World Subsea Vessel Demand Will Experience Accelerated Growth in the Coming Years at a Rate of 7% CAGR

Date: 2015-08-04

Subsea vessel demand will experience accelerated growth in the coming years at a rate of 7% CAGR. In DW’s new ‘World Subsea Vessel Operations Market Forecast’, global subsea vessel operating expenditure is set to total $122 billion (bn) during 2015-2019.

Asia will be the single largest market with 20% of global expenditure in the next five years, mainly driven by shallow water inspection repair & maintenance (IRM) and pipelay-related activities. Deepwater Gulf of Mexico, West Africa and Brazil are expected to account for 40% of global expenditure. Africa alone is set to represent 16% of the market, with the majority associated with deepwater field developments in both traditional Gulf of Guinea markets, such as Angola and Nigeria, as well as the new Indian Ocean growth markets of Mozambique and Tanzania (East Africa). Australasia has the fastest growth rate of all regions with a CAGR of 21% through the forecast period, due to a backlog of high profile gas developments intended to support the region’s ambitious LNG export commitments.

Field development (37%) and IRM (39%) will remain the primary drivers of global subsea vessel spending as new projects move towards deeper waters and operators continue to invest in the extension and optimisation of existing fields.

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