Offshore Support Vessels Market Synopsis:
Offshore support vessels are used for various activities such as drilling rigs, laying pipes, etc. It supports the logistics in the oil & gas industry. This report by Market Research Future (MRFR) presents a detailed analysis of the global offshore support vessel market. It unfolds that the global market, during the forecast period 2018 to 2023, is anticipated to register 5% CAGR. It also reveals that the valuation of the market will reach USD 25 Bn by 2023.
The growth of the offshore industry is projected to lead the expansion of the offshore support vessel market in the forthcoming years. Increasing investments in the offshore oil exploration activities are anticipated to have a favorable influence on the growth of the market in the coming years. Increasing demand for oil & industry products is also projected to have a considerable impact on the growth cycle of the offshore support vessel market in the near future. The rising growth rate of the Offshore Support Vessels Market Outlook is also due to the rising Deepwater exploration activities. It is assessed to catapult the market on its growth trajectory.
Rising offshore decommissioning activities have also led to the development of the offshore support vessel market. Also, increasing number of offshore rigs are poised to open growth avenues for the market players. On the flip side, high maintenance costs can pose a challenge to market players. In addition, the replacement of these vessels is also quite expensive. It can restrict the expansion of the offshore support vessel market in the coming years. Also, implementation of stringent laws is a major restraint to market growth.
Offshore Support Vessels Market Outlook Segmentation:
On the basis of type, the offshore support vessel market has been segmented into anchor standby & rescue vessel, handling tug supply vessel, multipurpose support vessel, platform supply vessel, standby & rescue vessel, and seismic vessel. Among these, the Anchor Handling Tug Supply Vessel segment is projected to exhibit a high growth rate and hold the most significant share of the market place during the forecast period. The application of anchor handling tug supply includes mooring chain of drilling rigs, towing of rigs, positioning of site, and other supply duties. It is anticipated to drive the growth of the segment in the forthcoming years.
Based on application, the offshore support vessel market has been divided into shallow water and Deepwater.
Regional Analysis:
The geographic evaluation of the global offshore support vessel market is included in this report which covers the following regions – Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW). These regions are then studied on the level of countries to offer a detailed intelligence. North America is a major market that is expected to gain control over the largest share of the market. Increasing offshore activities in the region for shale gas exploration is poised to lead the augmentation of the offshore support vessel market through the evaluation period. The U.S. is assessed to secure a significant position in the regional market. Asia Pacific is also poised to be observing a high growth rate which can be accredited to the rising number of offshore rigs in the region. China is anticipated to secure a prominent position in the global market place.
Competitive Dashboard:
Maersk (Denmark), SEACOR Marine (U.S.), Siem Offshore AS (Norway), Tidewater (U.S.), Havila Shipping (Norway), Vroon B.V. (Netherlands) GulfMark Offshore Inc. (U.S.), Swire Pacific Offshore Operations (Pte) Ltd (Singapore), Abdon Callais Offshore LLC (U.S.), Solstad Farstad (Norway), Edison Chouest Offshore (U.S.), and Bourbon Offshore (France) are some of the key players of the global offshore support vessel market.
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