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.
West Africa Platform Supply Vessels Industry Segmentation
The West Africa platform supply vessel (PSV) market report includes:
| Geography | |
| Nigeria | |
| Senegal | |
| Ghana | |
| Rest of West Africa |
West Africa Platform Supply Vessel (PSV) Market Size Summary
The West Africa platform supply vessel (PSV) market is poised for growth, driven by increasing upstream activities in the offshore oil and gas sector. Despite the initial setbacks caused by the COVID-19 pandemic and the subsequent decline in international crude oil prices, the market is expected to recover as focus shifts to offshore exploration areas. Nigeria, as a major crude oil producer, is anticipated to lead the region's market due to its active participation in exploration and production activities. However, challenges such as regional violence and militant presence may pose obstacles to market expansion. The government's efforts to boost crude oil production further present opportunities for PSV providers to support exploration and production endeavors.
The demand for crude oil in international markets, particularly in Asia-Pacific, has spurred West African countries like Nigeria to enhance their offshore oil and gas activities. Significant investments, such as Nigeria's agreement to invest in deep-water oil exploration, underscore the region's commitment to expanding its oil and gas sector. Other countries, including Ghana and Senegal, are also making strides in offshore exploration, with projects aimed at increasing production capacity. These developments are expected to drive the PSV market in West Africa, with Nigeria maintaining its dominant position due to its substantial reserves and upcoming projects. The market is characterized by consolidation, with key players like Team Offshore Nigeria Limited and Petromarine Nigeria Limited actively participating in the region's PSV market.
West Africa Platform Supply Vessel (PSV) 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 2026
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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 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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1.8 Assessment of the COVID-19 Impact on the Market
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2. MARKET SEGMENTATION
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2.1 Geography
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2.1.1 Nigeria
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2.1.2 Senegal
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2.1.3 Ghana
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2.1.4 Rest of West Africa
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West Africa Platform Supply Vessel (PSV) Market Size FAQs
What is the current West Africa Platform Supply Vessel (PSV) Market size?
The West Africa Platform Supply Vessel (PSV) Market is projected to register a CAGR of greater than 1.5% during the forecast period (2024-2029)
Who are the key players in West Africa Platform Supply Vessel (PSV) Market?
Team Offshore Nigeria Limited, Petromarine Nigeria Limited, Aquashield Oil & Marine Services Limited and GE Offshore Marine Services S.L are the major companies operating in the West Africa Platform Supply Vessel (PSV) Market.
