Ocean View, Delaware, Sept. 18, 2017 (GLOBE NEWSWIRE) --
Global Offshore Support Vessel Market share will surpass USD 60 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Shifting trends toward exploration and production across subsea coupled with ongoing expansion of deep-water projects will drive the offshore support vessel market size. Growing measures to untap the unexplored hydrocarbon reserves will further stimulate the business outlook. As per EIA, in 2016, Gulf of Mexico accounted for 16% of total U.S. crude production and 4.5% of dry natural gas production.
Rising demand for floating production units and drillships will foster the platform supply vessel market growth. Growing installation of FPSOs and FLNG platforms on account of its large production and storage capacity will complement the industry outlook. In 2016, Petronas’ first FLNG unit commenced its operation with a processing capacity of 1.2 mtpa at the Kanowit deep-water field in Malaysia.
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Norway offshore support vessel market is predicted to surpass 400 OSV fleet by 2024. Strong orderbook of Norwegian shipyards to cater the O&G industry will positively influence the industry landscape. As per the U.S. Energy Information Administration, in 2016, 7% of global offshore oil production was originated from Norwegian fields.
Shifting trends towards ecofriendly hydrocarbons owing to rising environmental concerns will embellish the offshore support vessel market growth. Adoption of LNG as fuel by major fleet owners owing to government regulations toward reduction of marine emissions will stimulate the product demand. In 2015, IMO implemented a legislation that focusses toward reduction of NOx content in fuel to 0.5% for the fleets sailing in emission control areas.
Browse key industry insights spread across 870 pages with 1600 market data tables & 10 figures & charts from the report, “ Offshore Support Vessels Market Size By Vessels (Anchor Handling Tug Supply (AHTS), Platform Supply Vessel (PSV), Fast Support vessels (FSV), Multi-Purpose Supply Vessel (MPSV), Others), By Water Depth (Shallow Water, Deep Water), By Fuel (Fuel Oil, LNG) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, Norway, Russia, France, Netherlands, China, India, Singapore, Malaysia, Australia, Saudi Arabia, UAE, Qatar, Iran, Nigeria, Egypt, Brazil, Panama), Application Potential, Competitive Market Share & Forecast, 2017 – 2024 ” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/offshore-support-vessel-market
U.S. offshore support vessel market is predicted to witness strong growth on account of mature industry and low-risk investment region. Availability of resources across untapped fields along with large ongoing projects will supplement the product demand. A manned tripod structure with a capacity of 5 million cubic feet of gas per day and 4,500 barrels of oil per day is planned to be installed in the U.S. Gulf of Mexico by end of 2017.
Saudi Arabia offshore support vessel market is set to witness gain over 4% by 2024. Ongoing drilling activities along with new subsea E&P projects will augment the industry landscape. The country has several fields including Safaniya oil field that produces 1.1 to 1.5 million barrels per day and holds 13% of the world total offshore oil production.
Brazil in 2016, accounted for over 60% of the Latin America offshore support vessel market share. Predominant expansion of deep-water pre-salt projects along with positive outlook towards subsea E&P will embellish the industry outlook.
Notable players in global offshore support vessel market include Bourbon, Seacor Marine, Farstad, Swire, Tidewater, Gulfmark, Hornbeck, Havila Shipping, Maersk, REM Maritime, Siem, Solstad, Vroon, Edison Chouset, Harvey Gulf and Island Offshore.
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Browse Related Reports:
- LNG Bunkering Market Forecast, 2017-2024
LNG Bunkering Market size for 2016 was valued over USD 800 Million and the capacity is set to exceed 18,500 kilotons by 2024. Shifting trends towards clean energy coupled with stringent government regulations to minimize airborne emissions including sulfur and nitrous oxide will drive the global LNG bunkering market size. Ability to reduce carbon emission by 20% to 25% will make its adoption preferable over other available counterparts.
https://www.gminsights.com/industry-analysis/lng-bunkering-market
- FLNG Market Forecast, 2017-2024
FLNG Market size for 2016 was valued over USD 10 billion and is set to exceed 300 MTPA by 2024. Growing demand for clean fuel coupled with increasing focus towards energy mix will drive the global FLNG market size. Rapid fossil fuel depletion along with growing measures to reduce carbon emissions will stimulate the industry growth. According to the International Energy Agency, global natural gas demand increased by 1.4% in 2015 from 2014.
https://www.gminsights.com/industry-analysis/floating-liquefied-natural-gas-flng-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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