Offshore Support Vessel Market Research Report: Information By Type (Anchor Handling Tug Supply, Platform Supply, Multipurpose Support, Standby & Rescue, And Seismic), By Applications (Shallow Water And Deepwater) And By Regions–Forecast Till 2027
ID: MRFR/E&P/1535-HCR | February 2021 | Region: Global | 110 pages
Offshore Support Vessels Market Scenario
Offshore support vessel market is projected to reach USD ~25.0 billion by 2023 at a CAGR of more than ~5.0% during the forecast period
The main drivers of this global Offshore support vessel market are advancement of technology, rapid development in Asian countries, better trade policies, increasing regasification terminals at offshore because of growing LNG demand, and increasing investment in oil and gas and renewable sector worldwide. High operational efficiency is the main challenge that operators need to work upon. Whereas, government bodies are also revising the equipment safety regulation and increase focus on safe operation of offshore vessel.
The global Offshore support vessel market is further segmented by type as Anchor Handling Tug Supply Vessel, Platform Supply Vessel, Multipurpose Support Vessel, Standby & Rescue Vessel, Standby & Rescue Vessel and seismic vessel, by applications as Shallow water and Deepwater and by Region as North America, Asia Pacific, Middle East, and South America & Africa.
During the last decade, the offshore industry has extended, which led the demand of offshore support vessel for carrying out the operations essential for drilling rigs, moor or fix platforms.
The global offshore support vessel market is projected to reach USD ~25.0 billion by 2023 at a CAGR of more than ~5.0% during the forecast period. Deep-water and ultra-deep water exploration activities in Middle East in Europe increased, helping the global offshore support vessel market, grow.
Key Players
The major key player in global Offshore support vessel market are Maersk (Denmark), Siem Offshore AS (Norway), SEACOR Marine (U.S.), Tidewater (U.S.), GulfMark Offshore Inc. (U.S.), Havila Shipping (Norway), and Vroon B.V. (Netherlands). Swire Pacific Offshore Operations (Pte) Ltd (Singapore), Edison Chouest Offshore (U.S.), Abdon Callais Offshore LLC (U.S.), Solstad Farstad (Norway), and Bourbon Offshore (France) are among others who are highly capable to serve the best in the industry.
Market Segmentation
Offshore support vessels are vessels that principally serve operational purposes such as construction work at site, task related to oil exploration at offshore, Which not only help in exploration, production and drilling of resources but for supporting all the activities related construction and excavation located at offshore. These vessels also offer the transfer and relieving of crew member at site as and when required. They’re mainly classified in oil exploration and drilling vessel, offshore production vessel, offshore support vessel and special purpose vessel.
The global offshore support vessel is expected to grow at USD ~25.0 billion by 2023 with a CAGR of more than ~5.0% in the forecast period because of rise in oil and gas demand, across the world, and an increase in offshore exploration and drilling activities. Additionally, companies involved in this give the highest importance to R&D to ensure better operational efficiency because of growing fleet competitors in market.
Based on type, the market has been segmented as Anchor Handling Tug Supply Vessel, Platform Supply Vessel, Multipurpose Support Vessel, Standby & Rescue Vessel, Standby & Rescue Vessel and seismic vessel. Among them, Anchor Handling Tug Supply Vessel is estimated to have high growth and the largest market share in forecast period as it holds various functions together such as mooring chain of drilling rigs, positioning of site, towing of rigs, and other supply duties as and when required. Anchor Handling requires high power, deck space aft, winch capacity and other auxiliary handling equipment.
Based on region, North America is the largest market share as there are large untapped resources and a high number of rig count of ~200, followed by Asia Pacific, which includes countries such as China and India. The future seems secure for offshore support vessel as India consists more than ~200 fleet and this count is increasing as these countries are tying up with other foreign flagged vessel for fulfilment of the demand.
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | 2023: USD ~25.0 billion |
| CAGR | 5% (2020-2027) |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type and Applications |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Maersk (Denmark), Siem Offshore AS (Norway), SEACOR Marine (U.S.), Tidewater (U.S.), GulfMark Offshore Inc. (U.S.), Havila Shipping (Norway), and Vroon B.V. (Netherlands). Swire Pacific Offshore Operations (Pte) Ltd (Singapore), Edison Chouest Offshore (U.S.), Abdon Callais Offshore LLC (U.S.), Solstad Farstad (Norway), and Bourbon Offshore (France) |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers |
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Frequently Asked Questions (FAQ) :
The rising offshore exploration activities in the industry are poised to drive market growth.
Technological advancements, operational efficiency, and increasing applications are the key drivers of the market.
The applications studied in this report are shallow water and Deepwater.
North America is presumed to capture the largest share of the market.
The type-based segments of the market are - anchor handling tug supply vessel, multipurpose support vessel, platform supply vessel, standby & rescue vessel, and seismic vessel.