Offshore Equipment Market to Witness Exponential Growth by 2027
Posted by FMI1234 on February 19th, 2018
The growing demand for energy sources has compelled governments and corporations to invest in deep sea excavations to discover sites to extract petroleum which lies in rock formations beneath the seabed. Offshore excavation requires some necessary equipment to be carried out effectively and efficiently. These equipment can be hydraulic or pneumatic operated. Some of these equipment are grinders, cranes, ROV tools, breakers, excavators, hydraulic cleaning tools, pressure intensifiers, rigs, drills, impact wrenches, sonar equipment, anvil and guillotine cutters, lifting equipment, etc. Some of the primary functions of these equipment include rock dump removal; seabed preparation for templates and installation of jacket footprints; pipeline route preparation, such as sweeping; pipeline construction support which includes deburial and free span correction as well as pipeline lowering and drill cutting dispersal from around wellheads, templates and platform structures. The progress of the process can be remotely monitored with the help of a sonar equipment, which is mounted on the side or on top of the equipment during offshore excavation. The equipment can also help to compare the site pre- and post- excavation in a 3D terrain model for better understanding and to ensure effective and accurate working. Other than this, offshore equipment are also used for offshore spooling services.
Offshore Equipment Market: Market Dynamics
Increasing investments in offshore excavation to find hydrocarbon reserves is expected to boost the global offshore equipment significantly. Also, various surveys and studies carried out by environmental institutions and non-governmental organizations to prevent marine ecosystem deterioration are also expected to support the growth of the offshore marine equipment market. Underwater tourism is also expected to impact the global offshore equipment market positively over the forecast period.
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However, the high cost of offshore equipment as well as the cost of customization involved can restrain the growth of the global offshore equipment market. Moreover, a lack of skilled labour to operate this equipment can also act as a restraining factor for this market. However, the option of taking this equipment on rent for a period of time rather than buying it is economical and is growing a trend.
Offshore Equipment Market: Market Segmentation
Offshore Equipment Market: Regional Outlook
The Latin America region is expected to hold a relatively large market share and will dominate the Offshore Equipment Market owing to its high offshore production over the forecast period. Latin America will be followed by North America due to elevating exploration and deep drill projects in the Gulf of Mexico and the production of shale gas which will add to the national economy of the country. Additionally, the Asia-Pacific region offers extensive growth opportunities in the offshore equipment market, mostly due to the extensive growth in exploration, underwater tourism as well as the development of marine equipment manufacturing capacities, particularly in some countries, such as China, India, Singapore, etc. The Rest of the world market is estimated to account for a relatively small share in the Offshore Equipment market.
Offshore Equipment Market: Market Participants
Some of the market participants identified across the value chain of the global Offshore Equipment market are:
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