2019-2023 considers the past, current and future state of the industry while encapsulating modest landscape analysis, manufacturers, marketing strategies, industry effect factor analysis. An unbiased and detailed analysis of the on-going trends, opportunities/ high growth areas has been included to help stakeholders to device and align Offshore Support Vessels market strategies according to the current and future market. All enterprise profiles of the main players and brands are shown in this research. The report presents the drivers and restrictions of the market that have been explained by SWOT analysis.
Offshore Support Vessels Market Segmentation by Major Players:
Get a sample copy of the report at – https://www.360researchreports.com/enquiry/request-sample/13102379
Overview of Offshore Support Vessels Market Report:
The offshore industry has been through one of the worst crises in history over the past three years, and hence, all the companies in the offshore support vessel market (OSV) have been severely affected. Exploration and production (E&P) companies have reduced their rig counts drastically, causing demand for OSV services to plunge. Excess rig capacity has hit platform supply vessels (PSVs) and anchor-handling tug supply (AHTS) vessels the hardest. For the next few years, OSV firms are likely to have to confront their new reality: lower demand, shorter charter contracts, and reduced day-rates. However, as the oil price has doubled since reaching the bottom in January 2016, the OSV market is expected to move into recovery stage during the forecast period. Rates and utilization are expected to continue being passive during the financial year 2018, as the oversupply of vessels in the market tempers any near-term recovery; however, conditions in the medium-term are expected to improve.
Increasing Offshore Decommissioning Activities Driving the Market
With the drop in oil prices, many of the offshore production platforms have turned uneconomical, and are expected to be decommissioned. Many offshore oil & gas fields, particularly in the Gulf of Mexico and North Sea regions, are approaching their maturity. Therefore, the number of production platforms operating in these fields is expected to be decommissioned in the near future. With the drop in OSV day rates after oil price crisis, decommissioning activity has become cheaper, and hence, some platforms of decommissioning projects, which were delayed in the past, are being reconsidered. There are around 2,189 estimated existing platforms on the outer continental shelf (OCS) of the United States, as of September 30, 2017. Of this, approximately 30% of the platforms are non-producing and need decommissioning. Similar decommissioning activities are expected to be needed in other offshore oil & gas regions as well. The demand for OSVs is expected to further increase from the same, during the forecast period.
Asia-Pacific to Witness Modest Growth
When counting all asset sizes (i.e., including low-end tonnage), the Southeast Asian market is the largest OSV market in the world. The Asian OSV market has been negatively impacted by continued high-supply growth within the region. As a result, the utilization and day rates of OSV in the region have been under pressure. The market is dominated by local vessel owners and locally flagged ones and is highly competitive. However, with the rebounding of oil prices to sustainable levels, since January 2016, coupled with growing quest for energy security via offshore oil & gas field development, the demand for OSVs is expected to further increase in the Asia-Pacific region during the forecast period.
China to Witness High Demand for OSVs
As a part of its national policy to reduce its dependence on foreign countries for its domestic crude needs, China has been rapidly making a significant investment for the development of its offshore oil & gas fields. In 2016, Chinas largest producer of crude oil & natural gas, China National Offshore Oil Corporation (CNOOC), drilled a total of 115 exploration wells and made 12 new discoveries in offshore China. The company is planning to drill over 120 offshore exploration wells in the next five years, which, in turn, is expected to increase the demand for PSV and AHTS in the country, to carry out different activities during exploration & production activities.
Enquire or share your questions if any before the purchasing this report @ https://www.360researchreports.com/enquiry/pre-order-enquiry/13102379
Reasons to Purchase the Report:
Important factors that are mentioned in the Offshore Support Vessels Market report 2023…
Key Market Dynamics: The Global Offshore Support Vessels Market research report provides complete forecasts on the latest market trends, development methods, and research methodologies. Some of the factors that are directly in affecting the market including the Strategic Production and Methods, development platforms, and the product model itself, and even a minute change within the product profile would result in a huge amount of changes within the mentioned factors. All of these factors are explained in detail in the research study.
Major Growth Prospects: The report also focuses on some of the Key growth prediction, including new product launches, Mergers and Acquisitions, Research and Development, joint ventures, collaborations, agreements, partnerships, and growth of the key Manufacturers working effectively in the market, both in terms of regional and global scale depending on geography.
Key Market Highlights: The report gives us an in-depth Market analysis on some of the Offshore Support Vessels Market key factors, including revenue, cost, capacity, capacity utilization rate, production, production rate, consumption, supply, demand, Market share, CAGR, and gross margin. Additionally, the report presents a comprehensive study of the market growth factors and their latest trends, along with related Market sections and subsections.
Potential Customers: The Offshore Support Vessels Market report provides significant insights to readers, service providers, suppliers, distributors, manufacturers, stakeholders, and individuals who are interested in evaluation and self-studying the Offshore Support Vessels market.
Buy this report (Price 4250 USD for a single-user license) @ https://www.360researchreports.com/purchase/13102379
About 360 Research Reports:
360 Research Reports is a credible source for gaining the market research reports that will exponentially accelerate your business. We are among the leading report resellers in the business world committed to optimizing your business. The reports we provide are based on research that covers a magnitude of factors such as technological evolution, economic shifts and a detailed study of market segments.
Mr. Ajay More
Phone: +14242530807 / + 44 20 3239 8187
Email: [email protected]