Product ID: SQSG10B2005
Report ID: SQSG10B2005 | Region: Global | Published Date: December, 2022 | Pages: 270 | Tables: 88 | Figures: 76
Offshore Support Vessels Market size was valued at USD 9.8 billion in 2021 and is poised to grow from USD 10.3 billion in 2022 to USD 14.6 billion by 2030, growing at a CAGR of 5.11% in the forecast period (2023-2030).
Offshore support vessels are a type of maritime vessel that transports commodities, supplies, and equipment to and from undersea exploration and construction sites. Diving support, crane, and pipe laying vessels, seismic survey ships, and platform supply vessels are all examples of offshore support vessels (PSVs). These ships are generally used for locating and examining oil and gas-bearing areas, as well as hauling and positioning rigs and platforms and providing maintenance services. They have powerful small boats that respond to crises at offshore installations and also provide transportation, anchor management, and platform support, among other services.
One of the primary reasons driving the market's growth is the increase in oil and gas exploration activities. Furthermore, the growing demand for PSVs around the world is propelling the industry forward. PSVs are used to transport cement, casting and drilling pipes, and completion fluids during the production stage of offshore drilling. Another growth-inducing aspect is numerous technological improvements in the production processes of offshore support vessels and the integration of Dynamic Positioning (DP) systems in marine vessels. Manufacturers are focusing on creating computer-controlled vessels that can regulate their propellers and thrusters automatically to maintain a specific location.
US Offshore Support Vessels Market is poised to grow at a sustainable CAGR for the next forecast year.
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Offshore Support Vessels Market is segmented on the basis of vessel type, application, end user and regions. The market for offshore support vessels type is divided into three categories: anchor handling tug/anchor handling towing supply vessels (AHT/AHTSS), platform supply vessels (PSV), and others. The offshore support vessels market can be divided into two categories based on water depth: shallow water and deep water. The Offshore Support Vessels Market can be divided into two categories based on end-user: oil & gas and offshore wind. Because of the increase in global renewable energy, the offshore wind segment has been rapidly growing around the world.
Offshore Support Vessels Market Analysis by water depth
Ultra deep water segment also recently came into existence as a result of technological advances. The segments almost equally contribute to the revenue of the market. Significant oil and gas presence in various countries' continental shelves, combined with the ongoing installation of fixed platform wind farms for sustainable power generation, is expected to drive demand in shallow water. The deepwater OSV industry is expected to grow over the forecast period due to increased output from multiple bulk capacity reservoirs at depths ranging from 305 to over 1,500 metres. Furthermore, the discovery of new reserves with significant production capacities over a long period of time is expected to positively impact this segment landscape. The increasing deployment of Floating Production Storage and Offloading (FPSO) units is driving up demand for anchoring and mooring services, as well as the regular transit of human workforces.
Offshore Support Vessels Market Analysis by End User
Because offshore winds blow more uniformly than land winds, the electricity generated by offshore wind farms is higher than that generated by onshore wind farms. Offshore support vessels help operators transfer turbines to offshore locations and act as a transportation solution for the offshore wind farm business. Offshore support vessels like Anchor Handling Tug Supply (AHTS), Platform Support Vessel (PSV), and quick supply vessels can help in the erection, installation, and maintenance of these turbines, as well as the dismantling of offshore wind farms. These ships can also transport cargo from the mainland to offshore wind turbines. The need for AHTS and PSVs is increasing as these huge turbines are deployed in deeper seas.
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The North American region is dominating the market and expected to grow during the forecast period. Higher oil prices and lower drilling costs have resulted in a considerable increase in offshore oil and gas production in the North American region. In consequence, the region's strong offshore drilling activity is likely to be a major driver for the offshore support vessel industry. Shallow-water drilling activity in the Gulf of Mexico has been declining due to lower production rates in the same fields where the operators operate and a lack of shallow-water discoveries in the recent picture.
China, India, Indonesia, Malaysia, Vietnam, and Thailand are among the key economies in Asia Pacific that are focusing on growing their offshore E&P CAPEX. CAPEX for new offshore developments in Asia Pacific is estimated to account for over 25% of worldwide spending, according to Scottish Development International, making the region a prominent player in the offshore sector. A number of nations in the region are prioritising new offshore activities in deep and ultra-deep waters.
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Offshore Support Vessels Market Driver
Across many regions, the policies related to less carbon emission have been strictly introduced. Also, ambitions of using clean energy installations are set by many organizations so as to ensure regulation on carbon discharges. The Government of UK also declared funds of around US$ 200 Million to invest in offshore wind manufacturing. This will continue to prosper the segment and drive its growth.
The rise of the human population is one of the most important variables impacting global energy demand. According to the United Nations' World Population Prospects, the global population will grow from 7.6 billion to 9.8 billion in 2050. This increase in energy demand must be addressed by a variety of energy sources, including oil and gas, renewables, thermal, and nuclear power. The discovery of such deposits has resulted in an increase in demand for well drilling and production activities, which has aided the expansion of the offshore support vessel industry.
Offshore Support Vessels Market Restraint
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The Global Offshore Support Vessel Market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Various industry players are focusing on introducing new vessel designs and structures to improve fleet integration across a wider range of applications. For instance, in August 2021, Pacific Hornbill, an Offshore platform supply vessel (PSV) from Swire Pacific, was deployed to support the existing construction activities on the Greater Changhua 1 & 2a offshore wind plan in Taiwan. Pacific Hornbill is one of four H Class assets in Swire Pacific Offshore's fleet and was built by Japan Marine United (JMU).
Offshore Support Vessels Market Top Players Company Profiles
Offshore Support Vessels Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by Vessel Type the market is dominated by the anchor-handling tug supply (AHTS) vessels segment. The major revenue share is held by this sector followed by the platform supply vessels. According to the end users basis of classification, the major market share is held by offshore wind applications because of the need of today’s era to control carbon emission. Also the regional insights of the market show that the North American market holds the lucrative segment of market and Asia- Pacific region will show substantial growth into the market during the forecast period. The very reason for this growth is due to the high population and increasing energy demand in countries like India and China.
|Market size value in 2021||USD 9.8 billion|
|Market size value in 2030||USD 10.3 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Offshore Support Vessels Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Offshore Support Vessels Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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