Offshore Support Vessels Market By Type (Anchor Handling Tug Supply, Platform Support Vessels, Flat Support Intervention Vessels, Multi-Purpose Support Vessels, Multi-Purpose Support Vessels, Standby And Rescue Vessels, Construction Support Vessels, Other), By Application (Shallow Water, Deep Water), By End-Use Vertical (Oil And Gas, Power), By Fuel (Fuel Oil, Liquefied Natural Gas) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

Rising demand for Oil and Gas, increasing offshore drilling and production activities across the globe are the key factors driving the demand for offshore support vessels.

The global offshore support vessels (OSV) market is poised to reach US$ 39.76 Bn by 2027, expanding at a CAGR of 7.8% during the forecast period from 2019 to 2027. Increasing deep and ultra-deepwater hydrocarbon exploration and production activities, decommissioning of outdated platforms, and growing numbers of contracted rigs are identified as the major factors driving demand for offshore support vessels (OSV) worldwide. However, several environmental concerns with respect to offshore oil and gas activities, high replacement and maintenance costs of oil rigs, and equipment safety regulations are the major challenges faced by the offshore support vessels (OSV) market globally.

Market Synopsis

Increasing Demand from the Oil and Gas Industry to Drive Growth Prospects

Rising Oil & Gas exploration activities, both onshore and offshore, have paved the way for the use of offshore support vessels. The offshore vessels are mostly involved in survey works, exploration, construction, production, decommissioning, maintenance, and modernization of production facilities of oil & gas offshore projects. The aforementioned activities are expected to witness growing demand in the wake of growing exploration activities, driving demand for the offshore support vessel (OSV) market worldwide.

An increasing number of offshore oil and gas exploration and development activities coupled with rising investments in offshore projects is expected to increase the deployment of offshore support vessels (OSV). With the rising energy demand, a substantial rise in offshore rig counts and contracts for bulk supply of offshore vessels will shape the market demand in the coming years.

North America to Dominate, Asia Pacific to Witness Strong Growth

In North America, the U.S. and the Gulf of Mexico (GoM) are among the most explored regions for oil and gas production. An increasing number of oil production units and offshore rig counts is a major driver for the OSV market in this region. In 2018, the U.S. Government allowed for the exploration and development of new offshore oil and gas activities in its coastal waters giving a growth opportunity for offshore vessels.

An increasing number of offshore wind power projects in North America is expected to drive the need for related activities like construction, operation, maintenance, etc., which is expected to boost demand for offshore support vessels (OSV) during the next few years.

Increasing deep and ultra-deepwater hydrocarbon exploration activities in the South China Sea of Asia Pacific are projected to fuel the demand for offshore support vessels (OSV). In Asia Pacific, the mounting exploration and production (E&P) investments will drive the business landscape for offshore support vessels (OSV). In 2019, PERDANA PETROLEUM, a Malaysian company, was awarded as a panel contractor by PETRONAS for offering services of drilling rigs, offshore installations, towing, and anchor jobs with the help of offshore support vessels (OSVs).

Key Players & Competitive Landscape:

Some of the leading manufacturers profiled in the study include Edison Chouest Offshore LLC, PACC Offshore Services Holdings Ltd., Bourbon Corporation SA, Tidewater Inc., Maersk Supply Service A/S, Seacor Marine Holdings Inc., Swire Pacific Limited, Hornbeck Offshore Services Inc., Harvey Gulf International Marine LLC, and Solstad Offshore ASA.

Historical & Forecast Period

This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The research study on the offshore support vessels market offers market size and forecasts based on market dynamics and predominant trends shaping the industry. The report provides an all-around view of the global offshore support vessels market based on its type, application, end-use, fuel, and geography. 

ATTRIBUTE DETAILS

Research Period  2017-2027

The base Year 2018

Forecast Period  2019-2027

Historical Year  2017

Unit  USD Billion

Segmentation Type Segment (2017–2027; US$ Bn)

• Anchor Handling Tug Supply (AHTS)
• Platform Support Vessels (PSV)
• Flat Support Intervention Vessels (FSIV)
• Multi-Purpose Support Vessels (MPSV)
• Standby and Rescue Vessels
• Construction Support Vessels
• Other Vessels (Seismic Vessels, Chase Vessels, Installation Vessels, etc.)

Application Segment (2017–2027; US$ Bn)

• Shallow Water
• Deepwater

End-Use Vertical Segment (2017-2027: US$ Bn)

• Oil & Gas
• Power

Fuel Segment (2017-2027: US$ Bn)

• Fuel Oil
• Liquefied Natural Gas (LNG)

Geography Segment (2016–2026; US$ Bn)

• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Rest of the World

Key questions answered in this report

• What was the global offshore support vessels market size in 2017 & 2018?
• What have estimated forecast and market projections up to 2027?
• Which is the largest regional offshore support vessels market?
• Which end-use vertical has the largest penetration of offshore support vessels and related facilities?
• Which are the predominant trends shaping the global offshore support vessels market?
• Which is the most promising, attractive, and less-explored end-use segment in the global offshore support vessels market?
• Who are the leading manufacturers in the global offshore support vessels market?
• What are the premiere strategies adopted by the leading players in the global offshore support vessels market?

Frequently Asked Questions: