The offshore support vessel on-board fuel monitoring system market is estimated to be valued at US$ 535.0 Mn in 2018, up from US$ 507.6 Mn in 2017. By 2026, the market is projected to reach US$ 910.2 Mn, exhibiting a CAGR of 6.9% over the forecast period (2018–2026), according to Offshore Support Vessel On-board Fuel Monitoring System Market Report, by Vessel Type (Anchor Handling Towing and Supply Vessel (AHTS), Seismic Vessel, Platform Supply Vessel (PSV), Well Intervention Vessel, Diving Support Vessel (DSV), Inspection, Maintenance and Repair Vessel (IMR), Remote Operating Vessel (ROV), and others), by Component (Hardware, Software, and Services), by Application (Data Analytics, Performance Optimization, and Predictive Maintenance), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
The global offshore support vessel on-board fuel monitoring system market is segmented on the basis of vessel type, which includes anchor handling towing and supply vessel, seismic vessel, platform supply vessel, well intervention vessel, diving support vessel, inspection, maintenance and repair vessel, remote operating vessel, and others. On the basis of component, it is segmented into hardware, software, and services. On the basis of application, it is segmented into data analytics, performance optimization, and predictive maintenance. Increasing investments and exploration activities in offshore oil and gas sector is expected to increase demand for support vessels, thereby creating significant growth opportunities for the support vessel on-board fuel monitoring system market players. According to the U.S. Energy Information Administration (EIA), in 2015, offshore production accounted for 30% of the global crude oil output. Saudi Arabia, Brazil, Mexico, Norway, and the U.S. are the major offshore oil producing countries. Although the oil and gas industry witnessed downturn since 2014, the investment in the industry increased in 2018, and is expected to maintain the trend over the forecast period.
According to Rystad Energy, investment in offshore oilfield services is expected to increase by 6% to reach US$ 208 billion in 2019, globally. Increasing investments in offshore oil and gas sector is expected to significantly fuel exploration, development, and production activities, which in turn increases demand for different types of support vessels to aid in the above mentioned activities. Therefore, these factor are expected to create significant growth opportunities for the global support vessel on-board fuel monitoring system market players.
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