Offshore Support Vessel: Market Size. From $22. 00 billion in 2020, the global Offshore Support Vessel market is projected to reach $35. 33 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 6.
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Offshore Support Vessel Market Analysis & Trends - Industry Forecast to 2028" - https://www.reportlinker.com/p06127671/?utm_source=GNW
1% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include reduction in cost of offshore exploration & production (E&P) activities, overcapacity in global offshore support vessel market, and demand for offshore support vessels used in exploration & production.
Global Offshore Support Vessel Market: Market Dynamics
Flourishing ocean-based industries, such as offshore exploration and production offer vast opportunities for addressing many of the big economic, social, and environmental challenges expected to emerge in the years ahead. These emerging ocean industries are developing and applying a range of science and technological innovations to exploit the oceans’ resources more safely and sustainably and to make the oceans cleaner and safer as well as to protect the richness of their resources. The development of offshore facilities involves a variety of marine assets. Over the past few decades, there has been a drastic increase in offshore E&P activities resulting in to increase in development and demand for offshore support vessels. The growing demand for fuels and energy coupled with rising offshore E&P activities and adoption of better tracking equipment are fueling the growth of the offshore support vessel market across the globe. The increasing regasification terminals at offshore because of growing LNG demand is one of the key factors contributing to the growth of the market.
For instance, during the beginning of 2018, the Trump administration allowed new offshore oil and gas exploration and development activity in nearly all the United States coastal waters, opening more than a billion acres in the Arctic and along the Eastern Seaboard. However, the change in the political administration might tighten the control over oil and gas drilling in the country while favoring renewable energy.
On the other hand, the stringent environmental guidelines on fossil fuel usage and extraction activities are likely to obstruct the profit boundaries. In addition, aging offshore infrastructure leading to replacements and decommissions will further boost the offshore support vessel market.
Impact of COVID-19 on Offshore Support Vessel
The COVID-19 pandemic has significantly impacted the market owing to a diminution in oil consumption around the world. Vessel companies with international footprints have also had to work around inter-country travel and quarantine restrictions, which have forced crewmembers to overstay hitches for extended periods. Companies have experienced delays in crew changes in different parts of the world, depending on the various quarantine requirements. In some cases, they’ve had to pay for double crews because the other crew was quarantined. Tidewater earmarked USD 20 million for “frictional costs” associated with the pandemic. This included the increased cost of travel and salaries, the cost of quarantine mariners, the cost of fuel to transit vessels coming off-hire to their layup locations, and the incremental cost of those vessels being in a layup. Likewise, Shell has secured a loan of USD 12 billion to preserve its shareholder payouts due to the current oil price crisis and the outbreak of the COVID-19 pandemic. Moreover, with global trade and transportation virtually at a halt, the supply chain faces numerous roadblocks. Well construction and planned maintenance are witnessing severe delays and withdrawal in some cases. Thus, COVID-19 has stalled the growth of the offshore support vessel market.
Anchor Handling Tug/Anchor Handling Towing Supply Vessels (AHT/AHTSs) Segment Dominate the Market in 2020
Anchor handling tug/anchor handling towing supply vessels (AHT/AHTSs) segment is the largest contributor in the market, due to the rising deployment of these bulky turbines in deepwater. AHT/AHTSs vessels can be used for crisis and are well prepared for rescue, firefighting, and oil upturn operations. These vessels are planned to supply anchor-handling and towage services and are used for supplying water, fuel, deck cargo, dry bulk, and mud-to-oil rigs and platforms. The mainstream of the smaller AHT/AHTSs vessels is operated in the Asia Pacific region, while larger AHT/AHTSs vessels are highly intense in the South American and European regions, due to the presence of deepwater oil & gas reserves in these regions. In the Middle East, the fleet comprises small AHT/AHTSs vessels competent at functioning in shallow water areas.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific region is likely to have a huge demand in the forecast period owing to an increase in globalization and energy demand from developed economies, increasing consumption, and offshore E&P development in Australia, the South China Sea, and the Gulf of Thailand. Moreover, the count of offshore support vessels is also growing in the region due to an increase in the number of vessel manufacturers in the market, especially from China and South Korea. The major economies in the Asia Pacific, such as China, India, Indonesia, Malaysia, Vietnam, and Thailand, are focusing on growing their offshore E&P CAPEX. According to Scottish Development International, the CAPEX for new offshore developments in the Asia Pacific is set to be about 25% of the global spending, making the region an important part of the offshore industry. Various policymakers in the region are prioritizing new offshore activities in deep and ultra-deep waters.
List of the Key Players Profiled in the Market Include:
• Edison Chouest Offshore
• Deltamarin Ltd
• Greatship (India) Limited
• M3 Marine Group Pte Ltd.
• Pacific Radiance Ltd
• SolstadFarstad ASA
• Bourbon Corporation SA
• DOF Group
• Swire Pacific Limited
• GulfMark Offshore, Inc.
• Tidewater Inc.
• Bumi Armada Berhad
• Falcon Energy Group
• Hornbeck Offshore Services Inc.
• Vallianz Holdings Limited.
• OPS Group
List of the Regions/Countries Profiled in the Market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
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