Market Size of United States Offshore Support Vessels Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US Offshore Support Vessels Market Analysis
The United States offshore support vessels market industry is expected to grow at a CAGR of over 2% during the forecast period of 2020-2025. Factor such as growing deep-water activities in the Gulf of mexico is likely to attract investments in the offshore activities and is expected to drive United States offshore support vessels market. However, volatile oil prices are expected to have some amount of negative impact on the United States offshore support vessels market.
- The Platform Supply Vessels (PSVs) due to the variety of services it is used for, held a significant market share in 2018, and it is likely to dominate the market.
- Maturing onshore oil fields and depleting reserves in onshore is attracting the United States to invest in the offshore sector, which is expected to create several opportunities for the United States offshore support vessels market in the future.
- Declining operational costs in oil and gas production are likely to drive the United States offshore support vessels market industry during the forecast period.
US Offshore Support Vessels Industry Segmentation
The United States offshore support vessels market industry report include:
United States Offshore Support Vessels Market Size Summary
The United States offshore support vessels market is poised for growth, driven by increasing deep-water activities, particularly in the Gulf of Mexico. This growth is expected despite the challenges posed by volatile oil prices. The market is characterized by a significant presence of Platform Supply Vessels (PSVs), which are crucial for transporting equipment and personnel to offshore drilling sites. The maturation of onshore oil fields and the depletion of onshore reserves are prompting investments in offshore activities, creating opportunities for market expansion. The decline in operational costs for oil and gas production further supports the positive outlook for the offshore support vessels industry.
Deep-water activities are a major contributor to the market's growth, with substantial oil and gas production stemming from these operations. Projects like the development of the Kaikias field and the Vito Project by Royal Dutch Shell, along with Chevron's Anchor Project, highlight the ongoing investments in deep-water exploration and production. These developments are expected to require advanced offshore support vessels, thereby driving market demand. The industry is moderately consolidated, with key players such as Edison Chouest Offshore, Tidewater Inc., and Hornbeck Offshore Services, Inc. playing significant roles in shaping the market landscape.
United States Offshore Support Vessels Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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United States Offshore Support Vessels Market Size FAQs
What is the current United States Offshore Support Vessels Market size?
The United States Offshore Support Vessels Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in United States Offshore Support Vessels Market?
Edison Chouest Offshore , Tidewater Inc, Hornbeck Offshore Services, Inc and Harvey Gulf International Marine LLC are the major companies operating in the United States Offshore Support Vessels Market.
