New York, US, May 03, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Offshore supply vessels Market Research Report Information by Application Region, and Type - Forecast Till 2030”, the global market for offshore supply vessels is predicted to bolter substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 5.11%. The reports further project the market to attain a valuation of around USD 14.6 billion by the end of 2030. As per the reports, the offshore supply vessels market was worth around USD 9.8 billion in the year 2021.
Offshore supply vessels Market Overview:
The global market for Offshore supply vessels has recently displayed massive development. The main aspect causing a surge in the performance of the market is the rising demand for sustainable energy.
Competitive Analysis
The listing of the prominent leaders across the global market for Offshore supply vessels includes players such as:
- Solstad Farstad (Norway)
- Maersk (Denmark)
- Havila Shipping (Norway)
- Siem Offshore AS (Norway)
- Vroon B.V. (Netherlands)
- SEACOR Marine (U.S.)
- Swire Pacific Offshore Operations (Pte) Ltd (Singapore)
- Tidewater (U.S.)
- Edison Chouest Offshore (U.S.)
- GulfMark Offshore Inc. (U.S.)
- Abdon Callais Offshore LLC (U.S.)
- Bourbon Offshore (France)
- Among others.
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Offshore Supply Vessels Market USP Covered
Market Drivers
The global market for Offshore supply vessels has recently displayed massive development. The main aspect causing a surge in the performance of the market is the rising demand for sustainable energy. Furthermore, the significant policies to promote low-carbon power production technology in several regions worldwide are also likely to boost the market's development. Moreover, factors such as the growing investments, the economic growth in emerging nations, and the rapidly growing population of the globe are also projected to influence the market's performance positively.
Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the high initial investment.
Offshore Supply Vessels Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 14.6 billion |
| CAGR during 2022-2030 | 5.11% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type and Application |
| Key Market Opportunities | Aging offshore infrastructure leading to replacements and decommissions |
| Key Market Dynamics | Increasing investments for offshore wind farm construction Rapidly rising energy demand |
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Offshore Supply Vessels Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Offshore supply vessels market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Offshore Supply Vessels Market Segment Analysis
Among all the types, the anchor-handling tug supply vessel segment is predicted to secure the top position across the global market for Offshore Supply Vessels over the assessment period. To move massive oil and gas buildings from the shore to the needed positions, AHTS units provide a strong design and several extra benefits. On the other hand, the platform service vessel segment is anticipated to showcase the maximum development over the review era, given the massive utilization n logistics and transportation for various applications.
Among all the application areas, the deepwater segment is predicted to ensure the leading position across the global market for Offshore Supply Vessels over the assessment period. The primary parameter supporting the segment's expansion is the increased production from numerous bulk capacity reservoirs in sea depths. On the other hand, the shallow water segment is anticipated to display maximum development over the coming years. The substantial presence of oil and gas on the continental shelves of various countries, coupled with the ongoing construction of fixed-platform wind farms for renewable energy generation, is likely to boost the segment's performance over the coming years.
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Offshore Supply Vessels Market Regional Analysis
The global market for offshore supply vessels is analyzed across five major geographies: South America, the APAC region, the Middle East & Africa, the European nations, and North America.
The research reports by MRFR suggest that the North American region secured the top position across the global market for offshore supply vessels in the year 2021, with the largest contribution of around USD 4.3 billion. The reports anticipate the market contributing nearly 44.3 percent over the assessment period. The primary parameter supporting the development of the regional market is the increasing offshore drilling activity. Lately, several manufacturers have succeeded with offshore supply vessel exploration endeavors. For example, the Royal Dutch Shell subsidiary Shell Offshore Inc. announced a deepwater oil discovery at the Leopard well in the U.S. Gulf of Mexico in 2021.
The European regional market for offshore supply vessels is anticipated to showcase substantial development over the assessment era. The primary parameter supporting the regional market expansion is the development of the renewable energy industry, the decommissioning of outdated offshore supply vessel infrastructure, and the expansion of deepwater activities. The U.K. Wind Energy Database shows the United Kingdom has the maximum offshore wind installation rate of 28.9%. Moreover, the German offshore supply vessels market secures the maximum contribution.
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The Asia-Pacific offshore supply vessels market is projected to grow substantially over the review era, given the active production in the deep waters of the region.
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