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 |
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.
