Offshore Support Vessel Market by Type (Anchor Handling Tug Supply, Platform Supply Vessel, Multipurpose Support Vessel, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Depth (Shallow & Deepwater), and Region - Global Forecast to 2022
“The offshore support vessel market is projected to grow at a CAGR of 4.92%, from 2017 to 2022.”
The offshore support vessel market is projected to reach USD 20.15 billion by 2022, growing at a CAGR of 4.92%, from 2017 to 2022. Offshore support vessels are ships that are used for transporting supplies, equipment, and personnel to offshore oil & gas production facilities. Increasing focus on offshore field exploration and development, particularly in the deepwater sector, all around the globe is a major driver for the offshore support vessel market. The discovery of large oil reserves in the offshore regions of South-East Asia and Africa are other major drivers for this market.
“The North American market is expected to grow at the highest CAGR, from 2016 to 2021.”
North America is the largest market, by value, for offshore support vessels, followed by Asia-Pacific. The North American market is also projected to be the fastest growing market, during the forecast period, owing to continuing production and exploration activities, particularly in the U.S. and the Gulf of Mexico. As oil prices remain stable, the North American market will grow at the highest pace, as it will witness the quickest rise in exploration and production spending in response to any future recovery in oil prices, with its well-developed offshore industry and status as a low-risk investment region.
“AHTS Vessels: The largest segment for offshore support vessels”
Anchor handling tug supply (AHTS) vessels constitute the largest segment of the offshore support vessel market, by type, in terms of supply and demand volume as well as value. AHTS vessels are designed to provide anchor handling and towage services and are also used for supplying deck cargo, water, fuel, dry bulk, and mud to oil rigs and platforms. These vessels can also be used for emergency response and are equipped for fire-fighting, rescue, and oil recovery operations. Demand from Asia-Pacific and North America is projected to drive the market for AHTS vessels during the forecast period.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 45%, Tier 2- 30%, Tier 3- 25%
By Designation: C-Level- 20%, D-Level- 25%, Others- 55%
By Region: Asia-Pacific- 32%, North America- 25%, Latin America & the Caribbean- 21%, Europe- 11%, West & South Africa- 7%, Middle East- 4%
Note: The tier of the companies has been defined on the basis of their total revenue as of 2015: Tier 1 = >USD 10 billion, Tier 2 = USD 1 billion to USD 10 billion, and Tier 3 = <USD 1 billion.
The leading players in the offshore support vessel market include Bourbon Corporation SABourbon (France), Farstad Shipping ASA (Norway), Seacor Marine LLC (U.S.), Swire Group Ltd. (Hong Kong), Tidewater Inc. (U.S.), Gulfmark Offshore Inc. (U.S.), Havila Shipping ASA (Norway), Hornbeck Offshore Services, Inc. Hornbeck Offshore (U.S.), Tthe Maersk Group (Denmark) and Siem Offshore Inc. ( Norway), among others.
The report provides a picture of the offshore support vessel market across its different types and regions. It aims at estimating the market size and future growth potential of this market in terms of supply volume, demand volume, and value. Furthermore, the report also includes in-depth competitive analyses of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders and new entrants in the market by providing them the closest approximations of the revenue numbers for the overall offshore support vessel market and its subsegments. This report will help stakeholders better understand the competitive landscape and gain insights to better position their businesses and make suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.