Offshore Support Vessels Market Size
|Fastest Growing Market:||North America|
|Largest Market:||North America|
|CAGR:||> 4.5 %|
*Disclaimer: Major Players sorted in no particular order
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Offshore Support Vessels Market Analysis
The offshore support vessel market is projected to register a CAGR of over 4.5% during the forecast period.
In 2020, COVID-19 had a detrimental effect on the market.Presently, the market has reached pre-pandemic levels.
- The offshore support vessel market's growth is likely to accelerate in the near future due to the increasing demand for deepwater oil and gas drilling operations and the improved viability of offshore oil and gas projects.
- The volatility in the prices of commodities extracted makes the path to growth a bit cumbersome for the market.
- New technologies that help offshore vessels deal with environmental problems open up a lot of opportunities for the market.For example, Maersk Supply Service has started its Stillstrom offshore vessel-charging business to reduce carbon emissions in the shipping industry by getting rid of emissions from ships that aren't moving.It will steadily phase out the fossil-fuel-based vessels in the long run.
- North America is predicted to dominate the market during the forecast period due to major offshore oil and gas discoveries that happened in the region recently.
Offshore Support Vessels Industry Segmentation
Offshore vessels are ships that are used to do work on the high seas, like looking for oil or building things. The offshore support vessel market is segmented by type. By type, the market is segmented into anchor-handling tugs and anchor-handling towing supply vessels, platform supply vessels, and other types. The report also covers the market size and forecasts for the offshore support vessel market across the major regions. For each segment, market sizing and forecasts have been done based on revenue (USD million).
|Anchor Handling Tug/Anchor Handling Towing Supply Vessels (AHT/AHTSs)|
|Platform Supply Vessels (PSVs)|
|Middle-East and Africa|
Offshore Support Vessels Market Trends
Platform Supply Vessels (PSVs) Expected to Dominate the Market
- Platform supply vessels are offshore ships that bring equipment, other goods, and rig crew to offshore drilling and production platforms.A platform support vessel is a highly required support ship. Also called offshore supply vessels (OSVs), platform supply vessels help to sustain the demands of construction and maintenance projects, too.
- The increase in oil and gas demand at the global level in many countries has prompted the producers to go for more petroleum sources like deepwater oil and gas exploitation. In the United States, the crude oil production from the Gulf of Mexico (GoM) Federal Offshore region reached around 1743 thousand barrels per day in 2022. Such growing trends indicate the demand for offshore petroleum production and related services.
- At the moment, many platform support vessels are needed for the offshore production agreements that were just signed. For example, in March 2022, Havila Shipping, which is based in Norway, was given a contract for the platform supply vessel Havila Heroy.The contract was offered by energy logistics provider Peterson Den Helder for 70 days plus options.
- In October 2022, Equinor awarded six contracts, worth around USD 234 million, to five shipowners for platform supply vessels. Three of the contracts are one-year options, and the other three are three-year option contracts.
Overall, the demand for platform supply vessels is expected to witness significant growth during the forecast period.
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North America Expected to Dominate the Market
- Because oil prices have gone up and drilling costs have gone down, North American offshore oil and gas production has gone up a lot.The high offshore drilling activity, in turn, is expected to be the major driver for the offshore support vessel market in the region.
- The shallow-water drilling activity has been witnessing a decline in the Gulf of Mexico since 2016 due to reduced production rates in the same fields in which the operators are working and the lack of shallow-water discoveries in the recent picture. To maintain offshore production, the exploration and development companies operating in the region are moving toward deepwater plays to respond to the upscaled demand for oil and gas resources, which can drive the offshore vessel market growth significantly.
- Many producers have recently been successful in their offshore exploration attempts. For example, in August 2022, Hess Corporation announced that the company made an oil discovery in the Gulf of Mexico in an area that hosts the company's Stampede offshore production platform.
- Further, in January 2023, Talos Energy announced that the company had made two deepwater Gulf of Mexico discoveries, both of which contained oil and natural gas, during drilling operations in late 2022.
- Because of these discoveries, there is likely to be a lot of production in the deep waters of the region in the near future, and offshore vessel providers are likely to get more requests in the near future.
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Offshore Support Vessels Industry Overview
The offshore support vessel market is moderately fragmented. The key players in this market (in no particular order) include Tidewater Inc., Bourbon Corporation SA, Seacor Marine Holdings Inc., Maersk Supply Service A/S, and Solstad Offshore ASA.
Offshore Support Vessels Market Leaders
Maersk Supply Service A/S
Bourbon Corporation SA
Seacor Marine Holdings Inc.
Solstad Offshore ASA
*Disclaimer: Major Players sorted in no particular order
Offshore Support Vessels Market News
- March 2022: Norway-based Island Offshore was awarded new support vessel contracts worth NOK 500 million. The contracts include platform supply vessels, anchor handling tug supply (AHTS) vessels, and light well intervention vessels. The contract will be executed this year only.
- March 2022: Havila Shipping bagged a contract for the offshore construction vessel Havila Phoenix from Nexans Norway. The vessel will be in service until the end of October 2022.
Offshore Support Vessels Market Report - Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Anchor Handling Tug/Anchor Handling Towing Supply Vessels (AHT/AHTSs)
5.1.2 Platform Supply Vessels (PSVs)
5.1.3 Other Types
5.2.1 North America
5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Bourbon Corporation SA
6.3.2 Maersk Supply Service AS
6.3.3 Seacor Marine Holdings Inc.
6.3.4 Edison Chouest Offshore LLC
6.3.5 Swire Pacific Limited
6.3.6 Tidewater Inc.
6.3.7 Harvey Gulf International Marine LLC
6.3.8 Solstad Offshore ASA
6.3.9 Hornbeck Offshore Services Inc.
6.3.10 PACC Offshore Services Holdings Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Offshore Support Vessels Market Research FAQs
What is the study period of this market?
The Offshore Support Vessels Market is studied from 2018 - 2028.
What is the growth rate of Offshore Support Vessels Market?
The Offshore Support Vessels Market is growing at a CAGR of >4.5% over the next 5 years.
What is Offshore Support Vessels Market size in 2018?
The Offshore Support Vessels Market is valued at 19 Billion USD in 2018.
What is Offshore Support Vessels Market size in 2028?
The Offshore Support Vessels Market is valued at 28 Billion USD in 2028.
Which region has highest growth rate in Offshore Support Vessels Market?
North America is growing at the highest CAGR over 2021 - 2026.
Which region has largest share in Offshore Support Vessels Market?
North America holds highest share in 2022.
Who are the key players in Offshore Support Vessels Market?
Tidewater Inc., Maersk Supply Service A/S, Bourbon Corporation SA, Seacor Marine Holdings Inc., Solstad Offshore ASA are the major companies operating in Offshore Support Vessels Market.
Offshore Support Vessels Industry Report
Statistics for the 2023 Offshore Support Vessels market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Offshore Support Vessels analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.