“The offshore support vessel market is projected to grow at a CAGR of 5.04% from 2018 to 2023.”
The offshore support vessel market is projected to grow from an estimated USD 20.06 billion in 2018 to USD 25.66 billion by 2023, at a CAGR of 5.04%, from 2018 to 2023. The growth of the market is also attributed to the increase in exploration activities in ultra-deepwaters and the Arctic region, in countries such as the US, Canada, and Norway. Also, a growing focus on the European Union’s (EU) renewable energy targets for 2020 would result in increasing the demand for offshore wind energy in Europe. Thus, the growth in deployment of offshore wind farms would be the opportunity for the offshore support vessel market during the forecast period. Oversupply of offshore vessels act as restrain for the growth of the market during the forecast year.
“The AHTS segment is expected to hold the largest share of the offshore support vessel market, by type, during the forecast period.”
Anchor-handling tug supply (AHTS) vessels constitute the largest segment of the offshore support vessel market, by type, in terms of volume as well as value. AHTS vessels are designed to provide anchor-handling and towage services and are also used for supplying deck cargo, water, fuel, dry bulk, and mud-to-oil rigs and platforms. These vessels can also be used for emergencies and are well equipped for firefighting, rescue, and oil recovery operations. The demand from Asia Pacific and Europe is projected to drive the market for AHTS vessels during the forecast period. Countries such as Vietnam, Malaysia, Thailand, and Australia increased their E&P activities in offshore areas in the recent past. Malaysia is the largest contributor to the short-term oil & gas production growth mainly due to the Kebabangan Gas Project. Also, there is a strong support from Petroliam Nasional Berhad (PETRONAS), which provides approximately USD 15.6 billion a year toward capital expenditure in the oil & gas industry. Moreover, local laws have been implemented to protect the local OSV operators as PETRONAS will prioritize Malaysian-flagged vessels over foreign vessels.
“North America: The fastest market for offshore support vessels.”
The North American market is projected to be the fastest-growing market, during the forecast period, owing to the continued production and exploration activities, particularly in the US and the Gulf of Mexico. As oil prices remain stable, the North American market will grow at the highest pace, as it will witness the fastest rise in exploration and production spending in response to any future recovery in oil prices, with its well-developed offshore industry. Moreover, significant reserves and a comparatively stable political environment have further supported the growth of the offshore support vessel market in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1 – 55%, Tier 2 – 25%, Tier 3 – 20%
- By Designation: C-Level – 35%, D-Level – 30%, Others – 35%
- By Region: North America – 15%, Europe – 20%, Asia Pacific – 25%, South America – 10%, Middle East – 25%, and Africa – 5%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2016, Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 =
The report provides a complete view of the offshore support vessel market across the oil & gas industry, offshore wind industry, and regions. It aims at estimating the market size and future growth potential of the market across different segments such as type, application, end-user, and region. Further, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
The market has been segmented on the basis of type, application, end-user, and region with a focus on industry analysis (industry trends). The market ranking analysis of the top players, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the offshore support vessel market.
The report provides insights on the following pointers:
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the offshore support vessel market
Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for offshore support vessel across regions Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global offshore support vessel market
- The report identifies and addresses key markets for the deployment of offshore support vessel in various industries, which would help manufacturers review the growth in demand.
The report helps solution providers understand the pulse of the market and provide insights into drivers, restraints, and challenges. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.