Offshore Support Vessel Market Size

Offshore Support Vessel Market Size

Offshore Support Vessel Market in 2016, was valued over USD 42 billion and the cumulative fleet count is anticipated to grow over 8,000 units by 2024.

Global Offshore Support Vessel industry will witness robust growth on account of rising crude oil production to cater to the soaring energy demand. For instance, as per the Energy Information Administration, in 2018, the total production of crude oil across the U.S. increased to 10,990 thousand barrels from 7,467 thousand barrels per day in 2013. In addition, growing demand of logistics support for the growing offshore structures and availability of significant untapped hydrocarbon reserves are few of the key underlying factors that will further enhance the industry outlook over the forecast timeline. For instance, as per the BP p.l.c., the global crude oil consumption by transportation sector is anticipated reach over 2,710 million tons of oil equivalent by 2020.

Rising investments toward ultra-deep E&P activities coupled with growing industrial and commercial applications of crude oil & natural gas will positively influence the global OSV market size. In addition, growing investments toward subsea E&P activities and development of regasification terminals will further augment the business growth.