New York, US, Sept. 22, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “ Offshore Support Vessels Market Research Report: Information By Type, By Applications And By Regions–Forecast Till 2030”, The global offshore support vessels market will touch 14,691.90 Million at a 5.11% CAGR by 2030.
Offshore Support Vessels Market Drivers
Rising Investments in Offshore Wind Farm Construction to Boost Market Growth
The rising investments in the offshore wind farm construction for tackling the increasing energy demand will boost market growth over the forecast period.
Offshore Support Vessels Market Key Players
Key players have incorporated several strategies to stay at the forefront such as mergers and acquisitions, geographic expansions, new product launches and development, partnerships, contracts, collaborations, joint ventures, as well as different research & development activities.
Eminent industry players profiled in the global offshore support vessels market report include,
- Havila Shipping (Norway)
- Siem Offshore AS (Norway)
- Maersk (Denmark)
- Tidewater (U.S.)
- Solstad Farstad (Norway)
- Swire Pacific Offshore Operations (Pte) Ltd (Singapore)
- GulfMark Offshore Inc. (U.S.)
- SEACOR Marine (U.S.)
- Vroon B.V. (Netherlands)
- Abdon Callais Offshore LLC (U.S.)
- Edison Chouest Offshore (U.S.)
- Bourbon Offshore (France).
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Offshore Support Vessels Market Opportunities
Increase in Offshore Exploration to offer Robust Opportunities
The rise in offshore exploration & production activities coupled with rising capital expenditure on the offshore oil exploration will offer robust opportunities for the market over the forecast period.
Restraints
Huge Capital Requirements to act as Market Restraint
The huge capital requirements for the offshore projects and fluctuations in the oil prices may act as market restraints over the forecast period.
Challenges
High Operational Risk to act as Market Challenge
The high operational risks for the offshore support vessels for the extreme offshore weather conditions may act as a market challenge over the forecast period.
Offshore Support Vessels Market Report Scope:
| Report Metrics | Details |
| Market Size By 2030 | USD 14691.9 Million |
| CAGR During 2022-2030 | 5.11% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | Advancement Of Technology Rapid Development Better Trade Policies Increasing Regasification Terminals At Offshore Increasing Investment In Oil, Gas And Renewable Sector |
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Offshore Support Vessels Market Segmentation
The offshore support vessels market is bifurcated based on applications and type.
By type, anchor handling tug supply will lead the market over the forecast period.
By applications, shallow water will dominate the market over the forecast period.
COVID-19 Analysis
The global shipping industry has been severely impacted by the drop in commodity demand caused via the COVID-19 epidemic that has affected everything from cargo ships to oil tankers to the offshore supply boats. Many nations regard China as a key trading ally & one of the most important players in the maritime sector. Furthermore, the pandemic outbreak in China occurred during the holiday period of the Chinese New Year, exacerbating the shipping company's financial situation. Furthermore, the virus has resulted in a 20% to 50% decrease in port production levels and a significant increase in the use of port warehouses, as per the Shanghai International Shipping Institute.
Offshore Support Vessels Market Regional Analysis
North America to Head Offshore Support Vessels Market
North America has the world's largest market share for offshore support vessels. Natural gas wells are situated here in the fastest-growing economies, so offshore drilling is very active. The oil and gas production in the United States is increasing. This is expected to drive growth in the market in the region over the forecast period. In North America, the growing demand for offshore supply vessels in the US's expanding oil & gas production, as well as a rise in demand for shale gas, may drive regional market expansion. The shift in focus of operators toward offshore vessel development may promote the extension of the region's offshore supply vessel market.
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Another important factor driving the rise of the offshore supply vessels in the region is the liberalization of the Mexican oil and gas sector. The North American offshore support vessel market is the most important in the world. The region has the highest concentration of the active offshore oil & gas wells. The production of oil and gas in the United States is exploding. During the forecasted period, this is expected to drive the market in the region. The increasing production from the conventional & unconventional reservoirs is expected to be the primary driver of market growth. Increasing investments by various oil and gas companies to explore novel high-volume reserves are expected to stimulate market growth.
APAC to Have Favorable Growth in Offshore Support Vessels Market
According to an MRFR regional study, the market in Asia Pacific is expected to grow exponentially. Geographic factors such as globalization, urbanization, and industrialization in APAC will likely fuel the growth of the market in the coming years. The growing demand for offshore support vessels drives the offshore supply vessel market in countries such as Malaysia, China, Thailand, India, & Indonesia. Furthermore, the APAC offshore support vessel market may be driven by an increase in cargo capacity, big accommodation spaces, the panoramic navigation bridge visibility, the automation systems, and improved crew amenities. The booming market here is expected to grow rapidly in the coming years.
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Asia Pacific is a leading region for offshore development growth. Geographical factors have fueled the expansion of the offshore market. According to the Scottish Development International, the CAPEX for latest offshore developments within Asia Pacific will account for about 25% of global spending, making the region a key player in the offshore industry. Several governments in the region are prioritizing new offshore operations both in deep as well as ultra-deep waters. Amid the most notable of these new offshore developments are the Scarborough, Briseis, and Laverda projects in Australia; the Gumusut Kakap, Rotan, & Petai projects in Malaysia; KG-D6 complex within India; & the Gehem project within Indonesia. Besides, the number of offshore support vessels in the region is increasing with the rise in vessel manufacturers in this market grows, particularly in China as well as South Korea.
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