Offshore Support Vessel Market Expected to Grow $26.8 Billion by 2026

The global Offshore Support Vessel Market is expected to grow from an estimated USD 22.0 billion in 2021 to USD 26.8 billion by 2026, at a CAGR of 4.0%, during the forecast period. The market growth is driven by robust investments in the offshore oil & gas and renewable sectors. Increasing deepwater activities and decommissioning of aging offshore infrastructure is likely to offer lucrative opportunities for the Offshore Support Vessel Market. The Asia Pacific is estimated to be the largest offshore support vessel market, followed by Europe and North America in 2020. This trend is expected to continue until 2026. Also, the North American market is projected to be the fastest-growing market during the forecast period. The growth of the offshore support vessel market is driven by rising offshore investments in the US and the Gulf of Mexico, and a focus on the potential deepwater discoveries in the US.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1212

Increasing investments in offshore wind farm construction, coupled with huge potential for offshore oil and gas exploration activities to fuel the offshore support vessel market growth.

Oil & gas is expected to be the largest segment of the offshore support vessel market

The lifecycle of oil and gas fields can be segmented into 4 phases, namely, exploration, development, production, and decommissioning; each phase has its own set of requirements. Offshore support vessels are designed for specific operations and deliver support services at offshore drilling rigs and oil-producing assets, such as production platforms and floating production storage and offloading (FPSO) unit. These offshore support vessels are also used to carry out pipe laying services and decommissioning of offshore rigs. In the North Sea alone, over 450 platforms, 10,000 km of pipelines, and 5,000 wells are expected to be decommissioned by 2040. According to the Oil & Gas UK, an offshore oil & gas industry association in the UK, decommissioning of this infrastructure would cost up to USD 80 billion. Globally, there are approximately 7,000 offshore structures that are eligible for decommissioning. The Gulf of Mexico and the North Sea are two of the largest regions with most infrastructure eligible for decommissioning. Decommissioning of rigs generates demand for offshore support vessels, thereby driving the market growth.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1212

Asia Pacific is expected to be the largest offshore support vessel market

In this report, the Offshore Support Vessel Market has been analyzed with respect to 6 regions, namely, North America, Asia Pacific, South America, Europe, Middle East, and Africa. Asia Pacific is expected to dominate the global Offshore Support Vessel Market between 2021 and 2026. The major economies in Asia Pacific, such as China, India, Indonesia, Malaysia, Vietnam, and Thailand, are focusing on increasing their offshore E&P CAPEX. According to Scottish Development International, the CAPEX for new offshore developments in Asia Pacific is set to be about 25% of the global spending, making the region an important part of the offshore industry. Various policymakers in the region are prioritizing new offshore activities in deep and ultra-deep waters. The most important of these new offshore developments include Australia's Briseis, Scarborough, and Laverda projects; Malaysia's Rotan, Gumusut-Kakap, and Petai projects; India's KG-D6 complex; and Indonesia's Gehem project. Moreover, the count of offshore support vessels is also growing in the region due to an increase in the number of vessel manufacturers in the market, especially from China and South Korea.

The key players in the Offshore Support Vessel Market include DOF Group(Norway), Solstad Shipping (Norway), SEACOR Marine (US), Swire Pacific (Hong Kong), Tidewater (US), Havila Shipping (Norway), Maersk (Denmark), and Siem Offshore (Norway).

Content Source: https://www.marketsandmarkets.com/PressReleases/offshore-support-vessel.asp

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com

About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.