LONDON, April 6, 2017 /360WiseNews/ — “The offshore support vessel market is projected to grow at a CAGR of 4.92%, from 2017 to 2022.”
The offshore support vessel market is projected to reach USD 20.15 billion by 2022, growing at a CAGR of 4.92%, from 2017 to 2022. Offshore support vessels are ships that are used for transporting supplies, equipment, and personnel to offshore oil & gas production facilities. Increasing focus on offshore field exploration and development, particularly in the deepwater sector, all around the globe is a major driver for the offshore support vessel market. The discovery of large oil reserves in the offshore regions of South-East Asia and Africa are other major drivers for this market.
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“The North American market is expected to grow at the highest CAGR, from 2016 to 2021.”
North America is the largest market, by value, for offshore support vessels, followed by Asia-Pacific. The North American market is also projected to be the fastest growing market, during the forecast period, owing to continuing production and exploration activities, particularly in the U.S. and the Gulf of Mexico. As oil prices remain stable, the North American market will grow at the highest pace, as it will witness the quickest rise in exploration and production spending in response to any future recovery in oil prices, with its well-developed offshore industry and status as a low-risk investment region.
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