BAKU, Azerbaijan, Aug.14
By Leman Zeynalova – Trend:
Rapid industrialization and extensive research and development (R&D) activities, along with growing investments in the oil and gas sector across the globe, especially in the emerging economies, are projected to drive the global offshore support vessels market further, Trend reports with reference to "Offshore Support Vessels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report.
The global offshore support vessels market reached a value of US$ 39.57 Billion in 2020.
Looking forward, the publisher expects the global market to reach a value of US$ 50.21 Billion by 2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors.
Increasing oil and gas exploratory activities is one of the key factors driving the growth of the market. Furthermore, the rising demand for PSVs across the globe is also providing a boost to the market growth. PSVs are used in the production stage of offshore drilling and for the transportation of cement, casting and drilling pipes and completion fluids. Additionally, various technological advancements in the manufacturing processes of offshore support vessels and the integration of Dynamic Positioning (DP) systems in marine vessels, is acting as another growth-inducing factor. Manufacturers are emphasizing on producing computer-controlled vessels that can automatically control their propellers and thrusters to maintain a specific position.
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