The global anchor handling tug supply vessels market to grow at a CAGR of 13.88% during the period 2016-2020.
Global Anchor Handling Tug Supply Vessels Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The AHTS vessels are explicitly designed for anchor handling operations. Moreover, AHTS vessels are used to transport supplies to offshore drilling rigs and also provide towing assistance during deep-water anchor handling and tanker loading. AHTS vessels are generally created to meet the critical conditions of the North Sea (a section of the Atlantic Ocean coasting European countries such as Great Britain, Germany, the Netherlands, and France), and can undertake supply duties there between land bases and drilling sites.
One trend which is boosting market growth is the rise in subsea vessel operations. One of the major trends in the market is an increase in subsea vessel operations. Subsea vessels are used in deep-sea operations for underwater mining by the offshore wind power and offshore oil and gas industries. The AHTS subsea vessel segment is a niche segment, and over the next five years, it is expected to experience a rapid growth in the market.
According to the report, a key growth driver is the increase in E&P activities. E&P activity is an upstream process in the oil and gas industry, which includes searching for oil and petrochemical products, locating oil rigs, underwater drilling for crude oil and natural gas fields, and operating subsea vessels. The vessel operators and owners of oil and gas fields work with contractors such as engineering, procurement, and construction (EPC) contractors and oil rig companies for the procurement of underwater natural resources.
Further, the report states that one challenge that could restrict market growth is an ageing fleet. As the AHTS fleet ages, it requires greater investment for its maintenance and repair. The average age of the global AHTS fleet is between 25 and 30 years. Old AHTS vehicles will operate slowly, which could lead to a rise in expenditure regarding the maintenance of vessels.