The offshore support vessel market is expected to grow from an estimated USD 20.06 Billion in 2018 to USD 25.66 Billion by 2023, at a CAGR of 5.04%, during the forecast period.
The offshore support vessel market was valued at USD 20.06 Billion in 2018; it is projected to reach USD 25.66 Billion by 2023, growing at a CAGR of 5.04%, from 2018 to 2023. The offshore support vessel market is set to witness growth due to the ongoing offshore activities across the US, China, Brazil, and the North Sea, as well as the increasing focus on deepwater fields.
Offshore exploration and production investments in the Middle East and the Asia Pacific regions would also help in the growth of the market. Deepwater production and exploration activities in Europe and Middle East would boost the growth of the offshore support vessels market.
The growth in deployment of offshore wind farms in countries such as China and the US would drive the offshore support vessel, for installation, maintenance, and during the replacement of offshore wind turbines.
Offshore support vessels are known for providing services to offshore drillings rigs, pipe laying, and oil manufacturing platforms used in production and exploration activities. These support vessels facilitate and support logistics and other activities in the oil and gas drilling processes.
Different offshore support vessels have their own features and properties with regards to the type of operation. It is one of the fundamental and most resourceful components of the oil and gas industry.
The other facilities that offshore support vessels provide are transportation, standby capacity, anchor management, and platform support. It also helps in the mobility of crew members to offshore sites.
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In this report, the offshore support vessels market has been analyzed with respect to six regions, namely, Europe, North America, Asia Pacific, the Middle East, South America, and Africa. The Asia Pacific market led the offshore support vessel industry, with the largest market share, by value, in 2018, and the trend is projected to continue until 2023.
The market in Europe will also play an important role in driving demand for offshore support vessels. The North America is a fast-growing market for offshore support vessels during the forecast period.
This growth is due to the increasing focus on offshore robust investments in offshore oil & gas sector, and growing offshore exploration activities, combined with the growth in offshore wind farms and in order to replace production from mature onshore fields.
Some of the leading players in the offshore support vessel market, on the basis of their recent developments and other strategic industrial activities, are Bourbon (France), Seacor Marine (US), Swire Group (Hong Kong), Tidewater (US), Gulfmark Offshore, Inc. (US), Havila Shipping (Norway), Hornbeck Offshore Services (US), The Maersk (Denmark), and Siem Offshore (Norway), among others.
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