Offshore Supply Vessels Market – Competitive Analysis
The highly competitive, offshore supply vessels market appears to be fragmented characterized by the several small and large-scale companies operating the market. Well-established players incorporate strategic initiatives such as acquisition, partnership, collaboration, expansion, and product launch to gain a competitive edge and to maintain their positions in the market. Major players are focusing on new product development initiatives and geographical expansion.
Matured players are also focusing on the design, engineering, and installation of equipment. They involve various specialists such as dredgers, crane vessels, semi-submersibles, offshore platforms, offshore construction and supply vessels, and FPSOs to acquire in-depth knowledge of customer’s processes. However, their core focus remains on offshore patrol vessels, landing platform docks, mine counter-measure vessels, and submarines.
Key players leading the global offshore support vessel market include Siem Offshore AS (Norway), Maersk (Denmark), SEACOR Marine (U.S.), GulfMark Offshore Inc. (U.S.), Tidewater (U.S.), Havila Shipping (Norway), Vroon B.V. (Netherlands), Edison Chouest Offshore (U.S.), Swire Pacific Offshore Operations (Pte) Ltd (Singapore), Abdon Callais Offshore LLC (U.S.), Bourbon Offshore (France), and Solstad Farstad (Norway) among others.
Offshore supply vessels are those ships that precisely serve operational purposes such as the installation of rigs systems, O&G exploration, and storage in the offshore O&G platforms. Over the last decade with the rising oil & gas exploration activities, worldwide, these offshore supply vessels have been witnessing augmenting demand.
As a result, the Global Offshore Supply Vessels Market is growing rapidly. Moreover, factors such as the ever-rising high demand for crude oil, constant development of offshore reserves, and rising deepwater production is escalating the market on the global platform.
Acknowledging the exponential traction, the market is enjoying currently, Market Research Future (MRFR) in its recently published study report asserts that the global offshore supply vessels market is projected to reach approximately 25 BN USD by 2023 registering over 5% CAGR throughout the forecast period (2017-2023).
The increase in oil & gas production in the North American and the Middle Eastern region has shifted the focus of operators towards offshore markets. Besides, the liberalization of the Mexican oil & gas industry is another key driving force pushing up the market, fuelling the demand for offshore supply vessels. Oil and gas exploration activities alongside the rising offshore investments are expected to boost the deployment of offshore supply vessels.
On the other hand, factors such as the high replacement and maintenance cost associated with these vessels are expected to obstruct the growth of the market. Nevertheless, technological advancements transpired in the engineering and the development of these fleet are expected to support the market growth, providing solutions for the extending the maintenance period.
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Industry/ Innovation/Related News:
December, 2018 —- SEACOR Marine Holdings (US), a leading global provider of marine and support transportation services announced the acquisition of UP Offshore (Bahamas), a leading provider of offshore support vessel services to the energy industry in Brazil.
The acquisition allows SEACOR to utilize its joint venture capital efficiently and its plan to integrate a strong platform in Latin America into SEACOR Marine’s global network. The transaction also adds UP Offshore’s 14 vessel fleet, out of 9 are platform supply vessels, and four are ROV support vessels, and one is an offshore terminal vessel to SEACOR’s robust vessels fleet.
December, 2018 —- Damen Shipyards Group (the Netherlands), a defense, shipbuilding, and engineering conglomerate company introduced a new design for a bigger, longer-endurance offshore wind power service vessel for challenging conditions of the emerging U.S. industry.
Global Offshore Supply Vessels Market – Segments
MRFR has segmented the report into three key dynamics for an easy grasp;
By Type : Platform Supply, Anchor Handling Tug Supply, Multipurpose Support, Seismic, and Standby & Rescue among others.
By Applications : Shallow Water and Deepwater.
By Regions : Asia Pacific, Europe, North America, and the Rest-of-the-World.
Offshore Supply Vessels – Regional Analysis
North America is the leading region driving the global offshore supply vessel. The market is witnessing tremendous growth in offshore development. Moreover, the large, untapped resources and a high number of rig count (approx.200) are some of the key driving forces impacting the market growth in the region.
The Asia Pacific is another lucrative market for offshore supply vessels, following the North American Market closely. The growing demand for energy and the increasing investment in offshore exploration activities will drive the APAC market during the forecast period.
The Asia Pacific is among the largest consumers of oil & gas after North America. This demand will lead to more exploration and production in the region. Additionally, factors such as equipped with increased cargo capacity, panoramic navigation bridge visibility, large accommodation spaces, enhanced crew amenities, and automation system are boosting the market in the region.
The growing markets in China and India account for the key contributors to the market growth. In India, the offshore support vessel market is flourishing with its 200 fleets and this count is increasing as the nation is tying up with other foreign-flagged vessels to suffice the augmenting demand.
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