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Offshore support vessel market worth $20.15 billion by 2022

Offshore support vessel market worth $20.15 billion by 2022

The offshore support vessel market is expected to grow from an estimated USD 15.85 Billion in 2017 to USD 20.15 Billion by 2022, at a CAGR of 4.92%.

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The report "Offshore Support Vessel Market by Type (Anchor Handling Tug Supply, Platform Supply Vessel, Multipurpose Support Vessel, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Depth (Shallow & Deepwater), and Region - Global Forecast to 2022",

Despite a steep decline in revenue post 2015, the global market is set to witness growth after 2018 due to continuing offshore activities across North America, Asia-Pacific, Brazil and, the North Sea, as well as increasing focus on deepwater fields.

Offshore exploration and production investments in the Middle East and the Asia-Pacific regions will also help market growth.

Browse 71 market tables and 41 figures spread through 194 pages and in-depth TOC on "Offshore Support Vessel Market by Type (Anchor Handling Tug Supply, Platform Supply Vessel, Multipurpose Support Vessel, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Depth (Shallow & Deepwater), and Region - Global Forecast to 2022"

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Anchor handling tug supply (AHTS) vessels: The largest segment of the offshore supply vessel market, by type

The offshore supply vessel market has been segmented into vessel type, depth, and region. The market has been further segmented, by vessel type, into anchor handling tug supply vessels, platform supply vessels (PSV), multipurpose support vessels (MPSV), standby and rescue vessels, crew vessels, chase vessels, seismic vessels, and others.

The AHTS vessels segment accounted for the largest share of the market in 2016, while the MPSV segment is projected to grow at the fastest pace among all the vessel types. AHTS vessels are principal support vessels used for towing, anchoring, and supplying equipment to drilling rigs and production platforms, making them the largest segment of the offshore support vessel market.

Demand for offshore drilling is projected to recover slowly, particularly in deepwater fields as oil prices stabilize, thus, helping the AHTS market.

Access report: www.marketsandmarkets.com/pdfdownload.asp?id=1212

The shallow water subsegment is estimated to have the highest growth rate in the offshore support vessel market, by depth.

On the basis of depth, the market has been segmented into shallow water and deepwater segments. The application of offshore support vessels in shallow water projects is estimated to lead the market, both in terms of market value and growth.

The shallow water basins in the Middle East, Asia-Pacific, Europe, and North America will play a major role in driving the offshore support vessel market. Shallow water operations are typically less expensive compared to deepwater operations.

Thus, recovering oil prices will lead to a faster increase in offshore activity in shallow water basins compared to deepwater ones.

North America: The largest market for offshore support vessels

The North American market was the largest market, by value, for offshore support vessels in 2016, driven largely by the U.S. and the Gulf of Mexico. Stabilizing oil prices have already led to oil & gas operators increasing exploration and production spending in the U.S.

offshore market, with capital expenditures allocations estimated to resume steadily. Other fast-growing regions for the offshore vessel market include Asia-Pacific and the Middle East, with a growing focus on developing offshore reserves to replace maturing onshore fields.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the offshore support vessel market. These players include Bourbon SA (France), Farstad Shipping ASA (Norway), Seacor Marine, LLC (U.S.), Swire Group (U.K.), Tidewater, Inc.

(U.S.), Gulfmark Offshore, Inc. (U.S.), Havila Shipping ASA (Norway), Hornbeck Offshore (U.S.), The Maersk Group (Denmark), REM Maritime AS (Norway), Siem Offshore, Inc.

(Norway), Solstad Offshore ASA (Norway), Vroon Group (The Netherlands), Edison Chouset Offshore (U.S.), Harvey Gulf International Marine, LLC (U.S.), and Island Offshore Management AS (Norway). The leading players are trying to make inroads into markets with tight cabotage rules, such as Brazil, while also taking advantage of the comparatively liberal policies in regions such as the Middle East and Asia-Pacific, to increase their market presence.

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