Press release
How Offshore Support Vessels Market will Grow at Highest CAGR
Offshore Support Vessels Market
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The increasing demand from the construction and oil exploration industry will aid the expansion of the global market.
Top Key Players Mentioned:
Maersk Oil
Bourbon
Tidewater Marine
Edison Chouest Offshore
Hornbeck Offshore
SolstadFarstad ASA
Seacor Marine
Nam Cheong International Ltd.
Havila Shipping
Seam Offshore
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"Adoption of Strategic Engineering Methods to Bring New Growth Opportunities"
The increasing investments in renewable sectors and offshore oil and gas industries are expected to boost the global market for offshore support vessels market during the forecast period. Offshore vessel ships are designed specifically for transporting personnel and goods to the offshore platforms operating deep inside the oceans, with an average size ranging from 20 meters to about 100 meters. They are inevitably capable of performing and accomplishing a variety of tasks in the oil exploration and supply chain areas.
The demand for offshore support vessels has increased remarkably in the past few years owing to the capability of performing a necessary operation such as fixing production platform and floating drilling rigs. The rising price of oil, strategic engineering, and technological breakthroughs have encouraged operators to sanction deepwater projects. This will also bode well for the global market in the long run.
On the flip side, since the market is capital-intensive, it may face certain challenges in terms of huge investments. The high expenditure incurred on the maintenance of offshore support ships may hinder the growth of the market. In addition to this, occasional oversupplies may also create problems for the oil and construction industries operating in the oceans and this is a major risk factor restricting growth.
Additionally, stringent government regulations imposed on offshore activities in major regions may hamper the market in terms of growth and development. Besides this, the high operational risks associated with the use of offshore support vessels may pose a threat to the market’s expansion.
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"Discovery of Unexplored Oilfields in Spurs Growth Opportunities for the Market"
In terms of geography, Asia Pacific has a stronghold in the global market. This is because this region is home to three of the major water bodies namely, the Arabian Sea, the Indian Ocean, and the Pacific Ocean. Various oil and gas industry bases are situated in these water bodies which requires offshore support vessels for the transportation of goods. The Middle East and Africa also hold a significant share of the market, trailed by North America. Fortune Business Insights foresees huge growth opportunities for the market in the Middle East and Africa because of the abundance of oil resources present in the region. The Europe market is also expected to grow in the coming years due to the presence of several leading players in the region.
Some of the players operating in the global offshore support vessels market are SEACOR Marine, Havila Shipping, Hornbeck Offshore Services, Edison Chouest Offshore, Tidewater Marine and GulfMark Offshore, Seam Offshore, Bourbon, Solstad Farstad, Nam Cheong International Ltd., and Maersk.
Contact:
Name: Ashwin Arora
Email: sales@fortunebusinessinsights.com
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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