- Asia Pacific is the largest market for offshore support vessels.
- North America is projected to be the fastest-growing market for offshore support vessels.
- Shallow water is estimated to be the largest segment for the offshore support vessel.
The global offshore support vessel market was valued at $20.06 billion in 2018 and it is projected to reach $25.66 billion by 2023, growing at a CAGR of 5.04%, from 2018 to 2023. The offshore support vessel market is set to witness growth due to the ongoing offshore activities across the US, China, Brazil, and the North Sea, as well as the increasing focus on deepwater fields.
Offshore exploration and production investments in the Middle East and the Asia Pacific regions would also help in the growth of the market. Deepwater production and exploration activities in Europe and Middle East would boost the growth of the offshore support vessels market. The growth in deployment of offshore wind farms in countries such as China and the US would drive the offshore support vessel, for installation, maintenance, and during the replacement of offshore wind turbines.
Offshore support vessels are known for providing services to offshore drillings rigs, pipe laying, and oil manufacturing platforms used in production and exploration activities. These support vessels facilitate and support logistics and other activities in the oil and gas drilling processes. Different offshore support vessels have their own features and properties with regards to the type of operation. It is one of the fundamental and most resourceful components of the oil and gas industry. The other facilities that offshore support vessels provide are transportation, standby capacity, anchor management, and platform support. It also helps in the mobility of crew members to offshore sites.
Asia Pacific is the largest market for offshore support vessels
The market in Asia Pacific is estimated to be the largest market for offshore support vessels, followed by Europe and North America in 2018. This trend is expected to continue until 2023. because of factors such as increasing capital expenditure for exploration & production activities in the offshore oil & gas sector and rising number of offshore rigs to cater to the increasing energy demand in the region. Countries such as China, India, Malaysia, Thailand, and Australia, have increased their exploration and production activities in offshore areas in the recently, which will help the oil & gas offshore support vessels market to grow during the forecast period. China is projected to grow at the highest CAGR from 2018 to 2023. Increasing investments in the offshore oil & gas exploration in the Indian Ocean and South China Sea due to huge offshore oil reserves is expected to drive the offshore support vessel market during the forecast period.
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North America is projected to be the fastest-growing market for offshore support vessels
The North American market is projected to be the fastest-growing market during the forecast period. The growth of the offshore support vessel market is driven by rising offshore investments in the US and the Gulf of Mexico, and a focus on the potential deepwater discoveries in the US. Countries such as the US and Mexico are the fastest-growing markets in the North American region, owing to the rise in their exploration and production activities in offshore areas in the recent past, combined with the growth in offshore wind farms and in order to replace production from mature onshore fields. The market in Europe will also play an important role in driving demand for offshore support vessels.
The recent discovery of offshore reserves in the Red Sea is expected to increase offshore exploration and production activities in the region. Increasing focus on offshore oil & gas production in Middle Eastern countries, such as Saudi Arabia, UAE, and Qatar are the major factors impacting the growth of the offshore support vessel market in this region.
Shallow water is estimated to be the largest segment for the offshore support vessel
The shallow segment is the fastest-growing market during the forecast period and is projected to dominate the market during the forecast period. The application of offshore support vessels in shallow water projects is estimated to lead the market, both in terms of market value and growth. The shallow water basins in Asia-Pacific, Europe, and North America will play a major role in driving the offshore support vessel market. The shallow water is the largest segment owing to its lower operational costs. As soon as oil prices recover, shallow water projects are expected to be the first to see an improved demand for vessels. However, the deepwater sector is expected to make a significant contribution to the market, and exploration activities for new large reserves in deepwater fields will help demand for offshore support vessels.
The offshore support vessel is segmented into Anchor Handling Tug Supply (AHTS), Platform Supply Vessel (PSV), Multipurpose Support Vessel (MPSV), standby & rescue vessel, crew vessel, seismic vessel, chase vessel, and others. The AHTS segment is expected to dominate the offshore support vessel market during the forecast period. This growth is attributed to the demand from major regions such as Asia Pacific and Europe. Most of the work in offshore oil & gas projects are dependent on oil rigs, which are towed and anchored using AHTS vessels, thus leading to a huge demand for such vessels.
The key players in the offshore support vessel market include Bourbon SA (France), Seacor Marine (US), Swire Group (UK), Tidewater (US), Gulfmark Offshore (US), Havila Shipping (Norway), Hornbeck Offshore (US), The Maersk Group (Denmark), Siem Offshore (Norway), Solstad Offshore (Norway), Vroon Group (The Netherlands), Edison Chouset Offshore (US), Harvey Gulf International Marine (US), and Island Offshore Management AS (Norway).