Offshore Exploration Supporting Offshore Support Vessel Market

The global offshore support vessel market was valued at $20.06 billion in 2018 and it is projected to reach $25.66 billion by 2023, growing at a CAGR of 5.04%, from 2018 to 2023. The offshore support vessel market is set to witness growth due to the ongoing offshore activities across the US, China, Brazil, and the North Sea, as well as the increasing focus on deepwater fields.

AI a Huge Revolution in the Oil and Gas Industry

AI in Oil & Gas market is expected to grow from an estimated $1.57 billion in 2017 to $2.85 billion by 2022, at a CAGR of 12.66%, from 2017 to 2022. The growth of AI in Oil & Gas market will be mainly driven by the rise in adoption of the big data technology in the Oil & Gas industry to augment E&P capabilities, a significant increase in venture capital investments, and growing need for automation in the Oil & Gas industry, and tremendous pressure to reduce production costs.

Offshore Decommissioning Market Doing Well

The offshore decommissioning market is projected to reach $8.76 billion by 2025, growing at a CAGR of 5.05%, from 2017 to 2025. Offshore decommissioning is plugging the oil and gas wells which are matured and are non-productive. Maturing oil and gas fields and aging infrastructure in the North Sea and Gulf of Mexico are driving the offshore decommissioning market. Low crude oil prices are other major driver for this market.

Subsea Systems Market Rebounding

The subsea systems market is projected to grow from an estimated $15.78 billion in 2016 to $17.44 billion by 2021, at a CAGR of 2.02% from 2016 to 2021. Despite steep revenue declines 2015 onwards, the global market is set to witness growth after 2018 due to the increasing production from deepwater fields. Offshore exploration and production investments in Africa and Asia-Pacific region will also boost the market growth. Increasing deepwater production and exploration activities and investments by emerging economies in offshore exploration are major factors driving the subsea system market.

Seismic Survey Market Growing

The seismic survey market is projected to grow from an estimated $7.54 billion in 2017 to $9.28 billion by 2022, at a CAGR of 4.24% from 2017 to 2022. North America and Europe is likely to be the largest market for seismic survey market. The Seismic survey market is mainly driven demand of seismic technology in brownfield projects and shale gas exploration. The multi client’s surveys will provide the opportunity to oil and gas companies to share the costs of exploration projects.