Press release
Offshore Support Vessel Market Share, Trend, Future Demand and Leading Players Updates by Forecast to 2024
Offshore Support Vessel Market
The Offshore Support Vessel Market is valued at 43 Billion USD in 2016 and is expected to reach 66 Billion USD by the end of 2024, set to grow at over 5.5% CAGR in forecast period. Offshore support vessel market encompasses an assortment of myriad vessel types designed to perform a plethora of tasks. Anchor handling tug supply (AHTS) vessels among these, apparently account for a major percentage of offshore support vessel industry share, in terms of demand, supply, and value, subject to the fact that the vessel is specifically demanded by oil rig operators for handling anchors, towing, and ensuring the supply of cargo, fuel, water and mud. ATHS vessels are also used for rescue and emergency response. In North America, AHTS vessels are particularly designed to handle the rough conditions of the North Sea.
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Offshore support vessel market has also witnessed a growth rate that is directly proportionate to the growth of hydrocarbon market. Increasing shallow water hydrocarbon production coupled with low cost of operation and lesser technical reliabilities have stimulated the demand for hydrocarbon as a prominent fuel. According to Energy Information Administration (EIA), shallow water offshore production has increased by 64%, a direct indicator of increased requirement of shallow water fixed platforms.
These fixed platforms also require to be refurbished with supplies, thus bringing offshore support vessels into play and giving a positive impetus to offshore support vessel industry. That said, deep water drilling does not remain far when it comes to analyzing offshore support vessel market trends. In 2015, oil production from deep water drilling resulted in 9.3 million barrels per day. The increasing number of deep water oil rigs indicates the profitability of this type of drilling methodology. These growing deep-water oil rigs also demand support vessels, thus providing a stimulus to offshore support vessel industry.
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With the Gulf of Mexico witnessing 0.1 million barrels per day increase of fuel production in 2017, it goes without saying that the U.S. is a pivotal region for offshore support vessel industry growth, with a target size estimation of 1900 OSVs by 2024. Norway with its long coastline and concentration of expansive deep-water oil production projects will also contribute to the offshore support vessel market growth. Some of the world's largest offshore oil fields are located in the Persian Gulf off the coast of the United Arab Emirates, where new research studies have been unveiling more number of oil fields. This will further prompt UAE to opt for more offshore support vessels, owing to which UAE offshore support vessel market share will register a CAGR of 4% over 2017-2024.
Partial Table of Contents (ToC) of the report:
Chapter 4. Offshore Support Vessel Market, By Vessel
4.1. Global market share by vessel, 2016 & 2024
4.1.1. AHTS
4.1.1.1. Market estimates and forecast, 2013-2024
4.1.1.2. Market estimates and forecast, by region, 2013-2024
4.1.1.3. Water Depth
4.1.1.3.1. Market estimates and forecast, 2013-2024
4.1.1.3.2. Market estimates and forecast, by region, 2013-2024
4.1.1.4. Fuel Oil
4.1.1.4.1. Market estimates and forecast, 2013-2024
4.1.1.4.2. Market estimates and forecast, by region, 2013-2024
4.1.2. PSV
4.1.2.1. Market estimates and forecast, 2013-2024
4.1.2.2. Market estimates and forecast, by region, 2013-2024
4.1.2.3. Water Depth
4.1.2.3.1. Market estimates and forecast, 2013-2024
4.1.2.3.2. Market estimates and forecast, by region, 2013-2024
4.1.2.4. Fuel Oil
4.1.2.4.1. Market estimates and forecast, 2013-2024
4.1.2.4.2. Market estimates and forecast, by region, 2013-2024
4.1.3. FSV
4.1.3.1. Market estimates and forecast, 2013-2024
4.1.3.2. Market estimates and forecast, by region, 2013-2024
4.1.3.3. Water Depth
4.1.3.3.1. Market estimates and forecast, 2013-2024
4.1.3.3.2. Market estimates and forecast, by region, 2013-2024
4.1.3.4. Fuel Oil
4.1.3.4.1. Market estimates and forecast, 2013-2024
4.1.3.4.2. Market estimates and forecast, by region, 2013-2024
Browse complete table of content of this report @ https://www.gminsights.com/toc/detail/offshore-support-vessel-market
Contact Us
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: mailto:sales@gminsights.com
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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