Offshore Support Vessels Market: Overview
- Offshore support vessels are known for providing services to offshore drillings rigs, pipe laying, and oil manufacturing platforms used in production and exploration activities. These support vessels facilitate and support logistics and other activities in oil and gas drilling processes.
- Offshore support vessels have their own features and properties with regard to the type of operation. Facilities that offshore support vessels provide are transportation, standby capacity, anchor management, and platform support. They also facilitate the mobility of crew members to offshore sites.
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Key Drivers and Restraints of Offshore Support Vessels market
- Rise in offshore oil and gas exploration activities and increase in offshore investments and activities are expected to boost the deployment of offshore support vessels. Growth in demand for efficient sources of energy and rise in onshore activities are likely to positively influence the global offshore support vessels market. Substantial rise in offshore rig count is also likely to boost the adoption of offshore support vessels.
- The global market for offshore support vessels is anticipated to face challenges from the high replacement and maintenance cost of these vessels. Rise in emphasis on sustainable development and environment protection has triggered the development of features such as clean design in several regions.
Global Offshore Support Vessels Market: Segmentation
- The global offshore support vessels market can be segmented based on type, application, and end-user
- Based on type, the offshore support vessels market can be classified into anchor handling tug/anchor handling towing supply vessels (AHT/AHTSS), platform supply vessels (PSV), and others. The platform supply vessels segment dominates the market for offshore support vessels market. These vessels are used to transport equipment, other goods, and rig crew to offshore drilling and production platforms.
- In terms of application, the offshore support vessels market can be categorized into shallow water and deep water. The shallow water segment held major share of the global market in 2020 owing to less expensive operations than deep water.
- In terms of end-user, the offshore support vessels market can be classified into oil & gas and offshore wind. The offshore wind segment has been expanding significantly across the globe owing to the boost in global renewable energy.
Global Offshore Support Vessels Market: Regional Segmentation
- In terms of region, the global offshore support vessels market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is the key region of the global offshore support vessels market. The region has one of the largest number of active offshore oil and gas wells. Oil & gas production is booming in the U.S. This is anticipated to drive the offshore support vessels market in the region during the forecasted period.
- Countries in Asia Pacific such as India, China, Indonesia, and Australia have significant reserves offshore and are still exploring the possibilities of offshore reserves for oil and gas. Development of offshore sites for oil and gas in countries such as India and China has already begun. This is expected to be positively impact the offshore support vessels market in Asia Pacific in the next few years.
- Europe was one of the largest offshore support vessels market in 2020. The region has large offshore wind farms and also offshore oil and gas sites. Germany and the U.K. are the key countries for offshore support vessels in Europe.
COVID-19 Impact on Global Offshore Support Vessels Market
- The COVID-19 pandemic has adversely affected the global offshore support vessels market. There has been a significant drop in demand for energy across the globe during the lockdowns. The crash in prices of oil and gas along with adverse impact of COVID-19 on economies have negatively impacted investments in the energy sector. However, demand recovery after lockdowns is likely to drive the global offshore support vessels market in the near future.
Key Players in Market
The global offshore support vessels market has a moderately competitive landscape. It is dominated by the presence of various prominent players across the globe. Prominent players operating in the offshore support vessels market include:
- Bourbon Corporation SA
- Maersk Supply Service AS
- Seacor Marine Holdings Inc.
- Edison Chouest Offshore LLC
- Swire Pacific Limited
- Tidewater Inc.
- Harvey Gulf International Marine LLC
- Solstad Offshore ASA
- Hornbeck Offshore Services Inc.
- PACC Offshore Services Holdings Ltd
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Global Offshore Support Vessels Market: Research Scope
Global Offshore Support Vessels Market, by Type
- Anchor Handling Tug/Anchor Handling Towing Supply Vessels (AHT/AHTSs)
- Platform Supply Vessels (PSV)
- Others
Global Offshore Support Vessels Market, by Application
- Shallow Water
- Deepwater
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