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Offshore Support Vessel Market Size, Share, Growth, Industry Analysis And Forecast 2023-2032
Offshore Support Vessel Market Report
The Business Research Company's Offshore Support Vessel Global Market Report 2023 identifies increasing exploration and production activities for oil and gas as the major driver for the offshore support vessel market's growth in the forecast period. A substantial presence of proven oil reserves in various countries is set to increase production activities. Innovations from such reserves are transforming into demand for well drilling and production activities, which, in turn, are maintaining the offshore support vessel market growth. Increasing oil and gas exploratory activities in the golden triangle, including the Gulf of Mexico, Brazil, and West Africa, are anticipated to drive offshore E&P activities in the region.
The global offshore support vessel market size grew from $24.18 billion in 2022 to $26.03 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The offshore support vessel market size is expected to grow to $31.62 billion in 2027 at a CAGR of 5.0%.
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Major competitors in the offshore support vessel market are Offshore ASA, Seacor Marine Holdings, Swire Pacific Offshore, Tidewater, Havila Shipping, Maersk, Siem Offshore, Bourbon Corporation SA, and Havila Shipping ASA.
A key trend in the offshore support vessel market includes new product innovations. Major companies operating in the offshore support vessel sector are introducing new products to reinforce their position. For instance, in December 2020, Siem Offshore's PSV, a Norway-based company that manufactures offshore vessels, launched its first hybrid vessel, Siem Symphony. This vessel is fitted with a 600-kWh chargeable battery pack as an additional power supply, which helps to lower the fuel consumption of the vessel. These hybrid vessels are effective during standby mode.
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The offshore support vessel market is segmented -
•By Type: Anchor-handling tug supply vessels, Platform Support Vessels, Multipurpose Support Vessels, Emergency Response or Standby and Rescue Vessels, Crew Vessels, Seismic Vessels, Chase Vessels
•By Service: Technical Services, Inspection and Survey, Other Services
•By Water Depth: Shallow water, Deepwater, Ultra-Deepwater
•By Application: Oil and Gas Applications, Offshore Applications
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the offshore support vessel market.
The Business Research Company's "Global Offshore Support Vessel Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Offshore Support Vessel Market Include:
1. Executive Summary
2. Offshore Support Vessel Market Characteristics
3. Offshore Support Vessel Market Trends And Strategies
4. Offshore Support Vessel Market - Macro Economic Scenario
5. Offshore Support Vessel Market Size And Growth
……
26. Africa Offshore Support Vessel Market
27. Offshore Support Vessel Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Offshore Support Vessel Market
29. Offshore Support Vessel Market Future Outlook and Potential Analysis}
30. Appendix
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