Subsea Vessel Operation & Hardware: Introduction
- Subsea vessels are ships that serve various operational purposes such as construction and oil exploration work at seas. These vessels are also used for providing necessary supplies to excavation and construction units located at high seas.
Key Drivers and Restraints of Subsea Vessel Operation & Hardware Market
- The subsea vessel operation & hardware market is primarily driven by factors such as rise in investments in offshore wind energy and favorable government initiatives and policies. Policy interventions by various countries, such as Nationally Determined Contributions (NDCs) and Sustainable Development Goals (SDGs), are boosting the demand for renewable energy across the globe. Enactment of stringent regulations to support conservation of the environment is prompting the power industry to shift toward clean and eco-friendly energy resources.
- Consumption of petroleum products has been increasing significantly across the globe due to rapid industrialization and urbanization. Constant rise in demand for refined products in several end-use industries has boosted investments in the exploration and production of oil & gas reserves in offshore locations. This, in turn, is estimated to propel the demand for subsea vessel operation & hardware during the forecast period.
- Presence of aging oil and gas fields in onshore locations and availability of the vast untapped potential of conventional resources are expected to propel the subsea vessel operation & hardware market in the near future
- Volatility in prices of oil and gas is anticipated to hamper the subsea vessel operation & hardware market in the near future
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COVID-19 Impact Analysis
- In the initial phase of the COVID-19 outbreak, lockdowns were imposed across the globe to limit the spread of the disease. This led to restriction on the movement of goods and individuals, thereby adversely impacting the demand for oil and gas.
- Major producers of oil halted drilling activities and development expenditure. Offshore drilling activities have declined significantly. Decrease in in investment in offshore activities led to a drop in oil and gas spot price, thereby affecting the demand for subsea vessels.
Subsea Hardware Product Segment Expected to Hold Prominent Share of Global Market
- The global subsea vessel operation & hardware market can be segmented based on product and region
- In terms of product, the subsea vessel operation & hardware market can be divided into subsea vessel operation and subsea hardware. The subsea hardware segment accounted for key share of subsea vessel operation & hardware market share in 2020.
Asia Pacific Expected to Constitute Major Share of Global Subsea Vessel Operation & Hardware Market
- In terms of region, the global subsea vessel operation & hardware market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- Asia Pacific is expected to hold major share of the subsea vessel operation & hardware market during the forecast period. Rise in foreign direct investments (FDIs) in offshore wind energy projects in several countries in Asia Pacific is creating lucrative opportunities for the subsea vessel operation & hardware market in the region. In Asia Pacific, China has the largest offshore wind capacity, with 3,060 MW new installations of offshore wind towers taking place in 2020.
- Europe is another major region of the global subsea vessel operation & hardware market. Rise in E&P investments in Norway and Russia is anticipated to propel the subsea vessel operation & hardware market in the region. Furthermore, rise in number of mature oil & gas fields in onshore location and decrease in production cost of oil and gas in offshore areas are expected to propel the subsea vessel operation & hardware market in Europe.
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Key Players Operating in Global Market
Key companies operating in the global subsea vessel operation & hardware market are
- RINA S.p.A.
- Oceaneering International, Inc.
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- Royal Boskalis Westminster N.V.
Global Subsea Vessel Operation & Hardware Market: Research Scope
Global Subsea Vessel Operation & Hardware Market, by Product
- Subsea Vessel Operation
- Subsea Vessel Hardware
Global Subsea Vessel Operation & Hardware Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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