Press release
Offshore Support Vessel Services Market 2022 Global Key Players are BOURBON Corporation, A.P. Møller - Mærsk A/S and more
Offshore Support Vessel Services Market SWOT Analysis 2022 - 2031
Global Offshore Support Vessel (OSV) service sales are set to be valued at nearly US$ 11.7 Bn in 2021 and it is expected to reach value of US$ 23.2 Bn with stable long-term projections, according to latest insights by Persistence Market Research. The report estimates the market to expand at over 7% CAGR from 2021 to 2031. Growing Inclination toward sustainability, lower operational costs, and lesser cost of capital and are key trends being observed in the market.
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Offshore support vessel services are used for various purposes such as transporting personnel, supplies, and equipment to offshore installations; providing accommodation, food, and other comfort facilities to offshore workers; conducting search and rescue operations; and carrying out firefighting duties. Offshore support vessels are also used for laying pipelines and cables, well-servicing operations, diving support, seismic survey work, and construction support. The growth of the global oil & gas industry is expected to drive the demand for offshore support vessels in the coming years.
The offshore renewables (wind) business has continued to grow strongly, with solid revenues and a record number of new projects sanctioned, which is projected to complement market growth over the coming years.
2020 was a year of stark differences for offshore support vessel services as the traditional offshore market is mostly centered on the oil & gas industry, which had a disappointing year with considerable drop in activity, utilization, and day rates. However, the oil & gas industry is in a recovery mode, which bodes well for the OSV market over the coming years. Considering the possibility of a stimulus in many countries, the long-term outlook of the market remains positive.
In October 2020, Edison Chouest Offshore affiliate entered into a long-term charter agreement with Orsted and Eversource for the provision of the first U.S. Jones Act-compliant windfarm service operation vessel.
Company Profiles-
• BOURBON Corporation
• A.P. Møller - Mærsk A/S
• Falcon Energy Group
• Delta marine Industries Inc
• Swire Pacific Limited
• Edison ChouestOffshore(Offshore Service Vessels L.L.C. )
• Greatship (India) Limited
• VroonOffshore Services PteLtd
• Vallianz Holdings. Limited
• Bumi Armada Berhad
• SolstadFarstad ASA
• Seacor Holdings Inc.
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Key Takeaways from Market Study
• With a growing wind energy industry, demand for support vessels to build and service wind farms is on the rise. Because of the rapid growth of wind farms, new vessels will be required to support their installation and operation on a never-before-seen scale.
• Although each type of offshore service vessel holds fairly important positions in assisting development, exploring and learning, and navigating the ocean, market participants should focus on deploying existing fleets of PSVs and AHTSs.
• In the last decade, there has been an increase in the need for aftersales services. Due to increased demand from this industry, the market for high-value-added retrofits and aftersales services has grown increasingly crucial for equipment suppliers.
• Companies are heading in the direction of a data-driven industry. Operators of OSVs are working together to enhance digitalization. The goal is to test and deploy various digital technologies in order to reduce emissions, improve safety, and lower costs.
• According to service type, technical services account for around 23% market share in 2021.
• Based on regional analysis, Europe is expected to hold the highest market value share in the global market. Faced with production halts, temporary layoffs, and liquidity concerns as a result of the COVID-19 epidemic, the European shipbuilding and maritime equipment manufacturing industry called for sector-specific support measures in addition to horizontal industrial policy and financial support.
"Increasing offshore wind business and several government initiatives for stimulating and cultivating an indigenous industry in recent years are expected to drive demand for offshore support vessel services over the coming years," says a Persistence Market Research analyst.
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