Pune, India, Dec. 14, 2021 (GLOBE NEWSWIRE) -- The Saudi Arabia Offshore Support Vessel Market size is expected to reach USD 1.21 billion by 2028, exhibiting a CAGR of 7.6% during the forecast period. The rising exploration of the ultra-deep sea with machinery and personnel transportation can have a tremendous impact on the Saudi Arabia OSV market growth, states Fortune Business Insights, in a report titled “Saudi Arabia Offshore Support Vessel (OSV) Market, 2021-2028.” The market size stood at USD 0.68 billion in 2020.
The Report Lists the Key Players in the Market:
- Zamil Offshore Services Company (Saudi Arabia)
- Makamin Offshore Saudi Ltd. (Saudi Arabia)
- Hadi H Al Hammam Est (Saudi Arabia)
- Aramco (Saudi Arabia)
- Bumi Armada (Malaysia)
- Britoil Offshore Services Pte Ltd. (Singapore)
- SEACOR Marine Holdings (U.S.)
- Tidewater (U.S.)
- Jana Marine Service Company LLC. (Saudi Arabia)
- VM Marine International Ltd. (UAE)
- Bin Nowiran Establishment (Saudi Arabia)
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Support vessels are ships used for exploration activities. Increasing deep-sea explorations are expected to boost the growth of the Saudi Arabia OSV market. Further, the rising adoption of personnel and machinery transportation is likely to fuel support vessels’ demand. In addition, the rapid development of offshore and on-shore exploration infrastructure is expected to fuel the market growth during the upcoming years.
COVID-19 Impact:
The sudden rise in the number of people infected with the COVID-19 virus has had a negative impact on many countries' economic standing. Countries have implemented strict regulations and standards to stop the spread of the COVID-19 infection. As a result of the deployment of lockdowns throughout industrial activities, worsening hydrocarbon requirements, negative energy demand, and restricted project investments, the Saudi Arabia offshore support vessel (OSV) industry is likely to suffer a severe setback.
Market Segments:
This Saudi Arabia offshore support vessel market can be divided into anchor handling tug supply vessel (AHTS), platform supply vessel (PSV), crew vessel, tug boats, and others based on vessel type. Due to their dependable and durable designs for transporting big cargoes across various water depths, the AHTS sector is expected to retain the leading position over the projected period.
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This business may be divided into three categories based on water depth: shallow water, deep water, and ultra-Deepwater. The presence of hydrocarbon deposits on the nearshore continental shelf and plans to develop new offshore wind farms to increase the size of the shallow water section.
Oil and gas, offshore wind, offshore desalination plant, patrolling, research & surveying, and other applications make up the market. Because of the constant finding of new reserves and rising investments across existing structures at varying depths, oil and gas application is expected to account for the lion's share of the national industrial landscape.
Driving Factor:
New Offshore Projects to Intensify Market Growth
Saudi Arabia has risen to become one of the world's leading oil and gas producers and exporters. Furthermore, the presence of less complicated formations favors exploration and production firms, resulting in lower total costs connected with drilling rigs in onshore and offshore reserves, pushing the Saudi Arabia offshore support vessel (OSV) market share. Furthermore, a paradigm shift in the rate of development for new infrastructure is anticipated to result in the adoption of new energy-generating technologies such as hydrocarbon fuels and renewable wind power.
Regional Insights:
Rising Energy Consumption to Bolster Healthy Growth in Saudi Arabia
The market in Saudi Arabia has been studied to provide exact insights based on several segments. The market is expected to expand significantly throughout the projected period, with a value of USD 0.68 billion in 2020. Some of the major causes for the growth of the Saudi Arabia OSV market are rapidly rising energy consumption, a shift toward new green wind power technologies, the finding of new reserves, and investments in existing assets.
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Competitive Landscape:
Prominent Companies focus on Enhanced Design and Construction to Consolidate Business
Several companies compete in Saudi Arabia OSV market, delivering services on a national, regional, and worldwide scale. Market participants aim to provide supply vessels with enhanced design and construction that can endure severe circumstances and increase their presence across the value chain. For instance, SEACOR Maritime Holdings Inc., a global marine service provider for offshore hydrocarbon and wind power installations, focuses on expanding its fleet and geographic presence through several expansion methods. In June 2020, for example, the firm stated that it would complete its acquisition of the remaining 50% of its joint venture, SEACOSCO Offshore LLC.
Notable Development:
July 2020: Diverse Marine shipyard located in the U.K. sold a couple of crew transfer vessels (CTV) to Seacat Services, an energy OSV operator. The two vessels are fabricated to accommodate about 20 personnel, each with innovative hull and engine designs for enhanced operations.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Offshore Support Vessel (OSV) Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Saudi Arabia Offshore Support Vessel (OSV) Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vessel Type
- Anchor Handling Tug Supply Vessel (AHTS)
- Platform Supply Vessel (PSV)
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Have a Look at Related Research Insights:
Offshore Support Vessel (OSV) Market Size, Share and Industry Analysis, By Vessel Type (Anchor Handling Tug Supply Vessel (AHTS), Platform Supply Vessels (PSV), Crew Vessel, Others), By Water Depth (Shallow Water, Deepwater, Ultra-Deepwater), By Application (Oil & Gas, Offshore Wind, Patrolling, Research & Surveying, Others), and Regional Forecast, 2020-2027.
Offshore Drilling Rigs Market Size, Share and Global Trend By Type (Bottom Supported Rigs, Floaters Rigs), By Depth of Water (Shallow Water, Deepwater, Ultra Deepwater) and By Geography Forecast till 2021-2028
Offshore AUV & ROV Market Size, Share and Global Trend By Product(Autonomous Underwater Vehicle (AUV) & Remotely Operated Vehicle), By Propulsion(Electric System, Mechanical System, Hybrid System), By Application(Drilling and Well Completion Support, Construction Support, and others), and Geography Forecast till 2021-2028
Offshore Inspection, Repair, and Maintenance Market Size, Share & Industry Analysis, By Service Type (Inspection {Visual Inspection, Ultrasonic, Electromagnetic}, Maintenance {Reactive Maintenance, Preventive Maintenance, Predictive Maintenance}, Repair), By Type (Offshore Support Vessels, AUVs/ROVs, Others), By Application (Oil & Gas, Wind Farms, Others) and Regional Forecast, 2019-2026
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