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Offshore Support Vessel Global Market Report 2022

·4-min read

Major players in the offshore support vessel market are Solstad Offshore ASA, Seacor Marine Holdings, Swire Pacific Offshore, Tidewater, Havila Shipping, Maersk, Siem Offshore, Bourbon Corporation SA, and Havila Shipping ASA.

New York, Sept. 14, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Offshore Support Vessel Global Market Report 2022" -

The global offshore support vessel market is expected to grow from $22.17 billion in 2021 to $24.12 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The offshore support vessel market is expected to reach $29.71 billion in 2026 at a CAGR of 5.3%.

The offshore support vessel market consists of sales of offshore support vessels by entities (organizations, sole traders, and partnerships) that are specialty ships designed for operating on the ocean, serving multiple purposes.They serve as platform support, anchor handling, construction, maintenance, and anything from bringing equipment to rigs to repairing offshore wind turbines and more.

The offshore support vessel services cover all offshore activities, from pre-construction to decommissioning.

The main types of offshore support vessel markets are anchor-handling tug supply vessels, platform support vessels, multipurpose support vessels, emergency response or standby vessels, rescue vessels, crew vessels, seismic vessels, and chase vessels.An anchor-handling tug supply vessel is a type of supply ship that helps in installing oil rigs in mid-sea and also for rescue purposes.

These vessels also serve as emergency response and rescue vessels (ERVs) and as supply transports.The various services include technical services, inspections, surveys, and others.

The various water depth includes shallow water, deep water and ultra-deep-water. The various application includes oil and gas applications, and offshore applications.

Asia Pacific was the largest region in the offshore support vessel market in 2021.North America is expected to be the fastest growing market in the forecast period.

The regions covered in the offshore support vessel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The offshore support vessels market research report is one of a series of new reports that provides offshore support vessel market statistics, including offshore support vessel industry global market size, regional shares, competitors with an offshore support vessel market share, detailed offshore support vessel market segments, market trends and opportunities, and any further data you may need to thrive in the offshore support vessel industry. This offshore support vessel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Increasing exploration and production activities for oil and gas are expected to propel the growth of the offshore support vessel market.A substantial presence of proven oil reserves in various countries is set to increase production activities.

Innovations from such reserves are transforming into demand for well drilling and production activities, which, in turn, are maintaining the offshore support vessel market growth.Increasing oil and gas exploratory activities in the golden triangle, including the Gulf of Mexico, Brazil, and West Africa, are anticipated to drive offshore E&P activities in the region.

For instance, in March 2022, according to a survey report published by S&P Global, a US-based publicly traded corporation, production, capital expenditures, employment, and overall operating costs all increased dramatically in Q1 in the oil and gas exploration industry.In addition, nearly 52% of respondents reported an increase in oil production, along with 47% reporting an increase in natural gas production during the quarter of 2022.

Therefore, increasing exploration and production activities for oil and gas are driving the growth of the offshore support vessel market.

New product innovations have emerged as the key trend gaining popularity in the offshore support vessel market.Major companies operating in the offshore support vessel sector are introducing new products to reinforce their position.

For instance, in December 2020, Siem Offshore’s PSV, a Norway-based company that manufactures offshore vessels, launched its first hybrid vessel, Siem Symphony.This vessel is fitted with a 600-kWh chargeable battery pack as an additional power supply, which helps to lower the fuel consumption of the vessel.

These hybrid vessels are effective during standby mode.

In July 2020, Seacor Marine, a US-based international ship manufacturing company, acquired Seacosco for a deal amount of US $28.15 million. This acquisition will expand Seacor’s existing portfolio of support vehicles and solutions and boost the company’s capabilities. The acquisition helps Seacor’s Marine strategy to transform their operations by advancing the technological capabilities and giving their customers the best possible solutions with high efficiency. Seacosco is a US-based offshore support vessel company.

The countries covered in the offshore support vessel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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