Offshore Support Vessel (OSV) Market to Touch USD 20.73 Billion by 2027; Rising Production of Conventional and Unconventional Reservoirs Will Augment Growth, says Fortune Business Insights - Seite 2

Discovery of New Reserves to Add Impetus to Market

The growing number of production and exploration activities and the recent discovery of offshore hydrocarbon assets is considered as a key Offshore Support Vessel market growth drivers. In addition to this, the presence of a substantial amount of oil and gas reserves is also boosting the market. For instance, the company Eni announced the discovery of a new reserve called Sureste Basin in the Mexican offshore in February 2020. This unexplored reserve is estimated to hold 200 to 300 million barrels of oil somewhere in the deepwater and an output capacity of more than 10,000 barrels of oil daily. The discovery of such precious reserves is likely to bode well for the market in the coming years.

In addition to this, the current pandemic of COVID19 has led to prolonged geopolitical uncertainties in trade relations. The rapidly increasing rate of coronavirus cases has impacted the cross-country trade relations via sea trade very badly This may pose a major challenge to the growth of the market. Nevertheless, the increasing demand for energy, and oil and gas products is likely to create growth opportunities for the market in the long run.

Segment-

Anchor Handling Tug Supply Vessel (AHTS) Segment to Hold Largest Shares Owing to Presence of Huge Equipment for Rescue Operations

With respect to segmentation by vessel type, the anchor handling tug supply vessel or the AHTS segment is holding the dominant share. This is because these types of vessels consist of cargo-carrying barges and large equipment such as Tugs, anchors, winches, and others that can be useful in case of emergency or any rescue operations. In 2019, this segment earned a 31.6% share.

Speak to Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/offshore-support-vessels-market-100147

Regional Analysis-

Asia Pacific to Emerge Dominant Attributed to Clean Energy Outlook

Geographically, Asia Pacific earned USD 4.08 billion in 2019 and emerged dominant on account of the rise in hydrocarbon activities, coupled with the advantages provided by clean energy outlook. Major nations leading this region include Japan, Australia, India, China, and other Southeast Asian nations. On the other side, the uptaking of various clean energy initiatives and hydrocarbon reserve exploration activities are likely to help Europe compete closely with Asia Pacific. Other than this, North America will witness significant growth on account of the growing production of conventional and unconventional reservoirs. Furthermore, the availability of huge unexplored reservoirs at low capital expenditure is expected to help the Middle East and Africa region witness notable growth during the forecast period.