The global "Offshore Support Vessel Market" is projected to grow at a CAGR of 4.92%, from 2017 to 2022, to reach a market size of USD 20.15 Billion by 2022. This growth is attributed to increasing focus on oil & gas production at offshore fields, particularly activities in deepwater reserves.
The AHTS vessels segment accounted for the largest market share in 2016, driven by demand from Asia-Pacific, North America, and the Middle East. The market for offshore supply vessels, especially AHTS vessels and PSVs, is heavily oversupplied and there is a need to address this imbalance on the supply side in order to improve utilization and vessel rates in the current low oil price environment.
The offshore support vessel market has been categorized, on the basis of region, into North America, Europe, Asia-Pacific, the Middle East, Latin America and the Caribbean, West & South Africa, and the rest of the world. The North American market led the offshore support vessel market, with the largest market share, by value, in 2016, and the trend is projected to continue till 2022. The market in Asia-Pacific will also play an important role in driving demand for offshore support vessels.
The Middle East is a fast growing market for offshore support vessels during the forecasted period. This growth is due to the increasing focus on offshore assets in major oil producing nations, such as Saudi Arabia, Qatar, and U.A.E., in view of new gas discoveries offshore and in order to replace production from mature onshore fields.
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Anchor handling tug supply (AHTS) vessels: The largest segment of the offshore supply vessel market, by type
The offshore supply vessel market has been segmented into vessel type, depth, and region. The market has been further segmented, by vessel type, into anchor handling tug supply vessels, platform supply vessels (PSV), multipurpose support vessels (MPSV), standby and rescue vessels, crew vessels, chase vessels, seismic vessels, and others. The AHTS vessels segment accounted for the largest share of the market in 2016, while the MPSV segment is projected to grow at the fastest pace among all the vessel types. AHTS vessels are principal support vessels used for towing, anchoring, and supplying equipment to drilling rigs and production platforms, making them the largest segment of the offshore support vessel market. Demand for offshore drilling is projected to recover slowly, particularly in deepwater fields as oil prices stabilize, thus, helping the AHTS market.
The shallow water subsegment is estimated to have the highest growth rate in the offshore support vessel market, by depth.
On the basis of depth, the market has been segmented into shallow water and deepwater segments. The application of offshore support vessels in shallow water projects is estimated to lead the market, both in terms of market value and growth. The shallow water basins in the Middle East, Asia-Pacific, Europe, and North America will play a major role in driving the offshore support vessel market. Shallow water operations are typically less expensive compared to deepwater operations. Thus, recovering oil prices will lead to a faster increase in offshore activity in shallow water basins compared to deepwater ones.
North America: The largest market for offshore support vessels
The North American market was the largest market, by value, for offshore support vessels in 2016, driven largely by the U.S. and the Gulf of Mexico. Stabilizing oil prices have already led to oil & gas operators increasing exploration and production spending in the U.S. offshore market, with capital expenditures allocations estimated to resume steadily. Other fast-growing regions for the offshore vessel market include Asia-Pacific and the Middle East, with a growing focus on developing offshore reserves to replace maturing onshore fields.
Target Audience:
- Offshore support vessel builders
- Offshore support vessel fleet operators
- National oil companies
- Oil & gas companies
- Offshore platform operators
- Associations and industry bodies
- Consulting companies dealing with the offshore support vessel industry
- Offshore logistics and ship authorities
Scope of the Report:
By Type
- Anchor handling tug supply vessels
- Platform supply vessels
- Multi-purpose supply vessels
- Emergency response/standby and rescue vessels
- Crew vessels
- Chase vessels
- Seismic vessels
- Others
By Depth
- Shallow water
- Deepwater
By Region
- Asia-Pacific
- North America
- Latin America & the Caribbean
- Europe
- West & South Africa
- Middle East
- Rest of the World
The Leading Players in the industry, based on their recent developments and other strategic industrial activities, are Bourbon Corporation SA (France), Farstad Shipping ASA (Norway), Seacor Marine, LLC (U.S.), Swire Group, Ltd. (Hong Kong), Tidewater, Inc. (U.S.), Gulfmark Offshore, Inc. (U.S.), Havila Shipping ASA (Norway), Hornbeck Offshore Services, Inc. (U.S.), The Maersk Group (Denmark), and Siem Offshore, Inc. (Norway), among others.
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