The industry is estimated to grow from $39.4 billion in 2014 to $69.34 billion by the end of 2020 at a CAGR of 9.88%. Asia Pacific region is one of the fastest growing markets with the market estimated to be $9.7 billion by 2020.
Offshore supply vessels are the lifeblood of all offshore operations. Their demand fluctuates with the performance of the offshore sector, and in unison with global economic conditions. As in the case of other oil and gas industries, the offshore supply vessel industry has its own challenges. However, with the introduction of new technologies and regulations, the market is expected to achieve significant growth in the coming decade.
The primary function of offshore support vessels is to deliver goods, food, personnel, and other miscellaneous things to the field from shore. There has been a significant evolution of offshore support vessels in terms of reliability, diversification, and in their worldwide operation and water depth capabilities. The different categories of offshore support vessels available today are increasing with an increase in technological sophistication.
As oil and gas explorations move towards deeper waters, multi-functional offshore support vessels are now called upon to perform different tasks, and have created various niches or categories within the market. Present day offshore support vessels are equipped with increased cargo capacity, panoramic navigation bridge visibility, large accommodation spaces, enhanced crew amenities and state-of-the-art propulsion and automation systems.
Anchor Handling Towing Vessels forms the majority part of the market with 56% of the market share which is followed by platform support vessels. Vessels designed for inspection, maintenance and repair are generally equipped with large accommodation spaces, heavy lift cranes, helidecks and streamlined bow forms for operation in harsh environments. Vessels specialized for multi-tasking carry out maintenance and repair operations on platform facilities as well as subsea pipelines and equipment.
Most promising regions for OSV market are the Gulf of Mexico, Brazil, West Africa, the North Sea, South East Asia, the Middle East and Asia. Mordor Intelligence estimates that major part of the demand will be for AHTS, PSVs, and seismic research vessels.
Efforts are now underway globally to explore new areas for oil and gas in view of decreasing reserves. Operators and explorers are now moving into much deeper seas, where the use of subsea systems is prominent. Factors such as declining oil and gas reserves, increasing energy demand, and growth in subsea exploration activities are driving the market. On the flip side, environmental barriers such as occasions when the operators are forced to work in harsh environments, high initial costs, volatile oil prices and lack of skilled labor are constraining the growth of the market.
The report analyzes the Market Definition for offshore support vessels along with identification of key drivers and restraints for the market. Identification and analysis of macro and micro factors affecting the global offshore support vessels market, with region specific assessments and competition analysis on a global and regional scale have been carried out. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies which can influence the market on a global and regional scale have been discussed in detail. An extensively researched competitive landscape section includes the profiles of major companies along with their market share, analysis of their current strategic interests and their key financial information.