The Ultimate Guide to Understanding Offshore Support Vessel Market

 The global Offshore Support Vessel Market is expected to grow from USD 25.6 billion in 2024 to USD 36.3 billion by 2029, at a CAGR of 7.2% during the 2024-2029. An offshore support vessel (OSV) is specially designed to support offshore exploration, drilling, production, and construction activities in the oil & gas industry. These vessels provide a range of services, such as transportation of personnel, equipment and supplies, maintenance and repair, and oil spill response. OSVs are also used for specialized tasks such as platform installation, decommissioning, seismic surveying, providing firefighting, towing, and positioning of drilling rigs and other offshore structures, and subsea construction. These vessels are equipped with dynamic positioning systems to maintain their position in rough seas and are built to withstand harsh offshore conditions. Different types of offshore support vessels are used in offshore oil & gas and offshore wind applications. OSVs play a crucial role in offshore oil & gas and offshore wind farms by enabling safe and efficient operations.

 

The global offshore support vessel market is anticipated to grow at a higher level. There are various drivers responsible for the growth of the market such as government policies and incentives and technological advancements among others. The rising global demand for energy, particularly from developing countries, pushes the need for increased offshore exploration and production, subsequently driving the OSV market.

 

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The expansion of exploration and production activities in emerging offshore markets, particularly in deepwater reserves and Arctic regions, is creating significant new opportunities for offshore support vessel operators and manufacturers. These frontier areas are attracting substantial investments from oil and gas companies seeking to tap into previously unexplored or underexplored hydrocarbon reserves.

 

Deepwater reserves often found off the coasts of countries like Brazil, Guyana, and West Africa, present unique challenges and opportunities. The complex and demanding nature of deepwater drilling operations necessitates specialized support vessels equipped with advanced technology and capabilities. These vessels must be able to operate in harsh conditions, provide reliable support for drilling rigs, transport personnel and supplies, and ensure safety and efficiency in deepwater environments.

 

Regional Analysis

 

The relentless global demand for energy continues to drive significant growth in offshore exploration and production activities, especially in resource-rich regions like the Gulf of Mexico. This area's abundant oil and gas reserves attract major energy companies and independent operators, making it a prime target for exploration and production initiatives. Offshore support vessels (OSVs) play a crucial role in these ventures, providing essential services such as transporting supplies, equipment, and personnel, as well as performing specialized functions like anchor handling and subsea construction support. Technological advancements in OSV design, including dynamic positioning systems and automated tools, have enhanced operational efficiency and safety, further boosting their importance in offshore operations.

 

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Key Market Players:

 

Some of the major players in the Offshore Support Vessel Companies are A.P. Moller-Maersk (Denmark), Tidewater Inc. (US), BOURBON (France), Edison Chouset Offshore (US), and Deltamarin Ltd (Europe).

 

A.P. Moller-Maersk

 

A.P. Moller-Maersk, commonly known as Maersk, is a global leader in container shipping, logistics, and energy sectors. While historically renowned for its container shipping operations, Maersk has also ventured into the offshore support vessel market. The company's presence in the OSV market is backed by its extensive fleet, modern technology, and global reach. Maersk Supply Service focuses on delivering efficient and reliable solutions to its customers, leveraging its expertise in maritime operations and commitment to safety and sustainability. The company offers offshore support services through its Towage & Marine Services business segment. Maersk Group offers marine services and integrated energy industry solutions with its anchor-handling tug supply (AHTS) fleet and subsea support vessels. A.P. Moller - Maersk has offices in Angola, Australia, Brazil, Canada, Equatorial Guinea, Ghana, Mexico, the Philippines, Singapore, and the UK.

 

Tidewater

 

Tidewater Inc., established in 1956 and headquartered in Houston, Texas, is a prominent provider in the offshore support vessel (OSV) market. The company operates a diverse fleet of vessels, including platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSVs), fast crew supply vessels (FCSVs), and specialty vessels. These vessels support offshore exploration, production, and transportation activities globally, with a significant presence in key regions such as the Gulf of Mexico, North Sea, Southeast Asia, West Africa, and the Middle East. Tidewater focuses on maintaining a modern fleet, pursuing strategic acquisitions like GulfMark Offshore, and emphasizing sustainability through energy-efficient operations.

Offshore Decommissioning Market: Fluctuations in Oil Prices Boost Offshore Decommissioning Activities

 According to the new market research report "Offshore Decommissioning Market by Service (Well Plugging & Abandonment, Platform Removal, Conductor Removal) Depth (Shallow, Deepwater) Structure (Topsides, Substructure) Removal (Leave in Place, Partial, Complete), and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Offshore Decommissioning Market size is expected to grow from an estimated USD 5.2 billion in 2021 to USD 8.0 billion by 2027, at a CAGR of 7.4%. Aging offshore oil & gas infrastructure and maturing fields are driving the offshore decommissioning industry. Low oil prices of the past couple of years have made it even more difficult to maintain low production mature reserves, driving companies to accelerate decommissioning plans for such oil & gas fields.

The well plugging & abandonment is expected to be the largest contributor to the offshore decommissioning market

The market has been segmented by service type, water depth, structure, removal type, and region. The market has been further segmented, by service type, into project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal (includes topside, jacket removal, subsea), pipeline and power cable decommissioning, materials disposal, and site clearance.

The well plugging and abandonment service segment accounted for the largest share of the market in 2020 and is also projected to grow at the fastest pace during the forecast period. Well plugging & abandonment involves the safe and permanent closure of production or exploration wells and is one of the biggest and most critical activities in any decommissioning project.

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The shallow water subsegment is estimated to have the highest growth rate in the offshore decommissioning market

Based on depth, the market has been segmented into shallow water and deepwater segments. The application of offshore decommissioning in shallow water projects is estimated to lead the market, both in terms of market value and growth. The shallow water basins on the UK Continental Shelf and the Norwegian North Sea will play a major role in driving the Offshore Decommissioning Market.

Shallow water operations are typically less expensive compared to deepwater operations, and a majority of the old and aging offshore installations are in shallow waters. Thus, the market for offshore decommissioning will be the largest in shallow water projects.

Europe is expected to dominate the global offshore decommissioning market

Europe was the largest market, by value, for offshore decommissioning in 2020, driven mainly by activities in the UK, Norway, and Netherlands. The UK offshore industry leads other regions in terms of well-developed and mandatory decommissioning guidelines. The production of oil, gas liquids, and liquid products in the UK Continental Shelf (UKCS) peaked at around 1,027.5 million barrels in 1999. Ever since the country has struggled to offset the decline in production with both onshore and offshore fields. With a large number of fields in the country near the end of their lifecycles, the market in the UK is projected to be the largest for offshore decommissioning during the forecast period. Authorities in the region are taking active steps to commit operators to decommission old infrastructure by providing expertise, policy support, and financial incentives.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top service providers in the Offshore Decommissioning Market. These players include Heerema Marine Contractors (The Netherlands), Royal Boskalis Westminster N.V. (The Netherlands), Petrofac (Jersey), Oceaneering International (US), Baker Hughes Company (US), Halliburton (US), and Schlumberger (US).

Offshore Support Vessel Market: Increasing Deepwater Activities and Decommissioning of Aging Offshore Infrastructure

 According to the new market research report "Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow water and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Offshore Support Vessel Market is expected to grow at a CAGR of 4.0%, from 2021 to 2026, to reach a market size of USD 26.8 billion by 2026. The market growth is driven by robust investments in the offshore oil & gas and renewable sectors. Increasing deepwater activities and decommissioning of aging offshore infrastructure is likely to offer lucrative opportunities for the Offshore Support Vessel Market. However, fluctuating crude oil prices have offset the growth of the Offshore Support Vessel Market in the past years and resulted in the oversupply of vessels. This would restrain the growth of the market during the forecast period. Government regulations and high operational risks continue to be challenges for the Offshore Support Vessel Market.

One of the key factors influencing the global energy demand is the growth in the human population. The UN World Population Prospects predicts that the world population will increase from 7.6 billion in 2017 to 9.8 billion by 2050. This rise in the demand for energy has to be met with various energy sources such as oil & gas, renewables, thermal, and nuclear power. According to the BP Statistical Review of 2019, the world still had unexplored 1,729.7 billion barrels of oil reserves by the end of 2018. Discoveries of such reserves are translating into demand for well drilling and production activities, which, in turn, are supporting the offshore support vessel market growth. Moreover, regions that have high energy demand, such as Asia Pacific, are planning to augment their offshore production. Countries such as India and China, which have offshore oil and gas basins in the Indian Ocean and South China Sea, respectively, have huge potential for offshore oil and gas exploration. Apart from the Asia Pacific region, major discoveries are being made in the offshore region of Africa, especially in western Africa.

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The oil & gas segment is expected to dominate the Offshore Support Vessel Market.

The lifecycle of oil and gas fields can be segmented into 4 phases, namely, exploration, development, production, and decommissioning; each phase has its own set of requirements. Offshore support vessels are designed for specific operations and deliver support services at offshore drilling rigs and oil-producing assets, such as production platforms and floating production storage and offloading (FPSO) unit. These offshore support vessels are also used to carry out pipe laying services and decommissioning of offshore rigs. In the North Sea alone, over 450 platforms, 10,000 km of pipelines, and 5,000 wells are expected to be decommissioned by 2040. According to the Oil & Gas UK, an offshore oil & gas industry association in the UK, decommissioning of this infrastructure would cost up to USD 80 billion. Globally, there are approximately 7,000 offshore structures that are eligible for decommissioning. The Gulf of Mexico and the North Sea are two of the largest regions with most infrastructure eligible for decommissioning. Decommissioning of rigs generates demand for offshore support vessels, thereby driving the market growth.

Asia Pacific: The largest Offshore Support Vessel Market.

In this report, the Offshore Support Vessel Market has been analyzed with respect to 6 regions, namely, North America, Asia Pacific, South America, Europe, Middle East, and Africa. Asia Pacific is expected to dominate the global Offshore Support Vessel Market between 2021 and 2026. The major economies in Asia Pacific, such as China, India, Indonesia, Malaysia, Vietnam, and Thailand, are focusing on increasing their offshore E&P CAPEX. According to Scottish Development International, the CAPEX for new offshore developments in Asia Pacific is set to be about 25% of the global spending, making the region an important part of the offshore industry. Various policymakers in the region are prioritizing new offshore activities in deep and ultra-deep waters. The most important of these new offshore developments include Australia’s Briseis, Scarborough, and Laverda projects; Malaysia’s Rotan, Gumusut-Kakap, and Petai projects; India’s KG-D6 complex; and Indonesia’s Gehem project. Moreover, the count of offshore support vessels is also growing in the region due to an increase in the number of vessel manufacturers in the market, especially from China and South Korea.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Offshore Support Vessel Market.

Some of the key players are DOF group (Norway), Solstad Offshore (Norway), Tidewater (US), Maersk (Denmark), and Siem Offshore (Norway). The leading players are adopting various strategies to increase their share in the Offshore Support Vessel Market. Expansions have been a widely adopted strategy by the major players in the Offshore Support Vessel Market.

Pipeline & Process Services Market: Surging Demand for Safe, Economical, and Reliable Infrastructure Connectivity to Transport Oil and Gas

 According to MarketsandMarkets research, the Pipeline & Process Services Market size will grow to USD 4.0 billion by 2025 (forecast year) from USD 3.1 billion in 2020 (estimated year), at a CAGR of 5.5% during the forecast period. The rising demand for crude oil & natural gas, especially from Asia Pacific, and the increasing need for safe, economical, and reliable connectivity drive the growth of the Pipeline & Process Services Market. Further, remarkable deep and ultra-deepwater discoveries of oil & gas reservoirs, the high demand for refined products, and the rapid development of midstream infrastructure will offer lucrative opportunities for the market.

 

The pipeline segment is the largest contributor in the pipeline & process services market.

The pipeline segment dominated the pipeline & process services market by asset type in 2019. The rising demand for crude oil has led to an increase in offshore exploration and drilling activities, which, in turn, has driven the growth of the market for transmission pipeline services. Whereas rapid industrialization and urbanization foster the demand for distribution pipeline services. Europe, Asia Pacific, and the Middle East are expected to be the most attractive markets for pipeline services owing to the commissioning of planned offshore oil and gas projects during the forecast period. For example, the Cyprus–Greece Gas Pipeline, a 1,900 km pipeline, is expected to have a transport capacity of 16 billion cubic meters per year from the offshore gas reserves in the Levantine Basin and the potential gas reserves in Greece. The pipeline is expected to be completed by 2025.

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The process segment is expected to be the fastest growing Pipeline & Process Services Market

The process segment of the Pipeline & Process Services Market is estimated to grow at the fastest rate during the forecast period. This is mainly because of the higher capacity additions at the gas processing facilities and LNG & FPS vessels during the forecast period. The rise in decommissioning of refineries capacities in the Europe & Sub-Saharan African region due to the shift in focus towards renewables is also growth driver of the process segment.

The pre-commissioning & commissioning services operation segment is expected to dominate the Pipeline & Process Services Market.

Pre-commissioning & commissioning services are the initial set of processes which are carried out on the pipeline & process assets before the asset is introduced with the final product. The pre-commissioning & commissioning segment accounted for the largest share of the Pipeline & Process Services Market, owing to the large volume of pipeline (km) additions in the North America and Asia Pacific regions during the forecast period.

North America: The largest Pipeline & Process Services Market.

In this report, the Pipeline & Process Services Market has been analyzed with respect to 6 regions, namely, North America, Latin America, Middle East & North Africa, Europe & Sub-Saharan Africa, Asia Pacific, and Eurasia. North America is expected to dominate the global Pipeline & Process Services Market between 2019 and 2024. Recent discovery of certain new extraction techniques has opened multiple oil & gas shale regions in extremely remote areas. The transportation of the produced crude & natural gas from these remote locations will drive the overall pipeline market in the region.

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Some of the key players in Pipeline & Process Services Market are Halliburton (US), Baker Hughes Company (US), EnerMech (UK), IKM Gruppen (Norway), and Enerpac Tool Group (UK).

Offshore Support Vessel Market to Witness Outstanding Growth in Coming Years

 The global offshore support vessel market is estimated to grow from USD 20.1 billion in 2018 to USD 25.7 billion by 2023, at a CAGR of 5.04% from 2018 to 2023. The market in Asia Pacific is estimated to be the largest market for offshore support vessels, followed by Europe and North America. This trend is expected to continue until 2023. Also, the North American market is projected to be the fastest-growing market. The growth of the offshore support vessel market is driven by rising offshore investments in the US and the Gulf of Mexico, and a focus on the potential deepwater discoveries in the US.

The major factors that are expected to be driving the offshore support vessel market are deepwater production and exploration activities in Europe and Middle East would boost the growth of the offshore support vessel market. The growth in deployment of offshore wind farms in countries such as China and the US would drive the offshore support vessel, for installation, maintenance, and during the replacement of offshore wind turbines. Offshore support vessels perform various operations such as seismic survey, transporting necessary infrastructure and crew, and managing any emergencies.

The application of offshore support vessels in shallow water projects is estimated to lead the market, both in terms of market value and growth. The shallow water basins in Asia-Pacific, Europe, and North America will play a major role in driving the offshore support vessel market. Shallow water operations are typically less expensive compared with deepwater operations. Thus, recovering oil prices will lead to a faster increase in offshore activities in shallow water basins compared with deepwater ones.

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Asia Pacific is expected to be the largest market for offshore support vessel

The offshore support vessel market is segmented into five major regions, namely, Asia Pacific, Europe, North America, South America, Africa, and the Middle East. The Asia Pacific market is estimated to be the largest offshore support vessel market because of factors such as increasing CAPEX for Exploration & Production activities in the offshore oil & gas sector and rising number of offshore rigs to cater to the increasing energy demand in the region. Stabilizing oil prices have already led to oil & gas operators increasing exploration and production spending in the Chinese offshore market, with capital expenditures allocations estimated to resume steadily. The market for offshore support vessels in North America and the Middle East regions is also expected to grow during the forecast period due to the growing focus on developing offshore reserves to replace maturing onshore fields.

With the gradual maturity of shallow water fields, oil & gas operators are exploring for deep and ultra-deep water opportunities to meet the growing oil & gas demand. This has stimulated growth in investments in offshore and subsea activities. The shallow water covers majority of the market share, but the vessels used here are not capable of working in deepwater and ultra-deepwater due to harsh climatic conditions. This factor offers great opportunity for the manufacturers to manufacture technologically equipped vessels to face the challenging environmental condition.

The AHTS segment is expected to grow at the highest growth rate from 2018 to 2023.

Anchor-handling tug supply (AHTS) vessels constitute the largest segment of the offshore support vessel market. AHTS vessels are designed to provide anchor-handling and towage services and are also used for supplying deck cargo, water, fuel, dry bulk, and mud-to-oil rigs and platforms. These vessels can also be used for emergencies and are well equipped for firefighting, rescue, and oil recovery operations. The demand from Asia Pacific and Europe is projected to drive the market for AHTS vessels during the forecast period. Countries such as Vietnam, Malaysia, Thailand, and Australia increased their E&P activities in offshore areas in the recent past. Malaysia is the largest contributor to the short-term oil & gas production growth mainly due to the Kebabangan Gas Project.  Also, there is a strong support from Petroliam Nasional Berhad (PETRONAS), which provides approximately USD 15.6 billion a year toward capital expenditure in the oil & gas industry. Moreover, local laws have been implemented to protect the local OSV operators as PETRONAS will prioritize Malaysian-flagged vessels over foreign vessels.

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The major players in the Offshore Support Vessel Market include Bourbon (France), Seacor Marine LLC (US), Swire Group (Hong Kong), Tidewater (US), Gulfmark Offshore (US), Havila Shipping (Norway), Hornbeck Offshore Services (US), the Maersk Group (Denmark), and Siem Offshore (Norway).

Well Casing & Cementing Market: New Oilfield Discoveries Creating Immense Opportunities

 The global Well Casing & Cementing Market is projected to reach USD 11.7 billion by 2024 from an estimated USD 9.2 billion in 2019, at a CAGR of 5.0% during the forecast period. Increasing drilling activities along with shale developments in North America, Asia Pacific, and some parts of South & Central America are the driving factors for the well casing & cementing market, globally. The well completion procedure involves well casing & cementing as primary operations, which are directly affected by the rising exploration & production activities.

The offshore segment is expected to grow at the fastest rate.

The offshore segment is expected to grow at the fastest rate during the forecast period. The growth of this segment is primarily driven by the cost reduction and digitalization of the oil & gas offshore projects. This would ultimately create new revenue pockets for the well casing & cementing market during the forecast period. New oilfield discoveries in offshore regions are expected to increase the drilling operations, especially in North America, due to their planned exploration and drilling projects for the coming years. Such developments in the offshore are driving the well casing & cementing market.

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The cementing segment is expected to be the fastest growing well casing & cementing market

The cementing segment of the well casing & cementing market is estimated to grow at the fastest rate during the forecast period. This is mainly because the cost of cementing operations is lower compared to the casing activities. Moreover, the process of well cementing is challenging as it requires a more technical skillset, thus demanding appropriate equipment and manual workforce. The cementing related equipment are costlier, although the volume used is less. Additionally, the cementing services do not have any alternative, unlike casing, where liner systems can be used as a substitute. Such factors propel the growth of cementing operations in the well casing & cementing market.

The primary cementing operation segment is expected to dominate the well casing & cementing market

Primary cementing is the initial method undertaken to cement the casings and fit the equipment, giving tensile strength to the well. According to industry experts, primary cementing is a widely accepted practice, globally. The other cementing processes, which include remedial cementing and stage cementing, are undertaken only when primary cementing fails. Thus, in order to save capital and operational expenditures, primary cementing is done. Moreover, the increased horizontal drilling activities have provided market opportunities for primary cementing.

North America: The largest well casing & cementing market

In this report, the well casing & cementing market has been analyzed with respect to 6 regions, namely, North America, South & Central America, Europe, Asia Pacific, Middle East, and Africa. According to the IEA, the US is determined to become the net exporter of energy by 2020; and to fulfill this objective, the oil production is being increased across the nation. Moreover, the US retained its position as a top oil producer in 2018, due to the shale revolution.

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The major players in the global Well Casing & Cementing Market are Halliburton (US), Schlumberger (US), BHGE (US), Weatherford (US), NOV (US), Tenaris (Luxembourg), Vallourec (France), TMK Group (Russia), Trican (Canada), Nabors Industries (Bermuda), Frank’s International (Blackhawk Specialty Tools) (Netherlands), Innovex Downhole Solutions (US), and Centek Group (UK).

Oilfield Integrity Management Market: Increasing focus on Remote Monitoring of Oilfields for Process Optimization and Automation

 According to the new market research report "Oilfield Integrity Management Market by Management Type (Planning, Predictive Maintenance & Inspection, Corrosion Management, Data Management, and Monitoring System), Component (Hardware, Software, Services), Application, & Region - Global Forecast to 2025", published by MarketsandMarkets™, the Oilfield Integrity Management Market size is expected to grow from an estimated USD 12.8 billion in 2020 to USD 18.8 billion by 2025, at a CAGR of 8.1%, during the forecast period. Increasing focus on remote monitoring of oilfields for process optimization and automation and stringent government regulations regarding environmental safety are the key factors driving the oilfield integrity management industry.

The monitoring system segment is the largest contributor in the Oilfield Integrity Management Market.

The monitoring system includes machinery and equipment such as wireless sensors, analyzers, flow meters, smart well systems, SCADA systems, and DCS systems. The growth of the market is driven by its multiple advantages, such as a reduction in manual intervention, monitoring of remote locations oilfields, and collection of real-time data from sensors to detect equipment health.

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The onshore segment is expected to hold the largest market share of Oilfield Integrity Management.

The onshore application segment held the largest share of the Oilfield Integrity Management Market in 2019. North America is estimated to be the largest market for onshore oilfield integrity management during the forecast period, owing to an increase in well count globally. Furthermore, the discoveries of shale reserves are also supporting the growth of the segment in North America.

North America held the largest share of the oilfield integrity management market
North America accounted for the largest share of the oilfield integrity management market in 2019. This region has been segmented by country into the US and Canada. The oil & gas industry is a major contributor to the North American economy. According to the Commerce Department’s Bureau of Economic Analysis (BEA), in 2018, the oil & gas sector contributed USD 1.3 trillion to the GDP of the US. Similarly, Natural Resource Canada declared that in 2018, the oil & gas industry contributed 2.8% to the nominal GDP of Canada. The high energy supply and demand from the region offer lucrative opportunities to the entire oil & gas value chain. The country houses some of the top service providers such as Schlumberger, Ltd. (US), Halliburton (US), and Baker Hughes Company (US), who continuously invest in developing innovative solutions for various segments of the oil & gas industry.

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Middle East & Africa is expected to be the fastest-growing market of Oilfield Integrity Management.

The Middle East & Africa consists of major oil & gas producing countries such as Saudi Arabia, the UAE, Kuwait, Iraq, and Iran, which have some of the largest petroleum reserves in the world. According to the BP Statistical Review of World Energy June 2019, Saudi Arabia, UAE, Kuwait, Iraq, Iran, and Qatar produced a combined 30% of global oil production in 2018. These countries export most of their production to neighboring Asian countries such as China and India, which have high energy demand. Furthermore, the growth of the market in the Middle East & Africa is due to the increasing number of drilling activities and the requirement for inspection and monitoring systems to optimize the production from mature fields.

The Oilfield Integrity Management Market is dominated by a few global players, mainly from the North American region. The key players in the Oilfield Integrity Management Market include companies such as Schlumberger (US), Halliburton (US), Baker Hughes Company (US), Siemens (Germany), Emerson (US), IBM (US), and Oracle (US).

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Artificial Lift Market: Rising deepwater explorations and enhancing oil & gas production

According to the new market research report "Artificial Lift Market by Type(ESP, PCP, Rod Lift, Gas Lift, and Others); Mechanism(Pump Assisted (Positive Displacement, Dynamic Displacement), Gas Assisted); Well Type(Horizontal, Vertical); Application(Onshore, Offshore); Region - Global Forecast to 2025" The Artificial Lift Market is projected to reach USD 10.3 billion by 2025 from an estimated USD 8.0 billion in 2020, at a CAGR of 5.0% during the forecast period. Continuous shale development and the growing investments in the upstream oil and gas sector is driving the demand for Artificial Lift Market. Moreover, the rising number of mature fields in Europe and the Middle East, along with new offshore oilfield discoveries, is creating an opportunity for the Artificial Lift Market.

The offshore application segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

The offshore segment is expected to grow at the highest CAGR during the forecast period, owing to increasing new ultra-deep water offshore discoveries, and the rising rate of shallow water oilfields reaching maturity. Artificial lift methods such as hydraulic pumping, gas lift, ESP, and PCP are most prominently used in offshore oil wells. The Gulf of Mexico and the North Sea have the highest number of maturing shallow oilfields. Thus, such maturing shallow fields have created demand opportunities for artificial lift methods in the Gulf of Mexico and the North Sea regions.

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The horizontal well segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

The horizontal segment is expected to grow at the highest CAGR during the forecast period, owing to significant discoveries of shale reserves and increasing hydraulic fracturing in horizontal wells. Hence, creating opportunity for the Artificial Lift Market.  Horizontal drilling and multistage hydraulic fracturing have unlocked vast quantities of natural gas in shale reservoirs. Operators are using appropriate systems and equipment that will limit well blow-downs and lift systems to unload the wells without releasing methane continuously—thereby increasing the need for artificial lift systems that are effective in horizontal wells.

The pump assisted mechanism segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

Pump assisted segment is expected to grow at a higher CAGR during the forecast period, owing to high adoption rate ESPs and rod lift pumps. The pumps are used to increase the bottom hole pressure of tubing string to lift a sufficient amount of fluid to the surface. Artificial lift methods with pump assisted systems have an operating depth ranging from 100 ft TVD to 17,000 ft TVD and average working volume ranging from 5 BPD to 30,000 BPD. For this mechanism, the operating temperature ranges from 100ºF to 500ºF. This growing demand for pump assisted systems is driven owing to multi-stage hydraulic fracturing in horizontal wells.

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North America is expected to be the most significant and third fastest-growing region of the Artificial Lift Market

In this report, the Artificial Lift Market has been analyzed for five regions, namely, North America, South & Central America, Europe, Asia Pacific, and Middle East & Africa. According to the IEA, the US is determined to become the net exporter of energy by 2020 and to fulfill this objective, the oil production is being increased across the nation. Moreover, the US is the top explorer and producer of shale oil and gas. The old & depleting oil & gas fields in the Permian Basin and Bakken Ford require artificial lift operations to enhance the productivity of the wells. Thus, North America dominated the Artificial Lift Market in 2019, and expected to do so during the forecast period.

The ESP segment is expected to grow at the highest CAGR from 2020 to 2025.

The ESP segment is estimated to be the fastest-growing segment of the Artificial Lift Market, by type, from 2020 to 2025. ESPs are multistage dynamic displacement centrifugal pumps. Such pumps are typically used when well depths range from 1,000 to 5,000 ft. It is the most effective artificial lift method for more than 1,000 bpd volume. It is effective in wells with low bottomhole pressure, low gas/oil ratio, low bubble point, high water cut, or low API gravity fluids. Such pumps are usually used for offshore applications because of their ability to handle high-volume wells. Hence, the rise in offshore E&P activities is expected to drive the ESP segment during the forecast period.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Artificial Lift Market.

Some of the key players are Schlumberger (US), Halliburton (US), Borets International (Russia), Weatherford (Switzerland), and Baker Hughes Company (US). The leading players are adopting various strategies to increase their share in the Artificial Lift Market. Partnerships, collaborations, alliances, and joint venture ; new product launches; and contract & agreements have been a widely adopted strategy by the major players in the Artificial Lift Market.

Offshore Support Vessel Market Size worth $25.7 Billion by 2023

The global offshore support vessel market is projected to grow at a CAGR of 5.04% from 2018 to 2023. The market in Asia Pacific is estimated to be the largest market for offshore support vessels, followed by Europe and North America in 2018. This trend is expected to continue until 2023. Also, the North American market is projected to be the fastest-growing market during the forecast period. The growth of the offshore support vessel market is driven by rising offshore investments in the US and the Gulf of Mexico, and a focus on the potential deepwater discoveries in the US.

Rising population and increasing demand of primary energy consumption are the major factors for rising investments in emerging economies. Countries in the Western African region, especially Congo, Liberia, Senegal, and Ghana are planning to increase the offshore expenditures and drill more offshore wells. West Africa and Brazil have been very active in the offshore market. There have been new offshore discoveries in other African countries, such as, Mozambique, Kenya, and Tanzania. In the southern part of Africa, 265 wells have been drilled offshore and yet there is plenty of unexplored offshore land in this region.

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Asia- Pacific is the other major region, which is planning to increase its offshore production due to tremendous pressure to meet energy demand as a result of increased industrialization, population, and growing consumption. India has 56% of oil reserves in offshore, and Government of India has planned to add 91 million barrels of crude oil by 2017, to improve energy security and protect the country from supply disruptions. China National Offshore Oil Corporation, a state-owned Chinese E&P company, has expanded its presence in offshore zones in Bohai Bay and South China Sea. Moreover, with policy change, several private players have entered the business. So, the increasing investments in emerging economies would positively contribute to the offshore support vessel market.

Opportunity: Modern technology for working in deepwater & ultra-deepwater

With the gradual maturity of shallow water fields, oil & gas operators are exploring for deep and ultra-deep water opportunities to meet the growing oil & gas demand. This has stimulated growth in investments in offshore and subsea activities. The shallow water covers majority of the market share, but the vessels used here are not capable of working in deepwater and ultra-deepwater due to harsh climatic conditions. This factor offers great opportunity for the manufacturers to manufacture technologically equipped vessels to face the challenging environmental condition. For instance, invention of Dynamic Positioning (DP) system for marine vessels is very remarkable and has been accepted worldwide. With the changing requirements and need of upgradation, DP-1 vessels are almost in their last phase and used in crew supply vessels only, DP-2 and DP-3 vessels are more frequently used in PSVs and gaining more importance in the market. The evolution of DP vessels is one such example of technological upgradation that enables vessels to work in tough conditions. Hence, technological advancement is one of the key drivers fueling the growth of the offshore support vessel market.

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The offshore support vessel market is dominated by a few global players. The key players in the offshore support vessel market include integrators such as Bourbon (France), Seacor Marine (US), Swire Group (Hong Kong), Tidewater (US), Gulfmark Offshore (US), Havila Shipping ASA (Norway), Hornbeck Offshore Services (US), The Maersk Group (Denmark), and Siem Offshore (Norway).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Offshore ROV Market Size worth $943.1 Million by 2023

The offshore ROV market is estimated to be USD 802.9 million in 2018 and is projected to reach USD 943.1 million by 2023, at a CAGR of 3.27% from 2018 to 2023. The market is set to grow due to increasing offshore oil & gas discoveries in prominent countries and rise in demand for oil & gas.

The Observation class segment is expected to hold the largest share of the Offshore ROV market

The offshore ROV market has been segmented, by type, into Observation class, Work Class, and Intervention Class. The observation class segment is expected to be the largest market because it can be used in all kinds of offshore applications for observing the process during drilling and completion work.

The Drilling and Well Completion Support is expected to dominate the offshore ROV market

The offshore ROV market has been segmented, by application, into Drilling and Well Completion Support, Construction Support, Inspection Repair & Maintenance Services, Remote Subsea Intervention Tooling Design and Build, and Subsea Engineering Services. The Drilling and Well Completion Support segment is estimated to hold the largest market share by 2023. The market growth in the segment is driven by the increasing deep water offshore activities in Angola and ultradeep water in Brazil.

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Middle East & Africa expected to be the largest market for offshore ROV

The Middle East & Africa is expected to dominate the offshore ROV market during the forecast period. The rise in offshore deep and ultradeep water activities is driving the offshore ROV market in the Middle East & Africa region. The increasing activities of offshore exploration and production in countries such as Angola, UAE, Nigeria, etc. will drive the offshore ROV market in the Middle East & Africa region.

Some of the leading players in the offshore ROV market are Oceaneering (US), Subsea 7 (UK), Fugro (Netherlands), TechnipFMC (UK), Saipem (Italy), Forum (US), DOF (Norway), ECA (France), Deep Ocean Group (Norway), ISE (Canada), Deep Ocean Engineering (US), and AC-CESS (Scotland).

About MarketsandMarkets™:

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

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Perforating Gun Market Estimated to Cross $898.7 Million by 2022

The perforating gun market is projected to reach USD 898.7 million by 2022, at a CAGR of 3.71%, from 2017 to 2022. The North American market is estimated to be the largest for perforating guns, followed by Asia Pacific in 2017. The increase in oil & gas production, increased shale exploration, growing complexity of reservoir conditions, and increase in average well depth over the years are the major drivers of the perforating gun market. The increase in demand for oil and scarcity of supply due to a drop in oil production by OPEC and non-OPEC countries to stabilize oil prices has led to investments in the upstream oil & gas activities. The major oil & gas companies see the increasing demand as an opportunity for their upstream businesses, which will ultimately drive the perforating gun market.

The perforating gun market is mainly driven by the increase in the average well depth over the years. The conventional oil & gas reservoirs are depleting. The new reservoirs are found deep below the earth’s surface. The various methods such as reperforation, drilling of unconventional oil wells, and increasing oil production in hostile reservoir environments with the help of advanced technologies are carried out to meet the oil & gas demand. Thus, the need for technically efficient and advanced perforating guns is increasing to meet the requirements of drilling operators.

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The wireline conveyed casing gun segment is expected to be the fastest-growing perforating gun market, by gun type, from 2017 to 2022. There are various advantages to wireline conveyed casing guns over wireline guns which make them the preferred choice in most well formations. These include high charge performance, low cost of the gun, high pressure and temperature rating, and high mechanical and electrical reliability.

North America: The fastest growing market for perforating guns.

The market in North America is expected to be the fastest-growing market for perforating guns, closely followed by the Middle East. The US, Canadian, and Mexican governments are looking to invest heavily in the upstream oil & gas industry to reduce imports and move toward self-sustainability. North America is projected to dominate the global perforating gun market by 2022 due to increasing oil & gas activities in the region. The market in North America is also expected to grow at the highest CAGR from 2017 to 2022. This growth is attributed to increased investments in the upstream oil & gas sector, especially in the US. This will ultimately create an opportunity for the perforating gun market.

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The leading players in the perforating gun market include Baker Hughes (US), Schlumberger (US), Halliburton (US), Weatherford (US), National Oilwell Varco (US), DynaEnergetics (Germany), Hunting (UK), and Yellow Jacket Oil Tools (US).

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Light Tower Market Latest Industry Trends & Forecast to 2022

The light tower market is expected to grow from an estimated USD 2.02 Billion in 2017 to USD 2.72 Billion by 2022, at a CAGR of 6.1% from 2017 to 2022. This growth is mainly attributed to a rapid growth of the construction industry, especially in developing nations of the Asia-Pacific region, growing investment in the oil & gas sector, and restart of investment in the mining industry.

The light tower sales market is segmented, based on end-user into construction, mining, oil & gas, and others, which includes agriculture, airports, emergency services, military, rentals, social & sports events, and motion pictures. Construction end-user is expected to grow at the highest rate in the end-user segment. A rapid growth in the construction sector, especially in the Asia-Pacific region is expected to drive the light tower market. Countries such as China and India are investing heavily in developing transport infrastructure to support growth of their economies, and are expected to drive the construction end-user segment during the forecast period.

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The diesel-powered light towers segment is expected to hold the largest share of the light tower market, by fuel type, during the forecast period

The diesel-powered light tower segment led the light tower market in 2016 and is expected to grow at a decent pace during the forecast period. High reliability of diesel generator sets, easy availability of fuel, high storage capacity, longer running time, and simple maintenance have helped the diesel-powered light towers to grow worldwide. This segment is primarily driven by increasing demand in the construction industry in developing nations and is expected to create new revenue pockets for the light tower sales market during the forecast period.

Asia-Pacific expected to dominate the light tower market

In this report, the light tower market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The Asia-Pacific is expected to dominate the global light tower market, due to growth of the construction and mining sector in China, India, and Australia. Asia-Pacific is the largest market by size and is estimated to grow at the highest rate due to rapid growth in the construction industry, especially in China. A high investment in the construction sector in China has created a demand for portable light towers. Asia-Pasic is home to many developing nations such as India, Indonesia, Taiwan, and Malaysia. All these nations are focusing on developing their infrastructure which in turn is expected to drive the demand for light tower in the Asia-Pacific region.

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The market is dominated by few international players which holds major share of the light tower market. Major suppliers for light towers include Generac Holding, Inc. (U.S.), Atlas Copco (Sweden), Doosan Corporation (South Korea), Terex Corporation (U.S.), and Wacker Neuson (Germany). 

Offshore Decommissioning Market is Poised to Witness Growth in the Global Market !!

The global offshore decommissioning market is projected to grow at a CAGR of 5.05%, from 2017 to 2025, to reach a market size of USD 8.76 billion by 2022. Offshore decommissioning is plugging the oil and gas wells which are matured and are non-productive. Maturing oil and gas fields and aging infrastructure in the North Sea and Gulf of Mexico are driving the offshore decommissioning market. Low crude oil prices are other major driver for this market.

The report segments the market, on the basis of service, into project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal, pipeline and power cable decommissioning, materials disposal, and site clearance. The well plugging and abandonment segment accounted for the largest market share in 2016, driven by demand from the European market. 

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Well plugging and abandonment: The largest service segment of the offshore decommissioning market

Well plugging and abandonment constitutes the largest segment of the offshore decommissioning market, by service, in terms of value. Well plugging and abandonment contributes up to 45% of total decommissioning cost of any project. During this activity, detailed well data is collected and prepared for plugging using rig or rig less methods. Demand from the European market is projected to drive the market for well plugging and abandonment.

The European market is expected to grow at the highest CAGR, from 2017 to 2025.

Europe is the largest market, by value, for offshore decommissioning, followed by North America. The European market is also projected to be the fastest growing market, during the forecast period, owing to mature oil and gas fields, particularly in the U.K. and the North Sea. The impending cessation of production in major oil and gas fields would ensure that the European market would grow at the highest pace. Europe is estimated to witness the highest offshore decommissioning spending, with its well-developed regulatory framework compared to other regions.

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The key players operating in the offshore decommissioning market include Amec Foster Wheeler ASA (France), Aker Solutions (Norway), AF Gruppen S.A. (U.S.), Tetra Technologies (U.S.), John Wood Group PLC (U.K.), Able UK (U.K.), DNV GL (Norway), Heerema Marine (The Netherlands), Allseas Group (Switzerland), DeepOcean Group (The Netherlands) and Technipfmc PLC (U.S.), among others.   

Attractive Opportunities in the Well Casing & Cementing Market by 2024

According to the new market research report "Well Casing & Cementing Market by Type (Casing, Cementing), Service (Casing pipe, equipment & services, Cementing equipment & services), Operation (Primary, Remedial), Application (Onshore, Offshore), Well, and Region – Global Forecast to 2024", published by MarketsandMarkets™, the Well Casing & Cementing Market is projected to reach USD 11.7 billion by 2024 from an estimated USD 9.2 billion in 2019, at a CAGR of 5.0% during the forecast period. Increasing drilling activities along with shale developments in North America, Asia Pacific, and some parts of South & Central America are the driving factors for the Well Casing & Cementing Market, globally. The well completion procedure involves well casing & cementing as primary operations, which are directly affected by the rising exploration & production activities.

The cementing segment is expected to be the fastest growing Well Casing & Cementing Market, by type, during the forecast period. 

The cementing segment of the Well Casing & Cementing Market is estimated to grow at the fastest rate during the forecast period. This is mainly because the cost of cementing operations is lower compared to the casing activities. Moreover, the process of well cementing is challenging as it requires a more technical skillset, thus demanding appropriate equipment and manual workforce. The cementing related equipment are costlier, although the volume used is less. Additionally, the cementing services do not have any alternative, unlike casing, where liner systems can be used as a substitute. Such factors propel the growth of cementing operations in the Well Casing & Cementing Market.

Browse and in-depth TOC on “Well Casing & Cementing Market”

134 - Tables

55 - Figures

197 - Pages

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The primary cementing operation segment is expected to dominate the Well Casing & Cementing Market, by operation type, during the forecast period.

Primary cementing is the initial method undertaken to cement the casings and fit the equipment, giving tensile strength to the well. According to industry experts, primary cementing is a widely accepted practice, globally. The other cementing processes, which include remedial cementing and stage cementing, are undertaken only when primary cementing fails. Thus, in order to save capital and operational expenditures, primary cementing is done. Moreover, the increased horizontal drilling activities have provided market opportunities for primary cementing.

North America: The largest Well Casing & Cementing Market.

In this report, the Well Casing & Cementing Market has been analyzed with respect to 6 regions, namely, North America, South & Central America, Europe, Asia Pacific, Middle East, and Africa. According to the IEA, the US is determined to become the net exporter of energy by 2020; and to fulfill this objective, the oil production is being increased across the nation. Moreover, the US retained its position as a top oil producer in 2018, due to the shale revolution.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Well Casing & Cementing Market.

Some of the key players are Schlumberger (US), Halliburton (US), NOV (US), Weatherford (US), and BHGE (US). The leading players are adopting various strategies to increase their share in the Well Casing & Cementing Market. Contracts & agreements has been a widely adopted strategy by the major players in the Well Casing & Cementing Market.