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Offshore Support Vessels Market Global Analysis & 2028 Forecast Report

(IT-NEWSWIRE.COM, August 26, 2021 ) Market Overview

Offshore support vessels are designed to accomplish various tasks, including transferring medium to large loads required in offshore operations. The offshore support vessels are used to provide support and transportation in the oil exploration and construction work. Support vessels can be available from length 50 to 100 meters for performing various tasks, including providing essential supplies to the excavation and construction units located at the high seas. Support vessels have some of the crucial advantages as they provide comfortable accommodation, transiting and relieving crewing personnel, proper logistics onboard service, maneuvering systems, and dive support systems at sea level.

Market Dynamics:

The market is driven by the rising demand for offshore support vessels for oil and gas exploration activities, raising liquefied natural gas (LNG) demand, and increasing investment in the renewable sector worldwide. According to the International Gas Union Report in 2019, the global LNG trade increased by 13%, with a unit of 40.9 MT increased to 354.7 MT compared to 2018. The offshore support vessels play a vital role in LNG exploration; the organization also stated that the global LNG fleet consists of 541 active vessels in 2019. Similarly, the global nominal regasification capacity has increased to 826 MTPA by February 2020, which propels the offshore support vessel's demand worldwide.

A rise in the launch of new innovative next-generation design implemented offshore support vessels for the oil and gas industry may create a huge opportunity for this market's growth. For instance, on 28th Feb 2019, Havila Shipping Company has been implemented Rolls-Royce’s next-generation Energy Management System for nine offshore vessels, including four platform supply vessels (PSV), four anchor handling tug supply (AHTS) ships, and one rescue and recovery vessel (RRV).

Segment Analysis

By Type

• Platform Supply Vessels (PSVs)

• Accommodation Ships

• Anchor Handling Tug Vessel (AHTV)

• Seismic Vessel

• Well Intervention Vessel

By Application

• Oil Exploration and Drilling

• Offshore Wind

Geographical Presentation

By region, the global offshore support vessels market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. The Asia Pacific is the dominating region for the global offshore support vessels market among all of the regions. It is expected to grow at the highest CAGR during the forecasted period due to growing oil exploration and production countries with surge demand followed by the North American region. Furthermore, Asia Pacific countries have huge container traffic, which requires offshore support vessels to move the container loads. As per the United Nations Conference on Trade and Development (UNCTAD) in 2018, the container port traffic in the Asian Countries was 64%, whereas Europe and North America were 16% and 8%. This organization also stated that the Asian Countries are responsible for almost 90% of ship manufacturing, whereas China leads with around 40% of ship production. Furthermore, the offshore support vessels have huge demand at different ports to handle the containers for import-export activities.

The North American region is expected to have positive market growth due to advanced technology and high petroleum demand for automotive vehicles. According to the API Petroleum Statistical Data in 2020, the U.S. petroleum demand for gasoline vehicles was around 2.0 million barrels per day (mb/d) which propels the oil and gas exploration activities. With the surge in the oil & gas exploration activities, the offshore support vessels help handle and transport the components, machinery at sea level.

Competitive Analysis

The global Offshore support vessels market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Swire Group, Tidewater, ExxonMobil, Havila Shipping, Hornbeck Offshore Services, Siem Offshore, The Maersk Group, Seacor Marine LLC, Bourbon, Solstad Offshore ASA are the leading market players with significant market share.

Major players are launching new projects with advanced technology offshore support vessels for industrial, oil & gas exploration. For instance, in December 2019, ExxonMobil reported Mako-1 encountered an oil-bearing sandstone reservoir with approximately 164 feet (50 meters) of a high-quality. The oil reservoir was located approximately six miles (10 kilometers) southeast of the Liza field.

Companies are entering into collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 4th March 2020, JFLCO Company had been completed the acquisition of a global marine group for around USD 99 million. Furthermore, on 8th Jan 2020, Shearwater Company has been completed a long-term marine and strategic vessel transaction with CGG Company's acquisition. They both made a five-year capacity service agreement to the takeover of five high-end seismic vessels.

Related Topic's

Offshore Lubricants Market, Offshore Pipeline Market, Offshore Mooring Market, Offshore Helicopters Market, Shore Power Market

DataM Intelligence

Sai Kiran

+1 877 441 4866

Source: EmailWire.Com


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