DUBLIN, July 1, 2021 / PRNewswire / – The “Global Offshore Support Vessels Market By Type (AHTS, PSV, MPSV, Rescue & Rescue Vessel, Crew Vessel, Hunting vessel, Seismic vessel), Application (Shallow and deep water), End user (Oil and gas and offshore wind) and Region – Forecast to 2026 “has been added to the report ResearchAndMarkets.com offer.
Offshore Support Vessels Market Expected To Grow By Estimate $ 22.0 billion in 2021 to $ 26.8 billion by 2026, at a CAGR of 4.0%, from 2021 to 2026.
The market growth is also attributed to increased exploration activity in ultra-deep waters and the arctic region, in countries like the United States, Canada, and Norway.
In addition, an increasing focus on European Union (EU) renewable energy targets would lead to an increase in demand for offshore wind energy in Europe.
Thus, the growth in the deployment of offshore wind farms would be an opportunity for the offshore support vessel market during the forecast period. The oversupply of offshore vessels acts as a drag on market growth during the forecast year.
AHTS segment is expected to hold the largest share of the offshore support vessel market, by type, during the forecast period
Anchor Handling Tug Supply (AHTS) vessels constitute the largest segment of the offshore support vessel market, by type, in terms of volume and value. AHTS vessels are designed to provide anchor handling and towing services and are also used to provide decks and decks for decking, water, fuel, dry bulk and mud-to- oil. These vessels can also be used in emergencies and are well equipped for firefighting, rescue and oil recovery operations.
The demand for Asia Pacific and Europe is expected to drive the AHTS vessel market during the forecast period. Countries such as Vietnam, Malaysia, Thailand, and Australia increased their E&P activities in offshore areas in the recent past.
Malaysia is the main contributor to the growth of oil and gas production in the near term, mainly due to the Kebabangan gas project. The global AHTS market has dominated the global offshore support vessel market due to the increase in shallow water activities in the Asia Pacific Region.
North America: The fastest market for offshore support vessels
The North American market is expected to be the fastest growing market during the forecast period, owing to continued production and exploration activities, especially in the United States and the Gulf of Mexico. While oil prices remain stable, the North American market will experience the fastest growth, as it will experience the fastest rise in exploration and production spending in response to any future recovery in oil prices, with its well-developed offshore industry.
In addition, significant reserves and a relatively stable political environment have supported the growth of the offshore support vessel market in the region.
- The increase in ultra-deep water exploration activities, especially in the arctic region, is expected to drive the growth of the offshore support vessel market during the forecast period.
- Ahts segment is expected to continue to account for the largest share of the offshore support vessel market during the forecast period
- Shallow Water Segment is expected to continue to account for larger market share during the forecast period
- The oil and gas segment will dominate the market during the forecast period
- Asia-Pacific to grow at highest CAGR during forecast period
- Asia-Pacific Offshore Support Vessels Market, By End User and Country: Oil & Gas Segment and India-Dominated Offshore Support Vessels Market in Asia-Pacific in 2020
- Increased investments for the construction of offshore wind farms, combined with the development of offshore oil and gas reserves
- Fluctuating Oil Prices and Huge Capital Requirements for Offshore Projects
- Oversupply of vessels due to declining demand for OSV
- Aging offshore infrastructure leading to replacements and downgrades
- Increase in ultra-deep water exploration activities, especially in the arctic region
- High operational risks for VSOs due to extreme weather conditions at sea
- Growing stringency of regulations for offshore activities in key regions
Average daily rate
Supply chain overview
- Key influencers
- Offshore support vessel suppliers
- End users
Case study analysis
- On-board offshore support vessel with battery energy storage system
- Eidesvik offshore has equipped its OSV with an on-board battery energy storage system to reduce fuel consumption
- Solution statement
- Seacor Marine
- Pacific Swire
- Siem offshore
- CBO Group
- Havila Expedition
- Solstad offshore
- Vroon Group
- Kawasaki Kisen Kaisha
- Ostensjo Rederi
- Nam Cheong Limited
- Offshore MMA
- DOF group
- Harvey Gulf International Marine
- PACC Services offshore Holdings
- Royal IHC
- Edison Chouest off the coast
- GC Rieber
For more information on this report, visit https://www.researchandmarkets.com/r/kwdjlf
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SOURCE Research and Markets