Global Platform Supply Vessels (PSV) Market Overview
The global platform supply vessels (PSV) market size was valued at USD 3 billion by 2019 and is estimated to reach USD 18 billion with a prominent CAGR of 14% during the forecast period of 2021-2027. The key drivers impacting the platform supply vessels market are growing offshore oil & gas exploration and the logistics demand from the offshore units. The rising oil and gas demand globally leads to oil & gas exploration activities, thus expected to create more demand for PSVs in the forecast period. According to the International Association of oil and gas producer report (2018), the worldwide demand for oil in 2018 was 30% higher than it was in 2000. I addition, demand for natural gas was surged by 60% during 2018.
The increasing investment in oil and gas drilling activities worldwide is also estimated to be a significant determinant adding growth to the market. Also, the current trend of using platform supply vessel to supply essential goods and equipment to the offshore wind farms is considered as the key factor positively impacting the market. However, the high operational risk and maintenance cost may hamper the global platform supply vessels industry in the long run. Also, the significant decrease in oil prices is likely to restrict the market growth. The current industry trends, such as increased exploration actives in ultra-deepwater and arctic regions and the need for the replacement and decommission of old offshore infrastructure, are creating new market opportunities for the key players.
The platform supply vessels market is vast, with a large number of local and global players. The key leaders follow various strategies to improve their market position, such as mergers, acquisitions, expansions, and improved quality products at the best prices to enhance their market share across the world. For instance, In January 2017, GulfMark Offshore, Inc. and ASCO Marine, Ltd. signed an agreement for utilizing Highland Prince. It is a platform support vessel for its continental shelf operations in the U.K.The report studies a few key players of the global platform supply vessel market, covering the company profile, product list, and company financial information. The dominating key players included in the report are Daewoo Shipbuilding & Marine Engineering Co., Ltd., Grup Aresa Internacional, China Shipbuilding Industry Co. Ltd. Hanjin Heavy Industries & Construction Co., Ltd., Yangzijiang Shipbuilding Holdings Ltd, Fincantieri S.p.A., GulfMark Offshore, Inc., and ASCO Marine, Ltd always been the initial targets of platform supply vessels companies and many others.
In this market research report, the market is segmented by applications, type, and region.
Analysis By Applications
By applications, the report is categorized into Oil and Gas Production, Offshore Construction, Military, Others. An oil and gas production dominates the application segment in 2019 with a maximum market share in terms of revenue. It is expected to maintain its dominancy over the forecast period because of the ever-increasing demand for oil and gas across various industries. Moreover, the rising investment in offshore drilling activity worldwide is driving the oil and gas application segment.
Analysis By Type
By type, the report is categorized into PSV below 3000 DWT, PSV above 3000 DWT. PSV below 3000 DWT dominate the type segment in 2019 with a maximum market share. It is due to its increasing usage in the transportation of goods, equipment, and rig crew to the offshore oil production and drilling platform.
Analysis By Region
In the regional outlook of the global platform supply vessels market, Asia pacific dominates with over two-thirds of shares in 2019. Asia Pacific region is the significant region globally, driving the market share over a forecast period. The stabilizing oil prices led to oil & gas operators, increasing exploration and production expenses in China's offshore market. Moreover, a growing number of long-term contracts and the development of offshore vessels for the offshore support vessel industry by the Indian companies drive its market in India. For instance, in October 2020, Indian company L&T launches an offshore patrol vessel for the Indian Coast Guard. The Middle East regions are also estimated to grow during the forecast period due to the rising focus on developing offshore reserves by replacing old onshore fields.
Market Segmentation covered in the Report:
By Type
- PSV below 3000 DWT
- PSV above 3000 DWT
By Applications
- Oil and Gas Production,
- Offshore Construction,
- Military
- Others
By Region
- North America
- Europe
- the Asia Pacific
- Latin America
- The Middle East and Africa
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