Offshore Support Vessel Market Is Predicted To Reach A Valuation of Nearly US$ 22,746.7 Mn by the End of Forecast Period 2018 – 2026
Persistence Market Research (PMR) has published a new market research report on offshore support vessel services. The report has been titled “Offshore Support Vessel Services Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026.” 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. Other companies operating in the global offshore support vessel services market are BOURBON Corporation, Vroon Offshore Services Pte Ltd., Pacific Radiance Ltd, Swire Pacific Limited, and Bumi Armada Berhad, among several others.
According to the report, the global offshore support vessel services market is expected to witness a CAGR of 8.9% from 2018 to 2026. The market is expected to touch US$ 11,472.8 Mn by 2018 and further expand to a valuation of US$ 22,746.7 Mn by the end of 2026.
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Burgeoning Natural Gas Exploration to Boost Market Development
Over the years, the high level of emission from power industries and automobiles have made it obligatory to find an alternative for conventional fuels, such as coal and other petroleum-based fuels. As a result, several major consumer countries, such as Japan, ASEAN Countries, U.S. and European countries, have shown willingness to adopt natural gas, which is an effective alternative with reduced emission and is also abundant in nature. Countries such as Australia, Qatar, and Norway have increased the export of natural gas considerably. Demand for LNG is expected to witness significant growth over the forecast period. The global LNG trade was pegged at around 244.8 MT in 2015, an increase of nearly 4.7 MT than that in 2014. Countries such as Egypt, Jordan, Poland and Pakistan entered the LNG import market in 2015. Several new liquefaction and regasification terminals that will accommodate bulk storing and processing facilities are under construction in Europe, Asia Pacific, and the Americas and are expected to start operating during the forecast period.
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Labor Constraints Pertaining to Ecology and Technology to Challenge Market Growth
The growing share of ultra-deep offshore oil production will comprise tailor-made projects adapted to site conditions and characteristics of the reservoir. Industrialization and lowering of costs in deep water are big technical challenges. For production vessels and other marine projects, the development of subsea processing is expected to be more complex. Moreover, lots of work to qualify equipment and materials will be required for managing the ecological risks. Shipbuilding companies involved in the offshore sector are required to build quality employment, minimize negative environmental impact and advance the interest of the society as a whole. Moreover, the issue of promoting equity can be addressed with all-inclusive industrial policies and social programs. This would also allow workers to take advantage of the change.