The Saudi Arabia Offshore Support Vessel Market size is expected to reach USD 1.21 billion by 2028, exhibiting a CAGR of 7.6% during the forecast period. Support vessels are ships used for exploration activities. Increasing deep-sea explorations are expected to boost the growth of the Saudi Arabia OSV market. Further, the rising adoption of personnel and machinery transportation is likely to fuel support vessels’ demand. In addition, the rapid development of offshore and on-shore exploration infrastructure is expected to fuel the market growth in the upcoming years.
COVID-19 Impact:
The sudden rise in the number of people infected with the COVID-19 virus has had a negative impact on many countries' economic standing. Countries have implemented strict regulations and standards to stop the spread of the COVID-19 infection. As a result of the deployment of lockdowns throughout industrial activities, worsening hydrocarbon requirements, negative energy demand, and restricted project investments, the Saudi Arabia offshore support vessel (OSV) industry is likely to suffer a severe setback.
Market Segments:
This Saudi Arabia offshore support vessel market can be divided into anchor handling tug supply vessels (AHTS), platform supply vessels (PSV), crew vessels, tug boats, and others based on vessel type. Due to their dependable and durable designs for transporting big cargoes across various water depths, the AHTS sector is expected to retain the leading position over the projected.
Driving Factor:
New Offshore Projects to Intensify Saudi Arabia offshore support vessel market Growth
Saudi Arabia has risen to become one of the world's leading oil and gas producers and exporters. Furthermore, the presence of less complicated formations favors exploration and production firms, resulting in lower total costs connected with drilling rigs in onshore and offshore reserves, pushing the Saudi Arabia offshore support vessel (OSV) market share. Furthermore, a paradigm shift in the rate of development for new infrastructure is anticipated to result in the adoption of new energy-generating technologies such as hydrocarbon fuels and renewable wind power.
Regional Insights:
Rising Energy Consumption to Bolster Healthy Growth in Saudi Arabia
The market in Saudi Arabia has been studied to provide exact insights based on several segments. The market is expected to expand significantly throughout the projected period, with a value of USD 0.68 billion in 2020. Some of the major causes for the growth of the Saudi Arabia offshore support vessel market are rapidly rising energy consumption, a shift toward new green wind power technologies, the finding of new reserves, and investments in existing assets.
The Report Lists the Key Players in the Market:
Zamil Offshore Services Company (Saudi Arabia)
Makamin Offshore Saudi Ltd. (Saudi Arabia)
Hadi H Al Hammam Est (Saudi Arabia)
Aramco (Saudi Arabia)
Bumi Armada (Malaysia)
Britoil Offshore Services Pte Ltd. (Singapore)
SEACOR Marine Holdings (U.S.)
Tidewater (U.S.)
Jana Marine Service Company LLC. (Saudi Arabia)
VM Marine International Ltd. (UAE)
Bin Nowiran Establishment (Saudi Arabia)
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Competitive Landscape:
Prominent Companies focus on Enhanced Design and Construction to Consolidate Business
Several companies compete in Saudi Arabia OSV market, delivering services on a national, regional, and worldwide scale. Saudi Arabia offshore support vessel Market participants aim to provide supply vessels with enhanced design and construction that can endure severe circumstances and increase their presence across the value chain. For instance, SEACOR Maritime Holdings Inc., a global marine service provider for offshore hydrocarbon and wind power installations, focuses on expanding its fleet and geographic presence through several expansion methods. In June 2020, for example, the firm stated that it would complete its acquisition of the remaining 50% of its joint venture, SEACOSCO Offshore LLC.
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