Offshore Supply Vessels Market Research Report is projected to reach USD ~25.0 billion by 2023 at a CAGR of more than ~5.0% during the forecast period

Global Offshore Support Vessel Market

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.

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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.

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 Scenario

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.

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.

The main drivers of this global offshore support vessel markets 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.

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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.

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