PUNE, India, April 2, 2018 /PRNewswire/ --
According to a new market research report "Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region: Global Forecast to 2023", published by MarketsandMarkets™, the global 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 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.
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The AHTS market is expected to be the largest Offshore Support Vessel Market, by process, in 2018.
The AHTS vessels segment is estimated to have the largest share of the market in 2018, 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.
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The shallow water segment is expected to hold the largest share of the Offshore Support Vessel Market, by application, during the forecast period
The shallow segment is the fastest-growing market during the forecast period and is projected to dominate the market during the forecast period. 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 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 with deepwater operations. Thus, recovering oil prices will lead to a faster increase in offshore activities in shallow water basins compared with deepwater ones.
Asia Pacific: Key market for offshore support vessels market during the forecast period
The Asia Pacific market was estimated to be the largest market, by value, for offshore support vessels in 2018, driven largely by China. Stabilizing oil prices have already led to oil & gas operators increasing exploration and production spending in the Chinese offshore market, with capital expenditures allocations estimated to resume steadily The market for offshore support vessels in North America and the Middle East regions is also expected to grow during the forecast period due to the 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), Seacor Marine (US), Swire Group (UK), Tidewater (US), Gulfmark Offshore (US), Havila Shipping (Norway), Hornbeck Offshore (US), The Maersk Group (Denmark), Siem Offshore (Norway), Solstad Offshore (Norway), Vroon Group (The Netherlands), Edison Chouset Offshore (US), Harvey Gulf International Marine (US), and Island Offshore Management AS (Norway).
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