DUBLIN, Jan. 27, 2016 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/w6ptn7/offshore_support) has announced the addition of the "Offshore Support Vessel Market - Global Forecast to 2020" report to their offering.
The offshore support vessel market is expected to reach $38.53 Billion by 2020, at a CAGR of 5.8% from 2015 to 2020.
The increase in global oil & gas production from North America and the Middle East has been accompanied by maturing onshore oilfields, which has shifted the focus of operators towards offshore markets.
Due to slide in crude oil price, offshore support vessel companies would see weaker revenues for the next few years. This downfall is a result of spending cuts and decrease in vessel utilization, day rates, and an overall offshore capital expenditure.
The offshore support vessel market has also been categorized on the basis of depth into shallow water and deepwater-based operations. More than half of the offshore support vessel market is covered by the shallow water application; however, with the advent of advanced technology, operators are entering into deepwater and ultra-deepwater zones. This has led to rising demand for offshore support vessels capable of operating in deepwater environments.
Moreover, due to decreasing production in shallow water basins and large potential of untapped subsea hydrocarbons reserves, there has been an increased focus in deepwater exploration & production activities. There has also been increasing deepwater oil discoveries in Asia-Pacific, Africa, North America, and Europe.
Oil discoveries in the African region especially in Ghana, Congo, Mozambique, and Angola are creating lucrative business opportunities, where offshore support vessel market players are trying to focus to enhance their revenue.
Companies Mentioned:
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Offshore Support Vessel Market, By Type
7 Offshore Support Vessel Market, By Depth
8 Offshore Support Vessel Market, By Region
9 Competitive Landscape
10 Company Profiles
For more information visit http://www.researchandmarkets.com/research/w6ptn7/offshore_support
Media Contact:
Laura Wood, +353-1-481-1716, press@researchandmarkets.net
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