"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 Increasing deep and ultra-deep water hydrocarbon exploration and production activities, decommissioning of outdated platforms, and growing numbers of contracted rigs are identified as the major factors driving demand for offshore support vessels (OSV) worldwide.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 cost of oil rigs, and equipment safety regulations are the major challenges faced by offshore support vessels (OSV) market globally.
Market Synopsis
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"Increasing Demand from the Oil and Gas Industry to Drive Growth Prospects"
Rising Oil & Gas exploration activities for both onshore and offshore have paved a way towards 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 a growing demand in wake of growing exploration activities, driving demand for offshore support vessel (OSV) market worldwide.
Increasing number of offshore oil and gas exploration and development activities coupled with the rising investments in offshore projects is expected to increase the deployment of offshore support vessels (OSV). With the rising energy demand, substantial rise in offshore rig counts and contracts for bulk supply of offshore vessels will shape the market demand in the coming years.
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"North America to Dominate, Asia Pacific to Witness Strong Growth"
In North America, the U.S. and Gulf of Mexico (GoM) are among the most explored regions for oil and gas productions. 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 exploration and development of new offshore oil and gas activities in its coastal waters giving a growth opportunity for offshore vessels.
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 next few years.
Increasing deep and ultra-deepwater hydrocarbon exploration activities in 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 has been 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).
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Key Players & Competitive Landscape:
Some of the leading manufacturers profiled in the study includes 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 offshore support vessels market offers market size and forecasts based on market dynamics and predominant trends shaping the industry. The report provides an all-round view of the global offshore support vessels market based on its type, application, end-use, fuel, and geography.
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| 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 Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Rest of World
|
Key questions answered in this report
- What was the global offshore support vessels market size in 2017 & 2018?
- What has estimated forecast and market projections up to 2027?
- Which is 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?
