Dublin, July 01, 2021 (GLOBE NEWSWIRE) -- The "Global Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow water and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The offshore support vessel market is projected to grow from an estimated USD 22.0 billion in 2021 to USD 26.8 billion by 2026, at a CAGR of 4.0%, from 2021 to 2026.
The growth of the market is also attributed to the increase in exploration activities in ultra-deepwaters and the Arctic region, in countries such as the US, Canada, and Norway.
Also, a growing focus on the European Union's (EU) renewable energy targets would result in increasing the demand for offshore wind energy in Europe.
Thus, the growth in deployment of offshore wind farms would be the opportunity for the offshore support vessel market during the forecast period. Oversupply of offshore vessels acts as a restraint for the growth of the market during the forecast year.
The AHTS segment is expected to hold the largest share of the offshore support vessel market, by type, during the forecast period
Anchor-handling tug supply (AHTS) vessels constitute the largest segment of the offshore support vessel market, by type, in terms of 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 emergencies and are well equipped for firefighting, rescue, and oil recovery operations.
The demand from Asia Pacific and Europe is projected to drive the market for AHTS vessels during the forecast period. Countries such as Vietnam, Malaysia, Thailand, and Australia increased their E&P activities in offshore areas in the recent past.
Malaysia is the largest contributor to the short-term oil & gas production growth mainly due to the Kebabangan Gas Project. The global AHTS market dominated the global offshore support vessel market owing to increasing shallow-water activities in the Asia Pacific region.
North America: The fastest market for offshore support vessels
The North American market is projected to be the fastest-growing market, during the forecast period, owing to the continued production and exploration activities, particularly in the US 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 fastest rise in exploration and production spending in response to any future recovery in oil prices, with its well-developed offshore industry.
Moreover, significant reserves and a comparatively stable political environment have further supported the growth of the offshore support vessel market in the region.
Increased Ultra-Deepwater Exploration Activities, Especially In Arctic Region Is Expected To Drive offshore Support Vessel Market Growth During forecast Period
Ahts Segment Is Expected To Continue To Account for Largest Share of Offshore Support Vessel Market During forecast Period
Shallow Water Segment Is Expected To Continue To Account for Larger Share of Market During forecast Period
Oil & Gas Segment To Dominate Market During forecast Period
Asia Pacific To Grow At Highest CAGR During forecast Period
Offshore Support Vessel Market In Asia Pacific, by End User and Country: Oil & Gas Segment and India Dominated offshore Support Vessel Market In Asia Pacific In 2020
Increasing investments for offshore wind farm construction, combined with development of offshore oil & gas reserves
Fluctuating oil prices and huge capital requirements for offshore projects
Oversupply of vessels due to declined demand for OSVs
Aging offshore infrastructure leading to replacements and decommissions
Increased ultra-deepwater exploration activities, especially in Arctic region
High operational risks for OSVs due to extreme offshore climatic conditions
Growing stringency of regulations for offshore activities in key regions
Average Day Rate
Supply Chain Overview
Offshore support vessel providers
Case Study Analysis
Offshore Support Vessel Boarded With Battery Energy Storage System
Eidesvik offshore equipped its OSV with onboard battery energy storage system to reduce fuel consumption
Kawasaki Kisen Kaisha
Nam Cheong Limited
Harvey Gulf International Marine
PACC offshore Services Holdings
Edison Chouest offshore
For more information about this report visit https://www.researchandmarkets.com/r/3xrq1r
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