Market Size of North Sea Offshore Support Vessels Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North Sea Offshore Support Vessels Market Analysis
The North Sea offshore support vessels market industry is expected to grow at a CAGR of over 2% during the forecast period of 2020-2025. Factors such as rising offshore exploration and production activities, growth in a number of offshore oil & gas fields, continuous development of offshore reserves (field development), MRI (Maintenance Repair and Inspection) and ever increasing demand for energy and petrochemicals are expected to drive the market over the forecast period. On the other hand, switching to dynamic positioning (DP) rigs from non-dynamic positioning rigs, and a higher number of laid-up vessels are anticipated to hinder the market growth.
- The Platform Supply Vessels (PSVs) held a significant market share in 2018, and it is likely to dominate the market during the forecast period.
- The increasing number of exploration activities in the North Sea from counties such as the United Kingdom, Norway, and Denmark, etc. are likely to create a good amount of opportunities for offshore support vessels market industry.
- The United Kingdom is expected to drive the market demand, owing to the number of ongoing projects during the forecast period.
