Global Offshore Labour Industry Report: Analysis and Forecast 2022-2027
Regional Category Spend, Primary Demand, Price Analysis and Indicators, and Best Buying Practices of the Offshore Labour Industry Report
The global Offshore Labour industry was valued to be worth USD 69.3 Billion in 2021. In the projection period of 2022-2027, the industry is expected to grow at a CAGR of around 4 percent, achieving a value of around USD 87.6 Billion by 2027.
The Offshore Labour industry report broadly studies the industry, together with important segments, movements, drivers, constraints, the competitive landscape, and other critical market features.
Currently, various models of employing labour are being implemented by oil companies for each spend classification; however, in the years to come, big firms will opt for a hybrid or blended model, owing to a high-level focus on developing a holistic methodology for offshore labour roles that can be temporary or permanent. The Asia Pacific is the biggest category spender by region which is impelling the demand for the Offshore Labour industry.
Offshore Labour: Industry Definition and Segmentation
Offshore labour is used by several companies to reduce operational expenses and increase income. It refers to workers who establish a base in another nation or who use a third-party dealer in another country to perform services or work in the manufacturing industry for a company in a different country, such as the United States.
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The offshore labour industry report comprises segments:
- By region – Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa
Snapshot of the Report
The regional markets for the industry can be divided into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa.
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One of the primary drivers for the development of the offshore labour industry is that it generally offers a lower cost for labour services. This factor is primarily beneficial for industries that may need a large number of labours to carry out their assignments, as decreasing overall labour expenditures can also result in reducing the cost of operations.
Moreover, offshore labour assists a company’s size by expanding its number of employees and business services. In addition, organisations have access to additional and new types of specialist labour by using offshore labour and likewise, they can source a wide amount of talent and expertise from various countries.
Category Insight by Region
Asia Pacific region has the maximum demand for global offshore labour occupying 35% of the total worldwide demand followed by the Middle East and Europe. The demand for offshore labour in the Asia Pacific is notably propelled by Exploration and Production (E&P) activities.
urthermore, an offshore well goes on to generate a relatively similar volume of crude for at least 10-15 years however an onshore well can range approximately 50%-60% of crude production in the initial year. Hence, this confirms a long-term demand for offshore labour in comparison to onshore.
In addition, newly found or discovered deep-water locations are anticipated to drive the demand for global offshore labour and in turn, lead to the growth of the market.
Best Procurement Practices
The global offshore labour industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by offshore labour providing and utilising regions across the globe, such as contract terms, engagement models, and buyer and supplier negotiation levers, among others.
Category Management Studies
An organisation shifts some sections of its business processes to a different country so that its services are completed, and it achieves certain advantages. Offshore labour can be employed by a company while continuing to be in full control of all daily operations by launching an industrial unit overseas or expanding a new location globally.
Moreover, firms or organisations can select to utilise a third-party supplier overseas to save money on equipment, labour, and rent. There are two important types of offshore labour: production offshoring and services offshoring.
Key Supplier Profiles included in the Global Offshore Labour Industry Report
The key market players are Oceanwide Offshore Services B.V, NES Fircroft, UTM Consultants Ltd., Airswift Transport, Inc, and UB Offshore Services Pvt. Ltd.
The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments of the suppliants.
Also Check Other Industry Reports
- Benzene Industry Report – https://www.marketwatch.com/press-release/global-benzene-market-analysis-and-forecast-2022-2027-2023-01-11
- Pulp Industry Report – https://www.marketwatch.com/press-release/global-pulp-market-analysis-and-forecast-2022-2027-2023-01-11
- Storefront Design and Installation Services Industry Report – https://www.marketwatch.com/press-release/global-storefront-design-and-installation-services-market-analysis-and-forecast-2022-2027-2023-01-11
- IT Services Outsourcing Industry Report – https://www.marketwatch.com/press-release/global-it-services-outsourcing-market-analysis-and-forecast-2022-2027-2023-01-11
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