Blog - Best North America Offshore Support Vessels Market Tips

2021-08-26

The North America offshore support vessel market was valued at US$ 207.77 million in 2021 and is estimated to grow at a CAGR of 4.6%

The North America offshore support vessel market was valued at US$ 207.77 million in 2021 and is estimated to grow at a CAGR of 4.6% over the forecast period to achieve US$ YY million by 2029.

Due to modern technology and increased petroleum demand for automotive vehicles, the region is probably going to own a good market expansion. In 2020, the US produced approximately 18.40 million barrels of petroleum per day and consumed approximately 18.12 million barrels per day.

The offshore oil industry in Canada is anticipated to draw in significant investment within the near future. Atlantic Canada currently produces around 233,000 barrels of oil per day, accounting for five of Canada's total oil production.

The Trump administration allowed new offshore oil and gas development activities altogether in US coastal seas in 2018, opening up over a billion acres within the Arctic and along the geographic area. As a result of the increased demand for offshore support vessels to handle and transport components and machinery embarrassing levels, the demand for offshore support vessels is predicted to rise.

However, the change within the political administration might tighten the control over oil and gas drilling while favoring renewable energy.

Furthermore, the offshore wind energy sector may be a major growth area within the region. In 2019, the whole capacity of the US offshore wind pipeline increased from 25,824 MW to 28,521 MW.

To stay offshore production going, exploration and development add us is relocating to deeper waters, where oil and gas resources have yet to be discovered. This trend is projected to fuel demand for offshore support vessels during the projection period.

Because of a strong drive by Newfoundland and Labrador, the offshore oil industry in Canada is likely to draw increased financial interest in the coming years, as prices in oil-rich Alberta collapse.

Marine Renewables Canada announced in February 2018 that it would broaden its mandate to include offshore wind energy. The organization intends to focus on resource similarities and synergies to advance the sector as a whole and ensure that clean electricity from waves, tides, rivers, and offshore wind plays a significant role in Canada's low-carbon future.

Higher oil prices and lower drilling costs have resulted in a significant increase in offshore rig count and offshore oil production in North America, indicating growth not only in offshore drilling but also in production activity, which is expected to be the primary driver for the offshore support vessels market in the region.

Since 2016, the number of new shallow-water platform installations has dropped drastically, while decommissioning activity has increased significantly, indicating a decrease in shallow-water production and drilling in the Gulf of Mexico. 

To keep offshore production going, exploration and development work in the United States is relocating to deeper waters, where oil and gas resources have yet to be discovered. This trend is projected to fuel demand for offshore support vessels during the projection period.

Furthermore, the offshore wind power sector is seen as a key area of development, as a significant coastline area is available for lease, allowing for the construction of wind power facilities. As a result, rising offshore wind activity in the United States is predicted to boost the need for construction, operation, maintenance, and other services, resulting in a rise in the use of offshore support vessels in the country during the next few years.

All of these initiatives will have a substantial impact on the growth of offshore wind projects, resulting in increased demand for construction, operation, maintenance, and inspection operations in the future years, resulting in increased use of offshore support vessels.

As a result, rising offshore exploration and development operations, as well as measures to improve offshore wind capacity in the region, are likely to boost demand for offshore support vessels throughout the forecast period.

A large number of reservoirs are owned by several countries. This, together with a large number of total proven reserves, is expected to boost the industry's prospects. Furthermore, several large oil and gas companies throughout the world are putting their resources into finding new assets to meet the world's energy demands.

For example, in February 2020, the industry behemoth Eni announced the discovery of a fresh reservoir in the Sureste Basin, off the coast of Mexico. The new asset is expected to hold between 200 and 300 million barrels of oil in a deep-water position with a daily output capacity of over 10,000 barrels.

According to the United States, Energy Information Administration, worldwide liquid fuels and petroleum consumption averaged 100.7 million barrels per day in 2019 and is expected to fall by 5.2 million barrels per day in 2020 due to disruptions in global economic activities.

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