London, 27 October 2015: Technavio, the independent tech-focused global research firm, has published a report on the global OSV market 2015-2019, which is expected to grow at a CAGR of 7.47% during the forecast period of 2014-2019.
This market is driven by the high demand for oil and gas products, which leads to an upsurge in the offshore drilling business. The OSV owners and vessel operators are providing technologically advanced fleets with value-added services.
“Increase in demand for higher-capacity vessels is gaining prominence in this market. These high-end vessels are characterized by high engine capacity, more bollard pull, large dock space, helipad space, and stronger winches,” says Faisal Ghaus, Vice President of Technavio.
“These highly technologically enabled vessels support deep-sea complex operations and have a higher utilization rate. Their cargo load capacity is also high; therefore, they can transport larger quantities.”
Key Market Drivers
- Increase in number of offshore oil rigs
- Global demand for oil and gas
- Growth of offshore E&P activities
Key Market Trends
- Higher-capacity vessels
- Increase in subsea vessel operations
- LNG-fueled vessels
Key Market Vendors
- Tidewater
- BOURBON
- Swire Pacific Offshore
- Edison Chouest Offshore
- SEACOR
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global OSV Market 2015-2019, please send an e-mail to media@TechNavio.com.
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