Market Size of Asia-Pacific Offshore Support Vessels Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Offshore Support Vessel Market Analysis
The Asia-Pacific offshore support vessels market is expected to record a CAGR of more than 7% during the forecast period (2022-2027). The COVID-19 pandemic affected the market negatively, leading to the downsizing of offshore oil and gas and offshore wind farm projects due to a decline in demand, which affected the offshore support vessel market. The increasing installation of offshore wind farms and rising deepwater development activities driven by the declining production from the mature fields are likely to drive the offshore support vessels market. However, rising demand for dynamic positioning drilling rigs and increasing pressure on the day rate are expected to restrain the market during the forecast period.
- AHT/AHTS are likely to dominate the market during the forecast period due to their significant advantages over other types.
- The region is witnessing an increasing adoption of renewable energy sources, such as wind energy. Asia-Pacific has a significant potential for wind energy in offshore, which is likely to present significant opportunities to the players involved in the market. Also, rising oil and gas activities, ranging from exploration and production to decommissioning of rigs, are expected to present opportunities.
- China is expected to dominate the market during the forecast period due to increased activity in the renewables and oil and gas sectors.
