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Middle East Offshore Support Vessels Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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In Middle East, the increased exploration activity has led to the increase in the jack up rig count which is a major driver for the offshore support vessels market. With new oil and Energy and Power projects coming up along the region, Middle East market for offshore support vessels is on the rise.   There has been a significant evolution of offshore support vessels in terms of reliability, diversification, and in their worldwide operation and water depth capabilities.

The different categories of offshore support vessels available today are increasing with an increase in technological sophistication. As oil and gas explorations move towards deeper waters, multi-functional offshore support vessels are now called upon to perform different tasks, and have created various niches or categories within the market. Present day offshore support vessels are equipped with increased cargo capacity, panoramic navigation bridge visibility, large accommodation spaces, enhanced crew amenities and state-of-the-art propulsion and automation systems.

Vessels designed for inspection, maintenance and repair are generally equipped with large accommodation spaces, heavy lift cranes, helidecks and streamlined bow forms for operation in harsh environments. Vessels specialized for multi-tasking carry out maintenance and repair operations on platform facilities as well as subsea pipelines and equipment.

 Efforts are now underway globally to explore new areas for oil and gas in view of decreasing reserves. Operators and explorers are now moving in to much deeper seas, where the use of subsea systems is prominent. Factors such as declining oil and gas reserves, increasing energy demand, and growth in subsea exploration activities are driving the market. On the flip side, environmental barriers such as occasions when the operators are forced to work in harsh environments, high initial costs, and lack of skilled labor are constraining the growth of the market.

The report analyzes the Market Definition for offshore support vessels along with identification of key drivers and restraints for the market. Identification and analysis of macro and micro factors affecting the Middle East offshore support vessels market, with region specific assessments and competition analysis on a regional scale have been carried out. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies which can influence the market on a regional scale have been discussed in detail. An extensively researched competitive landscape section includes the profiles of major companies along with their market share, analysis of their current strategic interests and their key financial information.

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