Offshore Support Vessels Market Is Expected To Reach US$ 39.76 Bn By 2027

According to a new market research report published by Acute Market Reports, “Offshore Support Vessels Market By Type (Anchor Handling Tug Supply (AHTS), Platform Support Vessels (PSV), Flat Support Intervention Vessels (FSIV), Multi-Purpose Support Vessels (MPSV), Standby and Rescue Vessels, Construction Support Vessels, and Other Vessels (Seismic Vessels, Chase Vessels, Installation Vessels, etc.)), By Application (Shallow Water, Deep water), By End-Use Vertical (Oil & Gas and Power), By Fuel (Fuel Oil, LNG), and By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global offshore support vessels market is expected to reach US$ 39.76 billion by 2027, increasing to CAGR by 7.8 percent during the 2019-2027 forecast.

Market Insights

Offshore Support Vessels (OSVs) are specifically designed to carry out operations such as oil drilling, pipeline construction, towing, recovery of oil spills and firefighting on offshore platforms. These vessels provide the necessary supplies to the drilling and construction units located at the deep sea level. The offshore support vessels (OSV) also provide anchor management, platform support, and stand by vessel capacity and help transport crew members to offshore locations. Normally, the size of these offshore vessels is between (20-100) meters.

Browse the full report at “Offshore Support Vessels Market”

The market for offshore support vessels (OSV) is driven by increased offshore exploration and production activities. In addition, ever-increasing investments in offshore oil exploration projects have had a positive effect on market demand. Some major factors, such as increasing demand for oil & gas and increasing numbers of floating production units & drillships, will play a vital role in shaping demand from the industry over the forecast period.

Due to the ongoing transition from diesel-mechanical to diesel-electric propulsion technology, offshore support vessels (OSV) are expected to witness tremendous growth in recent years. This technology makes fuel-efficient for vessels and provides electric propulsion technology for diesel-electric, gas-electric and fuel cell technology. Furthermore, the recent increase in offshore decommissioning activities has also resulted in an increase in worldwide demand for offshore support vessels (OSV).

The International Maritime Organization (IMO) has established some regulatory frameworks for the shipping industry that have been adopted and implemented globally. Increasing demand for regasification terminals, along with intra-regional gas pipelines, is expected to stimulate gas procurement pipelines and is expected to have a positive impact on the vessel segment.

North America’s Offshore Support Vessel (OSV) market is expected to see tremendous growth due to its increasing focus on offshore projects, increasing investment in offshore oil & gas activities and wind projects.

However, high purchase costs, maintenance costs of vessels, high volatility in the price of crude oil, trade restrictions, and oversupply of offshore vessels are some of the limiting factors for the growth of the global market for offshore support vessels.

North America offshore support vessels (OSV) market is expected to witness a tremendous growth due to its increasing focus towards offshore projects, rising investments in offshore oil & gas activities and wind projects.

However, high purchase cost, the maintenance cost of vessels, high volatility in crude oil price, trading restrictions, and oversupply of offshore vessels are some restraining factors for the growth of the global offshore support vessels market.

Key Players & Competitive Landscape:

Some of the leading manufacturers profiled in the study includes Edison Chouest Offshore LLC, PACC Offshore Services Holdings Ltd., Bourbon Corporation SA, Tidewater Inc., Maersk Supply Service A/S, Seacor Marine Holdings Inc., Swire Pacific Limited, Hornbeck Offshore Services Inc., Harvey Gulf International Marine LLC, and Solstad Offshore ASA.