Market Size of Persian Gulf Offshore Support Vessels (OSV) Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.50 % |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
Persian Gulf Offshore Support Vessels Market Analysis
The Persian Gulf offshore support vessels (OSV) market is expected to grow at a CAGR of more than 1.5% during the forecast period of 2020-2025. Factor such as the reduction in the cost of the drilling rigs has attracted investments in offshore activities and is likely to drive Persian Gulf offshore support vessels (OSV) market during the forecast period. However, volatile oil prices are expected to have some amount of negative impact on the Persian Gulf OSV market during the forecast period.
- The Platform Supply Vessels (PSVs), due to their extensive use for supplying logistics to the offshore is likely to be the largest segment for the Persian Gulf OSV market during the forecast period.
- New technological advancements such as the digitalization of offshore support vessels make it easier to handle and are likely to several opportunities for the Persian Gulf offshore support vessels market in the future.
- Due to its highest production of crude oil and gas in the region, Saudi Arabia is expected to dominate the Persian Gulf offshore supply vessels (OSV) market. In 2019, the country produced 556.6 million tonnes (MT) of crude oil, which accounts for the 39.2 % of crude oil production in the Middle-East. Out of the produced oil, a significant amount is expected to be produced from the offshore activities.
Persian Gulf Offshore Support Vessels Industry Segmentation
The Persian Gulf offshore support vessels (OSV) market report include:
Persian Gulf Offshore Support Vessels (OSV) Market Size Summary
The Persian Gulf offshore support vessels (OSV) market is poised for growth, driven by factors such as reduced drilling rig costs and increased investments in offshore activities. Despite the challenges posed by volatile oil prices, the market is expected to expand, with Platform Supply Vessels (PSVs) emerging as the dominant segment due to their critical role in logistics support for offshore operations. Technological advancements, particularly in digitalization, are anticipated to create new opportunities within the market. Saudi Arabia, with its significant crude oil and gas production, is expected to lead the market, supported by its extensive offshore activities and strategic initiatives to boost energy production.
The region's offshore support vessel market is further influenced by the busy maritime activities in the Persian Gulf, particularly through the Strait of Hormuz, a vital passage for global oil and gas transportation. Despite a temporary slowdown in offshore activities due to the COVID-19 pandemic and OPEC production cuts, the market is expected to recover as global demand for oil and gas increases. Saudi Arabia's ambitious plans to double natural gas production by 2030 and ongoing projects, such as those by Subsea 7 and Saudi Aramco, are set to bolster the OSV market. The market remains fragmented, with key players including Tidewater Inc, Vortex Offshore Group, and Seacor Marine Holdings Inc, among others, contributing to the competitive landscape.
Persian Gulf Offshore Support Vessels (OSV) Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Force Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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Persian Gulf Offshore Support Vessels (OSV) Market Size FAQs
What is the current Persian Gulf Offshore Support Vessels (OSV) Market size?
The Persian Gulf Offshore Support Vessels (OSV) Market is projected to register a CAGR of greater than 1.5% during the forecast period (2024-2029)
Who are the key players in Persian Gulf Offshore Support Vessels (OSV) Market?
Tidewater Inc , Vortex Offshore Group, Seacor Marine Holdings Inc , Abu Dhabi National Oil Company and MMA Offshore Limited are the major companies operating in the Persian Gulf Offshore Support Vessels (OSV) Market.
