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Offshore Support Vessel (OSV) Services Market
offshore support vessel (osv) services market
According to Persistence Market Research, the Offshore Support Vessel (OSV) Services Market is estimated to generate revenue of US$ 13.3 Billion by end of 2023. Between 2023 and 2033, the global market for Offshore Support Vessel (OSV) Services is expected grow at 7.2% CAGR and reach US$ 26.7 billion by end of 2033 .
Surge in global sea trade is expected to drive the market, offshore wind market has a remarkable potential to augment the market growth, vast prospects for offshore oil and gas exploration activities and others will generate continued demand for offshore support vessel services.
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As one of the important international trades in the world, seaborne transportation is estimated to play a pivotal role in global industrialization and progression, authorizing the transportation of very large volumes of processed and raw materials as well as water, food and other products.
As per the data collected from the SAE Europe Shipyards & Maritime Equipment Association, the sea borne trade growth rate is sluggish as compared to the long-term historical average.
Global sea-borne trade configuration is estimated to be potentially influenced by planned and current initiatives such as the“One Belt, One Road Initiative”, the partnership for quality infrastructure and the expansion of the Panama and Suez Canals. The growing cross border e-commerce and technology advancement coupled with the industrial revolution in developing countries have further reshaped sea-borne trade and maritime trade patterns and in turn will drive global sea-borne trade growth over the forecast period. As a result, leading companies are venturing into partnerships in order to stay competent in the global market. For instance, in September, 2017, M3 Marine Group Pte Ltd. signed a partnership with PT ROV Inspeksi.
The main aim of the partnership is to create asset integrity and to enhance their collective capabilities in the offshore marine surveying and inspection arena. The new company offers remote inspection (ariel, underwater and confined space) and inspection services for both onshore and offshore marine projects & assets.
BOURBON Corporation A.P. Møller – Mærsk A/S Falcon Energy Group Delta marine Industries Inc Swire Pacific Limited Edison ChouestOffshore(Offshore Service Vessels L.L.C. ) Greatship (India) Limited VroonOffshore Services PteLtd Vallianz Holdings. Limited Bumi Armada Berhad SolstadFarstad ASA Seacor Holdings Inc. GulfMarkOffshore, Inc Tidewater Inc Pacific Radiance Ltd Hornbeck M3 Marine Group Pte. Ltd
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Key Takeaways from Market Study
With a growing wind energy industry, demand for support vessels to build and service wind farms is on the rise. Because of the rapid growth of wind farms, new vessels will be required to support their installation and operation on a never-before-seen scale. Although each type of offshore service vessel holds fairly important positions in assisting development, exploring and learning, and navigating the ocean, market participants should focus on deploying existing fleets of PSVs and AHTSs. In the last decade, there has been an increase in the need for aftersales services. Due to increased demand from this industry, the market for high-value-added retrofits and aftersales services has grown increasingly crucial for equipment suppliers. Companies are heading in the direction of a data-driven industry. Operators of OSVs are working together to enhance digitalization. The goal is to test and deploy various digital technologies in order to reduce emissions, improve safety, and lower costs. According to service type, technical services account for around 23% market share in 2021. Based on regional analysis, Europe is expected to hold the highest market value share in the global market. Faced with production halts, temporary layoffs, and liquidity concerns as a result of the COVID-19 epidemic, the European shipbuilding and maritime equipment manufacturing industry called for sector-specific support measures in addition to horizontal industrial policy and financial support.
“Increasing offshore wind business and several government initiatives for stimulating and cultivating an indigenous industry in recent years are expected to drive demand for offshore support vessel services over the coming years,” says a Persistence Market Research analyst.
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Key Questions Answered in This Report –
What is the Current Valuation of the Offshore Support Vessel (OSV) Services Market?
What is the CAGR of the Offshore Support Vessel (OSV) Services Market during the Forecast Period?
What is the Anticipated Size of the Offshore Support Vessel (OSV) Services Market in 2032?
What Region is Most Lucrative for Offshore Support Vessel (OSV) Services market?
Which Segment is the Highest Contributor in the Offshore Support Vessel (OSV) Services market?
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