Offshore Support Vessels Market
Report ID: SQSG10B2005
Offshore Support Vessels Market Size, Share, Growth Analysis, By Vessel Type(anchor handling tug/anchor handling towing supply vessels (AHT/AHTSS), platform supply vessels (PSV), others.), By Water depth(Shallow water, deep water), By End Users(Oil & Gas, Offshore applications), By Region - Industry Forecast 2024-2031
Report ID:
SQSG10B2005 |
Region:
Global |
Published Date: July, 2001
Pages:
270
|Tables:
88
|Figures:
76
Offshore Support Vessels Market Insights
Offshore Support Vessels Market size was valued at USD 9.8 billion in 2019 and is poised to grow from USD 10.3 billion in 2023 to USD 14.6 billion by 2031, growing at a CAGR of 5.11% in the forecast period (2024-2031).
Offshore support vessels are a type of maritime vessel that transports commodities, supplies, and equipment to and from undersea exploration and construction sites. Diving support, crane, and pipe laying vessels, seismic survey ships, and platform supply vessels are all examples of offshore support vessels (PSVs). These ships are generally used for locating and examining oil and gas-bearing areas, as well as hauling and positioning rigs and platforms and providing maintenance services. They have powerful small boats that respond to crises at offshore installations and also provide transportation, anchor management, and platform support, among other services.
One of the primary reasons driving the market's growth is the increase in oil and gas exploration activities. Furthermore, the growing demand for PSVs around the world is propelling the industry forward. PSVs are used to transport cement, casting and drilling pipes, and completion fluids during the production stage of offshore drilling. Another growth-inducing aspect is numerous technological improvements in the production processes of offshore support vessels and the integration of Dynamic Positioning (DP) systems in marine vessels. Manufacturers are focusing on creating computer-controlled vessels that can regulate their propellers and thrusters automatically to maintain a specific location.
US Offshore Support Vessels Market is poised to grow at a sustainable CAGR for the next forecast year.
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Offshore Support Vessels Market Segmental Analysis
Offshore Support Vessels Market is segmented on the basis of vessel type, application, end user and regions. The market for offshore support vessels type is divided into three categories: anchor handling tug/anchor handling towing supply vessels (AHT/AHTSS), platform supply vessels (PSV), and others. The offshore support vessels market can be divided into two categories based on water depth: shallow water and deep water. The Offshore Support Vessels Market can be divided into two categories based on end-user: oil & gas and offshore wind. Because of the increase in global renewable energy, the offshore wind segment has been rapidly growing around the world.
Offshore Support Vessels Market Analysis by water depth
Ultra deep water segment also recently came into existence as a result of technological advances. The segments almost equally contribute to the revenue of the market. Significant oil and gas presence in various countries' continental shelves, combined with the ongoing installation of fixed platform wind farms for sustainable power generation, is expected to drive demand in shallow water. The deepwater OSV industry is expected to grow over the forecast period due to increased output from multiple bulk capacity reservoirs at depths ranging from 305 to over 1,500 metres. Furthermore, the discovery of new reserves with significant production capacities over a long period of time is expected to positively impact this segment landscape. The increasing deployment of Floating Production Storage and Offloading (FPSO) units is driving up demand for anchoring and mooring services, as well as the regular transit of human workforces.
Offshore Support Vessels Market Analysis by End User
Because offshore winds blow more uniformly than land winds, the electricity generated by offshore wind farms is higher than that generated by onshore wind farms. Offshore support vessels help operators transfer turbines to offshore locations and act as a transportation solution for the offshore wind farm business. Offshore support vessels like Anchor Handling Tug Supply (AHTS), Platform Support Vessel (PSV), and quick supply vessels can help in the erection, installation, and maintenance of these turbines, as well as the dismantling of offshore wind farms. These ships can also transport cargo from the mainland to offshore wind turbines. The need for AHTS and PSVs is increasing as these huge turbines are deployed in deeper seas.
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Offshore Support Vessels Market Regional Insights
The North American region is dominating the market and expected to grow during the forecast period. Higher oil prices and lower drilling costs have resulted in a considerable increase in offshore oil and gas production in the North American region. In consequence, the region's strong offshore drilling activity is likely to be a major driver for the offshore support vessel industry. Shallow-water drilling activity in the Gulf of Mexico has been declining due to lower production rates in the same fields where the operators operate and a lack of shallow-water discoveries in the recent picture.
China, India, Indonesia, Malaysia, Vietnam, and Thailand are among the key economies in Asia Pacific that are focusing on growing their offshore E&P CAPEX. CAPEX for new offshore developments in Asia Pacific is estimated to account for over 25% of worldwide spending, according to Scottish Development International, making the region a prominent player in the offshore sector. A number of nations in the region are prioritising new offshore activities in deep and ultra-deep waters.
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Offshore Support Vessels Market Dynamics
Offshore Support Vessels Market Driver
Improvements in trade policies is shifting the market trend towards offshore support vessels market
- Across many regions, the policies related to less carbon emission have been strictly introduced. Also, ambitions of using clean energy installations are set by many organizations so as to ensure regulation on carbon discharges. The Government of UK also declared funds of around US$ 200 Million to invest in offshore wind manufacturing. This will continue to prosper the segment and drive its growth.
Rise in energy Demands is expected to drive the market growth
- The rise of the human population is one of the most important variables impacting global energy demand. According to the United Nations' World Population Prospects, the global population will grow from 7.6 billion to 9.8 billion in 2050. This increase in energy demand must be addressed by a variety of energy sources, including oil and gas, renewables, thermal, and nuclear power. The discovery of such deposits has resulted in an increase in demand for well drilling and production activities, which has aided the expansion of the offshore support vessel industry.
Offshore Support Vessels Market Restraint
- The price of oil plays a significant role in determining OSVS demand. The high cost of offshore installations has an impact on oil and gas firms' profitability. Offshore support vessel day rates are linked to unpredictable oil and gas prices, and ordering/launching new boats requires a significant capital investment. Changes in crude demand, as well as increased production from OPEC and non-OPEC countries, account for the cyclic nature of oil and gas prices.
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Offshore Support Vessels Market Competitive Landscape
The Global Offshore Support Vessel Market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Various industry players are focusing on introducing new vessel designs and structures to improve fleet integration across a wider range of applications. For instance, in August 2021, Pacific Hornbill, an Offshore platform supply vessel (PSV) from Swire Pacific, was deployed to support the existing construction activities on the Greater Changhua 1 & 2a offshore wind plan in Taiwan. Pacific Hornbill is one of four H Class assets in Swire Pacific Offshore's fleet and was built by Japan Marine United (JMU).
Offshore Support Vessels Market Top Players Company Profiles
- Bourbon Offshore
- Swire Pacific Offshore
- Tidewater Inc.
- GulfMark Offshore, Inc.
- Hornbeck Offshore Services
- Edison Chouest Offshore
- SEACOR Marine
- Harvey Gulf International Marine
- Solstad Offshore ASA
- Farstad Shipping ASA
- Siem Offshore
- DOF ASA
- PACC Offshore Services Holdings Ltd.
- Vroon Offshore Services
- MMA Offshore Limited
- Topaz Energy and Marine
- Wintermar Offshore Marine Group
- Abdon Callais Offshore LLC
- Miclyn Express Offshore
- Bass Marine Pty Ltd.
Offshore Support Vessels Market Recent Developments
- In March 2022, Island Offshore, situated in Norway, was granted new support vessel contracts for NOK 500 million. Platform supply vessels, anchor handling tug supply (AHTS) vessels, and light well intervention vessels are among the contracts. The contract will only be completed this year.
- In March 2022, Nexans Norway awarded Havila Shipping a contract for the offshore construction vessel Havila Phoenix. Until the end of October 2022, the vessel will be in service.
- In March 2021, Edda Wind awarded Ostensjo Rederi a contract for two additional commissioning service operation vessels (CSOV) in addition to the four vessels it is already building. These vessels are specifically intended for service operations at offshore wind farms during commissioning and operation. Each of the six vessels in development is powered by zero-emission technology.
Offshore Support Vessels Key Market Trends
- Offshore vessels used to transfer equipment, other commodities, and rig staff to offshore drilling and production platforms are known as platform supply vessels. A platform support vessel is a vital piece of equipment. Platform supply vessels, also known as Offshore Supply Vessels (OSVs), assist in meeting the demands of development and maintenance projects.
- The rise in global oil and gas demand has encouraged companies to look for new petroleum sources, such as deepwater oil and gas exploration. Crude oil production from the Gulf of Mexico (GoM) Federal Offshore zone in the United States reached over 1700 thousand barrels per day. Such rising trends indicate that offshore petroleum extraction and related services are in high demand.
Offshore Support Vessels Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by Vessel Type the market is dominated by the anchor-handling tug supply (AHTS) vessels segment. The major revenue share is held by this sector followed by the platform supply vessels. According to the end users basis of classification, the major market share is held by offshore wind applications because of the need of today’s era to control carbon emission. Also the regional insights of the market show that the North American market holds the lucrative segment of market and Asia- Pacific region will show substantial growth into the market during the forecast period. The very reason for this growth is due to the high population and increasing energy demand in countries like India and China.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.8 billion |
| Market size value in 2031 | USD 14.6 billion |
| Growth Rate | 5.11% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Offshore Support Vessels Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Offshore Support Vessels Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Offshore Support Vessels Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Offshore Support Vessels Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Offshore Support Vessels Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Offshore Support Vessels Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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