Pune, India, Oct. 11, 2021 (GLOBE NEWSWIRE) -- The global Offshore Support Vessel market size is poised to gain traction from increasing investments in the deployment of renewable and non-renewable energy generation procedures across all regions with the seashore. Offshore Support Vessel serve various operational purposes such as construction work, or oil and gas exploration at high seas. According to a recent report by Fortune Business Insights titled, "Offshore Support Vessel (OSV) Market Size, Share and Industry Analysis By Vessel Type (Anchor Handling Tug Supply Vessel (AHTS), Platform Supply Vessels (PSV), Crew Vessel, Others), By Water Depth (Shallow Water, Deepwater, Ultra-Deepwater), By Application (Oil & Gas, Offshore Wind, Patrolling, Research & Surveying, Others), and Regional Forecast, 2020-2027", the market is anticipated to hit USD 20.73 billion by 2027 from USD 16.10 billion earned in 2019. The forecast period is set between 2020 to 2027 and the market is likely to exhibit a CAGR of 7.9%.
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List of the key players in Offshore Support Vessel Market:
- BOURBON (France)
- Vroon (Netherlands)
- Damen Shipyards Group (Netherlands)
- "K" line (Kawasaki Kisen Kaisha, Ltd) (Japan)
- Hornbeck Offshore (U.S.)
- Solstad Offshore ASA (Norway)
- MMA Offshore Limited (Australia)
- Nam Cheong Offshore Pte Ltd (Malaysia)
- Maersk Supply Service (Denmark)
- Havila Shipping ASA (Norway)
- SEACOR Marine Holdings (U.S.)
- Edison Chouest Offshore (U.S.)
- Siem Offshore (Norway)
- Tidewater Marine (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 7.9% |
| 2027 Value Projection | USD 20.73 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 16.10 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 160 |
| Segments covered | Vessel Type, Water Depth, Application and Geography |
| Growth Drivers | Discovery of New Reserves to Add Impetus to Market |
| Anchor Handling Tug Supply Vessel (AHTS) Segment to Hold Largest Shares Owing to Presence of Huge Equipment for Rescue Operations | |
| Asia Pacific to Emerge Dominant Attributed to Clean Energy Outlook | |
| Players Aiming to Provide Efficient Operations for Generating More Revenues |
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The Report Answers the following Questions
- How fierce is the competition in this market?
- How will the current COVID-19 pandemic impact the market?
- Which strategies are adopted by players to maintain their foothold in the market?
- What is the future of this market?
Drivers & Restraints-
Discovery of New Reserves to Add Impetus to Market
The growing number of production and exploration activities and the recent discovery of offshore hydrocarbon assets is considered as a key Offshore Support Vessel market growth drivers. In addition to this, the presence of a substantial amount of oil and gas reserves is also boosting the market. For instance, the company Eni announced the discovery of a new reserve called Sureste Basin in the Mexican offshore in February 2020. This unexplored reserve is estimated to hold 200 to 300 million barrels of oil somewhere in the deepwater and an output capacity of more than 10,000 barrels of oil daily. The discovery of such precious reserves is likely to bode well for the market in the coming years.
In addition to this, the current pandemic of COVID19 has led to prolonged geopolitical uncertainties in trade relations. The rapidly increasing rate of coronavirus cases has impacted the cross-country trade relations via sea trade very badly This may pose a major challenge to the growth of the market. Nevertheless, the increasing demand for energy, and oil and gas products is likely to create growth opportunities for the market in the long run.
Segment-
Anchor Handling Tug Supply Vessel (AHTS) Segment to Hold Largest Shares Owing to Presence of Huge Equipment for Rescue Operations
With respect to segmentation by vessel type, the anchor handling tug supply vessel or the AHTS segment is holding the dominant share. This is because these types of vessels consist of cargo-carrying barges and large equipment such as Tugs, anchors, winches, and others that can be useful in case of emergency or any rescue operations. In 2019, this segment earned a 31.6% share.
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Regional Analysis-
Asia Pacific to Emerge Dominant Attributed to Clean Energy Outlook
Geographically, Asia Pacific earned USD 4.08 billion in 2019 and emerged dominant on account of the rise in hydrocarbon activities, coupled with the advantages provided by clean energy outlook. Major nations leading this region include Japan, Australia, India, China, and other Southeast Asian nations. On the other side, the uptaking of various clean energy initiatives and hydrocarbon reserve exploration activities are likely to help Europe compete closely with Asia Pacific. Other than this, North America will witness significant growth on account of the growing production of conventional and unconventional reservoirs. Furthermore, the availability of huge unexplored reservoirs at low capital expenditure is expected to help the Middle East and Africa region witness notable growth during the forecast period.
Competitive Landscape-
Players Aiming to Provide Efficient Operations for Generating More Revenues
Several players are operating in this market, some of which are engaged in designing of new vessel structure to improve their fleet integrations across a variety of application range. This is expected to help players gain momentum in the market. Besides this, players are also investing heavily in exploration activities for earning the lion's share in the market.
Significant Industry Developments of the Offshore Support Vessel (OSV) Market include:
March 2020 – An announcement was made by OSV operator based in Norway called Solstad Offshore for supplying five platform supply vessels (PSLs) in the North Sea. These units were deployed for supporting the offshore drilling rigs functioning in the waters of the United Kingdom region.
January 2019 – Three fast support vessels (FSVs) were acquired by Seacor Marine to its fleet offering. This new addition will help increase the total FSV count of the company to 20, thereby serving offshore production and drilling with higher speed and versatility.
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Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the OSV Industry
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Offshore Support Vessel (OSV) Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vessel Type
- Anchor Handling Tug Supply Vessel (AHTS)
- Platform Supply Vessels (PSV)
- Crew Vessel
- Others
- Market Analysis, Insights and Forecast – By Water Depth
- Shallow Water
- Deepwater
- Ultra-Deepwater
- Market Analysis, Insights and Forecast – By Application
- Oil & Gas
- Offshore Wind
- Patrolling
- Research & Surveying
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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