The offshore support vessel market will register a CAGR of more than 89% by 2023

NEW YORK, April 23, 2019 /PRNewswire/ -- About this market
The rise in deepwater and ultra-deepwater E&P activities will drive the offshore support vessel market growth in the forthcoming years. Oil and gas upstream companies have been extracting oil and gas from onshore locations for some years. This has further resulted in the rising investments in offshore E&P activities in deepwater and ultra-deepwater locations while increasing the number of contracted offshore rigs and demand for offshore support vessels. As a result, the rising investments in offshore rigs will further drive the offshore support vessel market growth during the forecast period. Analysts have predicted that the offshore support vessel market will register a CAGR of more than 89% by 2023.

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Market Overview
The rise in deep-water and ultra-deep-water E&P activities
One of the growth drivers of the global offshore support vessel market is the rise in deep-water and ultra-deep-water E&P activities. The rise in investments in offshore E&P activities in deep-water and ultra-deep-water locations will increase the number of contracted offshore rigs and the demand for offshore support vessels, which will drive the growth of the market during the forecast period.
Environmental concerns associated with offshore E&P activities
One of the challenges in the growth of the global offshore support vessel market is the environmental concerns associated with offshore E&P activities. Several environmental concerns associated with offshore exploration, drilling, and production projects impede the potential growth of investments in the global market and affect the demand for offshore support vessels.
For the detailed list of factors that will drive and challenge the growth of the offshore support vessel market during 2019-2023, view our report.

Competitive Landscape
The market appears to be moderately concentrated with the presence of a few market players. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.

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