Dublin, June 21, 2023 (GLOBE NEWSWIRE) -- The "Offshore Support Vessel Market by Technology (AHTS, PSV, MPSV, Standby & Rescue Vessels, Crew Vessels, Chase Vessels, Seismic Vessels), Application (Shallow water, Deepwater), End-user Industry, Material, Fuel Type and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global offshore support vessel market is estimated to grow from USD 22.6 Billion in 2023 to USD 31.4 Billion by 2028; it is expected to record a CAGR of 6.7%
The growing investments in building offshore wind farms will drives the offshore support vessel market in the forecasted period.
AHTS: The largest segment of the offshore support vessel market, by type
The AHTS vessels are specialized ships designed for various offshore operations in the oil and gas industry, for example, anchor handling, towing and positioning, supply operations, dynamic positioning, firefighting and safety, construction support, and crew accommodation. AHTS vessels are equipped with powerful winches and towing equipment and have large deck spaces and powerful engines to handle anchors and mooring lines.
Shallow water segment is expected to emerge as the largest segment based on application
Oil and gas activities performed to 1,000 feet have been considered under the shallow water segment. This segment dominates the offshore support vessel market as oil and gas exploration and production activities are primarily concentrated in shallow water areas.
During the forecast period, Asia Pacific is estimated to lead the offshore support vessel market for shallow water applications. The market in the Middle East is also booming as most of its offshore oil and gas production activities are carried out in shallow water regions.
By end-user industry, the Offshore wind segment is expected to be the fastest growing market during the forecast period.
The offshore wind segment is expected to be the fastest-growing segment during the forecast period. Offshore wind is a relatively new renewable energy technology. It plays a key role in renewable power generation. Offshore wind turbines are used worldwide and are gaining importance as countries focus on harnessing the energy of strong winds over oceans.
Offshore wind turbines are used worldwide and are gaining importance as countries focus on harnessing the energy of strong winds over oceans. The power generated through offshore wind is higher than the onshore wind farms because offshore winds blow more uniformly compared to the winds on land. The increasing deployment of these large turbines in deepwater drives the demand for AHTS vessels and PSVs
Europe is expected to be the second largest region in the offshore support vessel market
Europe produces oil and gas through onshore and offshore exploration activities. Regarding offshore areas, E&P activities in the Norwegian North Sea and the UK Continental Shelf (UKCS) dominate Europe's offshore oil and gas production.
In addition, new exploration activities in the North Sea and the Arctic are conducted to offset the production decline in the mature basins. The region is shifting its focus from oil and gas toward offshore wind.
From 2019 to 2022, the Netherlands witnessed the highest installation of offshore wind capacity in Europe. The Netherlands aims to achieve zero carbon dioxide (CO2) emissions from the energy supply by 2050. Hence, increasing investments toward developing offshore wind farms and increasing renewable power generation capacity are expected to provide ample opportunities for the providers of offshore support vessels in the region.
Competitive landscape
Some major players in the offshore support vessel market include DOF ASA (Norway), Solstad Offshore ASA (Norway), Tidewater Inc. (US), A.P. Moller - Maersk (Denmark), Siem Offshore (Norway), BOURBON (France), and Vroon (Netherlands).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 283 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $22.6 Billion |
| Forecasted Market Value (USD) by 2028 | $31.4 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
Premium Insights
- Increased Ultra-Deepwater Exploration Activities, Especially in Arctic Region, to Drive Market
- North America to Witness Highest CAGR in Market During Forecast Period
- Anchor-Handling Tug Supply Vessels Dominated Market, in Terms of Value, in 2022
- Shallow Water Segment Dominated Market, in Terms of Value, in 2022
- Offshore Oil & Gas Segment Dominated Osv Market, in Terms of Value, in 2022
- Offshore Oil & Gas and China Led Market in Asia-Pacific, in Terms of Value, in 2022
Market Dynamics
Drivers
- Increasing Investments in Offshore Wind and Oil & Gas Projects
Restraints
- Constant Fluctuations in Oil Prices and Requirement for Huge Capital to Launch Offshore Support Vessels
- Supply-Demand Gap in Offshore Support Vessels
Opportunities
- Decommissioning and Replacement of Aging Offshore Infrastructure
- Increased Ultra-Deepwater Exploration Activities, Especially in Arctic Region
Challenges
- High Operational Risks for Osvs Due to Extreme Offshore Climatic Conditions
- Stringent Regulations for Offshore Activities
Trends/Disruptions Impacting Customer Business
- Revenue Shift and New Revenue Pockets for Providers of Offshore Support Vessels
Value/Supply Chain Analysis
- Offshore Support Vessel Providers
- Brokers
- End-users
- Ecosystem Mapping
Technology Analysis
- Advancements in Offshore Support Vessel Industry
- Digitalized Offshore Support Vessels
- Renewable Energy Transition
- Remote Operations
Case Study Analysis
- Atz Marine Technologies Retrofitted Port Shaft of Vroon Vessel
- Eidesvik Offshore Improved Its Energy Efficiency in Vessels with Onboard Battery Energy Storage System
Company Profiles
Key Players
- Tidewater Inc.
- Siem Offshore
- Solstad Offshore Asa
- A. P. Moller - Maersk
- Dof Asa
- Bourbon
- Vroon
- Seacor Marine
- Havila Shipping Asa
- Kawasaki Kisen Kaisha, Ltd.
- Ostensjo Rederi
- Nam Cheong Limited
- Mma Offshore
- Grupo Cbo
- Posh (Pacc Offshore Services Holdings)
Other Players
- Harvey Gulf International Marine
- Royal Ihc
- Edison Chouest Offshore
- Gc Rieber
- Falcon Energy Group
For more information about this report visit https://www.researchandmarkets.com/r/5gidlm
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