Market Size of West Africa Platform Supply Vessel (PSV) 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 | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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West Africa Platform Supply Vessels Market Analysis
The West Africa platform supply vessel (PSV) market is expected to grow at a CAGR of around 1.5% during the forecast period. With the COVID-19 outbreak in Q1 of 2020, the market witnessed a negative impact with international crude oil price decline. As the major crude oil producer, Nigeria was significantly impacted by low revenue collection from the oil & gas sector. Such a situation had negatively impacted the ongoing exploration and production projects in the country. Factors such as increasing concentration on offshore areas for exploration are expected to drive the market. However, the presence of militants and its violence in the region is likely is expected to hinder the market growth during the forecast period.
- Increasing upstream activities in the offshore oil & gas sector are likely to drive the market during the study period.
- West Africa's offshore region is expected to hold more than five thousand million barrels of crude oil and condensate. With the government's focus to increase crude oil production, the platform support vessel providers have the opportunity to offer their service for exploration and production activities in the near future.
- With active participation in crude oil & natural gas exploration and production, Nigeria is expected to dominate the region during the study period.
