Global Offshore Support Vessel Market
The global offshore support vessel is expected to grow at USD ~25.0 billion by 2023 with a CAGR of more than ~5.0% in the forecast period because of rise in oil and gas demand, across the world, and an increase in offshore exploration and drilling activities. Additionally, companies involved in this give the highest importance to R&D to ensure better operational efficiency because of growing fleet competitors in market.
Based on type, the market has been segmented as Anchor Handling Tug Supply Vessel, Platform Supply Vessel, Multipurpose Support Vessel, Standby & Rescue Vessel, Standby & Rescue Vessel and seismic vessel. Among them, Anchor Handling Tug Supply Vessel is estimated to have high growth and the largest market share in forecast period as it holds various functions together such as mooring chain of drilling rigs, positioning of site, towing of rigs, and other supply duties as and when required. Anchor Handling requires high power, deck space aft, winch capacity and other auxiliary handling equipment.
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Based on region, North America is the largest market share as there are large untapped resources and a high number of rig count of ~200, followed by Asia Pacific, which includes countries such as China and India. The future seems secure for offshore support vessel as India consists more than ~200 fleet and this count is increasing as these countries are tying up with other foreign flagged vessel for fulfilment of the demand.
The major key player in global offshore support vessel market are Maersk (Denmark), Siem Offshore AS (Norway), SEACOR Marine (U.S.), Tidewater (U.S.), GulfMark Offshore Inc. (U.S.), Havila Shipping (Norway), and Vroon B.V. (Netherlands). Swire Pacific Offshore Operations (Pte) Ltd (Singapore), Edison Chouest Offshore (U.S.), Abdon Callais Offshore LLC (U.S.), Solstad Farstad (Norway), and Bourbon Offshore (France) are among others who are highly capable to serve the best in the industry.
Offshore Supply Vessels Global Market – Overview
Offshore Supply Vessels, one of the crucial aspects for the offshore O&G platforms are basically ships that precisely serve operational purposes such as installation of rigs systems, O&G exploration and storage. These Vessels are perceiving an augmented demand worldwide attributing to the rising oil & gas exploration activities around the globe. Simultaneously, ever rising high demand for crude oil is fostering the growth of Offshore Supply Vessels market. Moreover, constant development of offshore reserves and rising deep water production influence the growth of the global offshore drilling market positively. Owing to all these factors; the market of Offshore Supply Vessels is garnering an extensive demand on the global platform growing enormously.
Accrediting the exponential traction, the Offshore Supply Vessels market is enjoying currently demonstrating the growth prospects globally; the Market Research Future has recently published a meticulous study report giving out the complete market insights up till 2022. In its analysis the MRFR asserts that the global Offshore Supply Vessels market is projected to gain further accruals registering a phenomenal CAGR during the forecast period 2016-2022.
Oil and gas exploration activities and rise in offshore investments are expected to boost the deployment of offshore supply vessels. Factors such as rising demand for efficient sources of energy are likely to influence the growth positively.
On the other hand, the global for offshore support vessels market is expected to confront the challenges of high replacement and maintenance cost associated with these vessels. However, technological advancements transpired in the field of Offshore Supply Vessels that have allowed to overcome the obstacles faced while extending the lifetime of wells are assuring the rising demand for Offshore Supply Vessels operations.
Offshore Supply Vessels Market – Competitive Analysis
The market appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The key players also focus on the design and installation engineering of equipment for offshore vessels. They involve in various specialist markets such as crane vessels, dredgers, semi-submersibles, offshore construction and supply vessels, offshore platforms and FPSO’s to acquire an in-depth knowledge of customer processes. However, their core focus remains on Offshore Patrol Vessels, Landing Platform Docks, Mine Counter-Measure Vessels and submarines.
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Industry/ Innovation/Related News:
January 11, 2018 – Statoil, the Norwegian energy company, announced that by May 2018 the company will send a vessel to survey a triangular slice of federal waters about 15 miles south of Long Island, where the company is planning to construct a wind farm that could generate up to 1.5 gigawatts of electricity for New York City and Long Island.
January 03, 2018 – Royal IHC (Netherlands), a global supplier of innovative and efficient offshore supply vessels announced that it together with Oceanteam ASA (Norway), a global offshore service provider; executed a signing protocol under the terms of which IHC will acquire all of the outstanding share capital of Oceanteam’s Dutch based engineering and consultancy company ‘KCI’ the Engineers B.V. subject to certain conditions precedent through an agreed Sale and Purchase Agreement.
December 25, 2017 – Norway announces the first commercial runs of unmanned vessels scheduled worldwide. The Sail Boats race similarly challenges scholarly robotic-vessel designers to North America for a bit of station-keeping, collision-avoidance and “cargo moves”. Maritime Robotics (Trondheim) builder of these unmanned surface vessels along with Seabed Geosolutions introduced the first USV for infield seismic surveys.
October 31, 2017 – OOS International (Netherlands) a global provider of high quality, cost-efficient customized offshore construction support including supply vessels announced the official new release of Offshore Insights (developed program), providing major updates to the program. The 1.0 version of this release offers users new features and an improved performance. Offshore Insights is designed to help governments, shipyards, insurance companies, environmental institutions, NOC’s, IOC’s and other users improve their operations and collaboration on projects worldwide.
Worldwide Offshore Supply Vessels Market – Segments
The Global Offshore Supply Vessels Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
By Type: Comprises Anchor Handling Tug Supply, Platform Supply Vessel, Multipurpose Support Vessel, Standby & Rescue Vessel and other.
By Depth/Process: Shallow Water, Deep Water.
By Regions: North America, Europe, APAC and Rest of the World.
Offshore Supply Vessels – Regional Analysis
Asia pacific is one of the leading regions for growth in offshore development. Geographical factors has fuelled the growth in offshore market. Moreover, China, Thailand, India, Malaysia, and Indonesia are mainly driving the growth of the offshore support vessel market in the APAC region. Additionally, equipped with increased cargo capacity, panoramic navigation bridge visibility, large accommodation spaces, enhanced crew amenities and automation system are booming the market in Asia pacific.
The increase in global oil & gas production from North America and the Middle East has shifted the focus of operators towards offshore markets. Secondly, liberalization of the Mexican oil & gas industry is another key driver fuelling the demand for offshore supply vessels.
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