The size of the shallow OSV market for the oil and gas industry in Latin America, Africa, the United Kingdom, and Vietnam was estimated at USD 10655.04 million in 2023. The oil and gas industry's shallow OSV market in Latin America, Africa, the United Kingdom, and Vietnam is anticipated to develop at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2032.
The growing need for oil and gas worldwide is propelling the market for shallow water offshore supply vessels for the oil and gas industry in Latin America, Africa, the United Kingdom, and Vietnam. The need for OSVs to support a range of operational operations increases as major oil-producing regions increase their output levels. In 2023, for example, the production of oil in Latin America reached over 9.4 million barrels per day, with Mexico and Brazil producing the most.
Likewise, production in Africa came close to 10 million barrels per day, highlighting the vital role that OSVs play in these areas. For exploration, drilling, and support services, nations like the UK, which gets 98% of its crude oil from offshore reserves, rely significantly on OSVs. A strong fleet of support vessels is essential for the continuous exploration and exploitation of offshore reserves, especially in the North Sea. The OSV market is expanding because of the natural gas industry. With 162 billion cubic meters of natural gas produced in Central and South America, supply vessels are clearly needed to move workers and equipment to offshore gas sites.
Perspectives on Market Segments
Heavy Lift Vessels (HLVs), Anchor Handling Tug Supply Vessels (AHTS), Platform Supply Vessels (PSVs), Multipurpose Support Vessels (MSVs), Dive Support Vessels (DSVs), Construction Support Vessels (CSV), Subsea Support Vessels (SSVs), and Others are the different vessel types that make up the Latin America, Africa, UK, and Vietnam Shallow OSV Market for Oil & Gas Industry.
The Oil & Gas Industry Shallow OSV Market in Latin America, Africa, the United Kingdom, and Vietnam has been divided into four segments based on the application: Subsea Services, Offshore Rig Moves, Pipe & Cable Laying, and Exploration & Production (E&P) Activities.
Key Players
Prominent manufacturers in the area include Damen Shipyards Group, Hornbeck Offshore, DOF, SEACOR Marine, DSV, Bourbon, Choueset, Tidewater Inc., Sea1 Offshore, Vroon, OceanPact, SCALDIS, Allseas, and others.
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