*Trends in the offshore market
In the different research researchers revealed that this market is driven by the high price of oil and through investments in offshore exploration and production (E&P). These drivers apply consistently, with comparatively low growth globally. Existing resources on land and in shallow waters are being depleted, and new discoveries are being made in deeper and harsher environments like in offshore Brazil, West and East Africa, the Arctic region and Southeast Asia. As the world will need fossil fuels at a growing rate for the foreseeable future, overall offshore expenditures would rise in the next 10-20 years, and are predicted to increase between 10-15 percent on average per annum. Furthermore they also recorded that this segment is also affected by new demand for specialised vessels intended for use in, for example, offshore wind developments.
As earnings and profits activities continue to move into new regions and deeper and harsher environments, the demand for specialized offshore vessels would increase more. Few vessels built before 1995 are tailored for deeper subsea support and offshore construction support, indicating a relative shift towards deep and ultra-deep support capability. In particular, the researchers will see a rise in the demand for larger offshore ships in general and for high specification and more advanced ships to support safe operations in harsh environments. Presently, offshore support vessels are the fastest growing ship type within the offshore segment, and they expect this to continue as they move toward 2015-2020.
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The studies also recorded that strong worldwide pressure and attention to environmental protection of pristine areas, also any binding agreements on cuts in greenhouse gas emissions, may raise the demand in this shipping market and accelerate the technology uptake. The offshore segment is leading in employing new and innovative technology.