Market Research Future (MRFR) has published a cooked research report on the “global Offshore Black Sea service providers market” that contains the information from 2018 to 2030.
The Offshore Black Sea service providers market is estimated to register a CAGR of 5.62% during the forecast period of 2024 to 2030.
MRFR recognizes the following companies as the key players in the global Offshore Black Sea service providers market Able UK, Aker Solutions ASA, AF GRUPPEN ASA, John Wood Group PLC, DNV GL, Heerema Marine Contractors (HMC), Allseas Group, TECHNIPFMC PLC, DeepOcean Group Holding B.V., Equinor ASA.
Market Highlights
The global Offshore Black Sea service providers market is accounted for to register a CAGR of 5.62% during the forecast period and is estimated to reach USD 14,478.24 Million by 2030.
Reviving the oil and gas sector will boost the market. The oil and gas sector has recovered from the setback it experienced in 2014, with operators now producing hydrocarbons more effectively than before. The resurgence of the business is evident in the rising offshore investments made by numerous nations worldwide. The increase in energy demand caused by social and demographic reasons, such as the growing population worldwide, is the other element influencing market trends. However, regulations and entry to barriers are expected to restrain the market growth over the forecast duration.
The four main categories of offshore work are management, operations, construction, and exploration. A variety of tasks are possible for offshore oil workers, including drilling, surveying, diving, and conducting health and safety checks.
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Segment Analysis
The global Offshore Black Sea service providers market is segmented based on Services, Port type, and Region. The global Offshore Black Sea service providers Market segmentation, based on Services is segmented as maintenance & operations, diving services, supply vessels, helicopter services, construction services and others. Among these, the supply vessels segment is anticipated to dominate the global Offshore Black Sea service providers market revenue through the projected period as estimated by MRFR analysts.
Offshore supply vessels, also known as offshore support vessels or specialized ships, are designed for specific tasks that can be carried out in the sea. Their capabilities include assisting with the support of platforms, managing anchors, constructing, maintaining, and more. Offshore support vessels (OSVs) aid with everything from repairing offshore wind turbines to transporting equipment to platforms. They are essential for the development and maintenance of offshore machinery, as well as for the movement of supplies and materials where they are needed. Because of their adaptability, they can be created for almost any project.
In the Port type segment, the market is categorized as private ports and government ports. Out of which the government ports segment held the maximum share in the base year market and is also expected to be holding a significant share in the forecasted period. One of the biggest ports in the Black Sea basin and the biggest in Krasnodar Krai is Novorossiysk Sea Port, or NSP in Russian. The NSP berthing line is the longest in all of Russia's ports at 8.3 kilometers. Russia has the significant number of ports at Black Sea. On the other hand, the private running ports are expected to witness the highest growth rate over the forecast duration. As it can result in improved marine and hinterland connectivity, efficient trade processes, and competitive port costs, effective port governance has a significant impact on freight transport costs. Increasing private sector participation is one strategy to cut costs and inefficiencies at ports. If the proper legislative framework is in place, private port operations often result in more effective and reasonably priced port services. Since private businesses now run most of the terminals, the "port authority's" institutional status and responsibilities are currently the biggest obstacles to port reform.
Regional Analysis
By Region, the Offshore Black Sea service providers market is segmented into Bulgaria, Georgia, Romania, Russia, Turkey, Ukraine and Rest of the World. The Russia Offshore Black Sea service providers Market holds a considerable market share and is also forecasted to hold the largest share during the forecast period.
According to the World Bank's projections, offshore wind in the Black Sea had a technical potential of 435 MW last year, with 269 GW being fixed-bottom turbines and the remaining 166 GB being floating turbine. The neighboring Black Sea nation of Romania has declared it will pass an offshore wind law by the end of the year. By 2050, the European Union intends to have 300 GW of offshore wind installed. According to a recent study by the Bulgarian Center for the Study of Democracy (CSD), the Black Sea territorial seas of Bulgaria provide 116 GW of technical wind potential, of which 26 GW can be harnessed in accessible areas with the present technological solutions. Bulgaria could gain from the growth of offshore energy through job creation, new technology clusters, and regional supply chains for equipment. The offshore wind business has the potential to turn the two biggest ports in Bulgaria, Burgas and Varna, into centers for the reduction of carbon emissions, which would help the Black Sea region's offshore wind industry grow.
Key Findings of the Study
- The global Offshore Black Sea service providers market is expected to reach USD 14,478.24 Million by 2030, at a CAGR of 5.62% during the forecast period.
- The Asia Pacific region accounted for the fastest-growing global market.
- Based on Services, the Supply vessels segment was attributed to holding the largest market in 2023.
- Based on Port type, the Energy storage segment was attributed to holding the largest market in 2023.
- Able UK, Aker Solutions ASA, AF GRUPPEN ASA, John Wood Group PLC, DNV GL, Heerema Marine Contractors (HMC), Allseas Group, TECHNIPFMC PLC, DeepOcean Group Holding B.V., Equinor ASA are the key market players.
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Companies Covered | 15 |
Pages | 128 |
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