Global Offshore Supply Vessel Market 2018-2022 | Industry Analysis and Forecast | Technavio
LONDON--(BUSINESS WIRE)--Sep 18, 2018-- analysts forecast the global offshore supply vessel market to grow at a CAGR of almost 7% during the forecast period.
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Technavio has published a new market research report on the global offshore supply vessel market for the period 2018-2022. (Graphic: Business Wire)
The increasing demand for high-capacity and LNG-fueled OSVs is one of the major trends being witnessed in the . In 2017, LNG was available at a competitive price when compared with HFO in the US and Europe. LNG is preferred over low sulfur gasoil in offshore vessels. Many major shipping manufacturers have launched LNG-fueled OSVs owing to the benefits of using LNG as an OSV fuel.
According to Technavio’s analysts, one of the key factors contributing to the growth of the global offshore supply vessel market is the increasing number of global offshore oil and gas drills:
Global offshore supply vessel market: Increasing number of global offshore oil and gas drills
In 2018, there has been an increase in the CAPEX in the oil and gas industry by 6%-7% owing to the rising offshore activities and the increasing investments in infrastructure. In May 2018, the oil prices increased to USD 68.79 per barrel when compared to USD 30 per barrel in January 2016. In 2017, the drilling activity in the US increased by approximately 26%, while the drilling footage increased by about 30%.
According to a senior research analyst at Technavio, “Several offshore blocks are being allocated by governments for E&P activities because of the steady rise in oil prices and the future uncertainty over prices. This has led to an increase in oil and gas drilling activities. This will promote the growth of the offshore supply vessel market as these activities need logistic support and supply of various drilling equipment.”
Global offshore supply vessel market: Segmentation analysis
The global offshore supply vessel market research report provides market segmentation by product (AHTS, PSV, FSIV, and MPSV) and by region (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major products, the AHTS segment held the largest market share in 2017, contributing to over 39% of the market. This product segment will dominate the global market throughout the forecast period.
APAC held the largest share of the market in 2017, accounting for close to 41% share. It was followed by the Americas and EMEA respectively. APAC is expected to dominate the market throughout the period 2018-2022.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 09/18/2018 01:52 PM/DISC: 09/18/2018 01:52 PM