Persian Gulf Offshore Support Vessels Market Size
| 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 |
Major Players-market/persian-gulf-offshore-support-vessels-(osv)-market_1594187941200_Key_Players-_Persian_Gulf_Offshore_Support_Vessels_(OSV)_Market.webp)
*Disclaimer: Major Players sorted in no particular order |
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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 Market Trends
This section covers the major market trends shaping the Persian Gulf Offshore Support Vessels OSV Market according to our research experts:
Platform Supply Vessels (PSVs) Segment Expected to Dominate the Market
- Platform Supply Vessels (PSVs) are the offshore vessels used for transferring equipment, crew, and other goods to the offshore drilling platform. In 2014, after falling in oil prices, the offshore support vessel market slowed down, but as the oil prices began to rise, the offshore support vessel market also gained its pace.
- The increasing number of offshore activities by the region's countries is expected to drive the OSV market. Moreover, the Persian Gulf is the world's busiest water body to deal with such an extensive amount of oil and gas transportation, making Strait of Hormuz the single most crucial passageway in the world.
- In June 2020, the rig count of the offshore rig count in the Persian Gulf was approximately 37 units, which in January 2020 were 49 units. The slowdown in offshore activities is due to the two factors in the region, firstly, due to the COVID-19 situation and secondly due to the agreement of the OPEC countries to cut down the production.
- In 2019, Kuwait Oil Company (KOC) and Halliburton signed an integrated offshore drilling services contract for six high-pressure high-temperature (HPHT) exploration wells on two jack-up rigs Persian Gulf. The company is expected to provide and manage drilling, fluids, wireline and perforating, well testing, coring, cementing, coiled tubing, and offshore logistical services. Additionally, Halliburton is likely to provide the offshore rigs and supply vessels for the project.
- Therefore, owing to the above points, platform supply vessels (PSVs) are expected to dominate the Persian Gulf OSV market during the forecast period.
Saudi Arabia Expected to Dominate the Market
- Saudi Arabia, due to its rapid increase in energy demand and industrialization, is likely to be the largest market for offshore support vessels (OSV) in the Persian Gulf. The primary sources of electricity generation in the country are oil and natural gas. In 2019, about 99.5% of the country's electricity was produced from oil and natural gas.
- Moreover, hydrocarbons are the primary source of economy in the country. The COVID-19 situation has affected the oil and gas business for the country, but the increase in the unlock-down process in the countries importing oil and gas from Saudi Arabia is expected to drive the OSV market in the country.
- In Saudi Arabia, in 2019, gas production was 113.6 billion cubic meters (bcm), which was higher than its production in 2018, 112.1 bcm. Moreover, Saudi Aramco has set a target of doubling its natural gas production by 2030. This is expected to provide a vast opportunity for the offshore support vessel (OSV) market.
- In 2019, Subsea 7 announced three contracts, together representing a sizeable award for Subsea 7, by state-owned company Saudi Aramco under the long term agreement between the parties for execution offshore Saudi Arabia. The engineering, procurement, construction, and installation (EPCI) contracts were awarded for execution in consortium with Larsen & Toubro Hydrocarbon Engineering (LTHE), a subsidiary of Larsen & Toubro. The projects are expected to use several OSVs for the laying of the pipelines in the Persian Gulf.
- Hence, owing to the above points, Saudi Arabia is expected to dominate the Persian Gulf offshore support vessels (OSV) market during the forecast period.
Persian Gulf Offshore Support Vessels Industry Overview
The Persian Gulf offshore support vessels (OSV) market is fragmented. Some of the key players in this market include Tidewater Inc, Vortex Offshore Group, Seacor Marine Holdings Inc, Abu Dhabi National Oil Company, and MMA Offshore Limited.
Persian Gulf Offshore Support Vessels Market Leaders
Tidewater Inc
Vortex Offshore Group
Seacor Marine Holdings Inc
Abu Dhabi National Oil Company
MMA Offshore Limited
*Disclaimer: Major Players sorted in no particular order
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Persian Gulf Offshore Support Vessels Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. EXECUTIVE SUMMARY
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3. RESEARCH METHODOLOGY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast in USD billion, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 Porter's Five Force Analysis
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4.7.1 Bargaining Power of Suppliers
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4.7.2 Bargaining Power of Consumers
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4.7.3 Threat of New Entrants
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4.7.4 Threat of Substitutes Products and Services
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4.7.5 Intensity of Competitive Rivalry
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5. MARKET SEGEMENTATION
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5.1 Type
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5.1.1 Anchor Handling Tug Vessel (AHTV)
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5.1.2 Platform Supply Vessels (PSVs)
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5.1.3 Other Types
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5.2 Geography
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5.2.1 Saudi Arabia
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5.2.2 Iran
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5.2.3 United Arab Emirates
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5.2.4 Others
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
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6.2 Strategies Adopted by Key Players
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6.3 Company Profiles
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6.3.1 Tidewater Inc.
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6.3.2 MMA Offshore Limited
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6.3.3 Makamin Offshore Saudi Limited
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6.3.4 Zamil Offshore Services Company
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6.3.5 Maroos Shipping Group
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6.3.6 Astro Offshore Pte Ltd
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6.3.7 Atlas Marine Shipping LLC
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6.3.8 Abu Dhabi National Oil Company
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6.3.9 Seacor Marine Holdings Inc
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6.3.10 Allianz Marine Services LLC
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6.3.11 Vortex Offshore Group
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES and FUTURE TRENDS
Persian Gulf Offshore Support Vessels Industry Segmentation
The Persian Gulf offshore support vessels (OSV) market report include:
Persian Gulf Offshore Support Vessels Market Research 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.
What years does this Persian Gulf Offshore Support Vessels (OSV) Market cover?
The report covers the Persian Gulf Offshore Support Vessels (OSV) Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Persian Gulf Offshore Support Vessels (OSV) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Persian Gulf Offshore Support Vessels (OSV) Industry Report
Statistics for the 2024 Persian Gulf Offshore Support Vessels (OSV) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Persian Gulf Offshore Support Vessels (OSV) analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
