Press release
Offshore Support Vessels Market to Reach USD 61.3 Billion by 2033, Driven by Increasing Offshore Exploration and Production Activities
Rising Offshore Exploration and Production Activities Driving Demand
The OSV market is rebounding alongside a new wave of exploration and production support activities in the offshore oil and gas sector. It is expected that oil's share in the long, term energy mix will give a continuous push to oil companies venturing into the deepwater and ultra, deepwater arenas, thereby spurring the demand of support services such as transportation, anchor handling, supply, accommodation and storage services. Offshore support vessels have a crucial function in enabling the safe drilling, production and construction projects access. Besides, they also offer efficient access. Crude oil prices are rising along with governments and private investors working towards increased energy security and independence which in turn is leading to the development of offshore oil and gas infrastructure. By 2025, the increase in the number of OSVs required will be driven by the higher demand for field redevelopments and subsea installations. In offshore markets such as the North Sea, the Gulf of Mexico, the Asia, Pacific region, E&P companies are increasingly engaged in exploration and production, and the companies require more advanced and fuel, efficient vessels. This action, therefore, calls for more OSVs.
Technological Advancements and Fleet Modernization Initiatives
The offshore support vessel (OSV) market is technologically shifting with the major areas being digitalization, automation and fuel efficiency. Shipbuilders are working on hybrid and electric OSVs which will help reduce carbon emissions and operating costs while at the same time complying with stricter environmental laws and regulations. With the help of more advanced navigation technologies such as dynamic positioning systems, integrated monitoring systems, or data analytics and the Internet of Things (IoT), we have better safety, accuracy, predictive maintenance, and route planning or optimization. Fleet owners get rid of their old fleets and replace them with new, greener and smart ships equipped with remote management facilities. This helps reduce the number of crew members needed onboard. Besides, it also results in better quality and operational efficiency.
Growing Offshore Renewable Energy Projects Boosting Market Opportunities
Offshore construction projects are becoming bigger and more challenging. As a result, demand for multipurpose and high, capacity units is rising. Technology is evolving and modernizing to continue lead the market through 2025.
The rapid deployment of offshore renewable energy that is primarily offshore wind farms, is driving new demand for OSVs through vessels that are being used more in offshore wind energy zones' installation, cable laying, maintenance, and logistics activities.
Government investments in offshore wind energy keep increasing as a part of the decarbonization efforts in Europe, Asia, and North America, thus fuelling the demand for specialized offshore support vessels. Such a shift enables shipowners and operators to both generate more environmentally sustainable energy and diversify their operations by supporting alternative energy facilities in addition to oil and gas. Energy companies also team up with marine service providers to develop and market new efficient vessels.
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Market Segmentation:
Analysis by Type:
• Anchor Handling Towing Supply Vessel
• Platform Supply Vessel
• Fast Supply Intervention Vessel
• Multi-Purpose Service Vessel
• Others
Analysis by Water Depth:
• Shallow Water
• Deepwater
Analysis by Fuel:
• Fuel Oil
• LNG
Analysis by Service Type:
• Technical Services
• Inspection & Survey
• Crew Management
• Logistics & Cargo Management
• Anchor Handling & Seismic Support
• Others
Analysis by Application:
• Oil and Gas Applications
• Offshore Applications
Regional Analysis:
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
Who are the key players operating in the industry?
The report covers the major market players, including:
• Bourbon
• Cyan Offshore Pty Ltd.
• DOF Group ASA
• Grupo CBO
• Havila Shipping ASA
• Hornbeck Offshore
• Nam Cheong Limited
• Ostensjo Rederi
• Pacific Radiance Ltd.
• Sea 1 Offshore
• SEACOR Marine
• Solstad
• Tidewater Inc.
• Vroon
Ask Our Expert & Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=2126&flag=E
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IMARC Group
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Email: sales@imarcgroup.com
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About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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