Global Offshore Supply Vessel (OSV) Market Is Likely to Experience a Tremendous Growth by 2028

The global offshore supply vessel (OSV) market is anticipated to grow at a CAGR of 4.6% during the forecast period (2022-2028). Due to increased demand for deep water oil and gas drilling operations and improved viability of offshore oil and gas projects, the market for offshore supply vessel is expected to rise rapidly in the forecasted period.

Higher oil prices and lower drilling costs have resulted in a considerable increase in offshore oil and gas production in the North American region. In consequence, the region's strong offshore drilling activity is likely to be a major driver for the offshore supply vessel industry. Since 2016, shallow-water drilling activity in the Gulf of Mexico has been declining due to lower production rates in the same fields where the operators operate and a lack of shallow-water discoveries in the recent picture. To maintain offshore production, exploration and development companies in the region are shifting their focus to deep water fields in response to increased demand for oil and gas resources, that is expected to fuel growth in the OSV market. For instance, Kosmos Energy declared a deep water oil discovery in the Gulf of Mexico, US, in January 2021. The company was in a joint venture with the project's operator, Beacon Offshore Energy LLC, that discovered oil at the Winterfell prospect on Green Canyon Block 944 in the Gulf of Mexico.

The expansion of the OSV market would be aided by rising energy demand. These vessels play an important role in the construction of high-altitude constructions and propel cable and pipe laying operations in a variety of sea depths. They also aid in the positioning of Floating Production Storage and Offloading (FPSO) units for the production of hydrocarbons in bulk quantities in deep, shallow, and ultra-deep waters. For instance, in May 2021, B.W. Offshore, a Norwegian floater specialist funded the design, storage, and manufacturing of a floating offloading vessel for the Santos Barossa gas field development offshore Australia. The FPSO project cost roughly USD 2 billion, that B.W. fund with equity partners and banks.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-
o By Product Type
o By Application

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- BOURBON, DOF Subsea AS, Galliano Marine Service., Swire Pacific Offshore Operations (Pte) Ltd., Tidewater Inc., among others.

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Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

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Global Offshore Supply Vessel (OSV) Market Report by Segment

By Product Type
• Anchor Handling Tug Supply
• Platform Supply Vessel
• Multipurpose Support Vessel
• Standby and Rescue Vessel
• Others

By Application
• Shallow Water
• Deep Water

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This release was published on openPR.