North America Offshore Support Vessels Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Vessel Type (Anchor Handling Tug Vessel (AHTV), Platform Supply Vessels (PSVs) and Other Types) and Geography (United States, Canada and Mexico)

Market Snapshot

North America Offshore Support Vessels - Market Summary
Study Period:

2016 - 2026

Base Year:

2020

CAGR:

>2 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The North America offshore support vessels market is expected to grow at a CAGR of over 2% during the forecast period of 2020-2025. Factors such as less period of investment return from offshore are likely to drive North America offshore support vessels market. However, a recent trend shift to dynamic positioning drilling systems is expected to negatively impact the North America offshore support vessels market.

  • The Platform Supply Vessels (PSVs) held a significant market share, in 2019, due to the increasing number of activities in oil & gas and renewable sectors, and it is likely to dominate the market.
  • The upcoming offshore wind farm projects in countries such as the United States and Canada are likely to provide opportunities for the North America offshore support vessels market in the future.
  • The United States is expected to dominate the North America offshore supply vessels market, in 2019, due to the recent offshore activities and increasing shale production. 

Scope of the report

The North America offshore support vessels market report include:

Report scope can be customized per your requirements. Click here.

Key Market Trends

Platform Supply Vessels (PSVs) Segment to Dominate the Market

  • Platform Supply Vessels (PSVs) are the offshore vessels used for transferring equipment, crew, and other goods to the offshore drilling platform. In 2014 after falling in oil prices, offshore support vessels market slowed down, but as the oil prices began to rise, the offshore support vessel market also gained its pace.
  • In 2018, Chevron Corporation and Total S.A started the exploration phase in the Ballymore oil field in the Gulf of Mexico and encountered oil. In the 2019 appraisal phase was started, and soon, the project is expected to start its development phase, which includes drilling several numbers of wells. This project contains several offshore activities and is likely to require heavy equipment that can be transferred by platform supply vessels (PSVs).
  • In 2019, the Canadian Government approved the plan of China National Offshore Oil Corporation (CNOOC) for exploration in the Flemish Pass Basin, 400 kilometers east of St John's, Newfoundland, and Labrador. The project is expected to start in 2020 and is likely to be complete by 2028. In these eight years, CNOOC is expected to drill ten exploratory wells in the region. These activities in Canadian offshore are expected to require a large fleet of platform supply vessels (PSVs) for supplying crew and equipment to the rigs.
  • In February 2020, Eni S.p.A, an Italian company exploring offshore Mexico, announced its discovery in Saasken block in Sureste Basin. From preliminary exploration, the block contains 200 to 300 million barrels of oil and can produce up to 10000 barrels per day. The development of the block is expected to require heavy tools which can be transported by platform supply vessels (PSVs).
  • Therefore, owing to the above points, platform supply vessels (PSVs) are expected to dominate the North America offshore support vessels market during the forecast period.
North America Offshore Support Vessels Market- Offshore Support Vessel by Type

To understand key trends, Download Sample Report

United States to Dominate the Market

  • Deep-Water activities in the Gulf of Mexico has driven the North America offshore support vessels market and is likely to drive the market in the forecast period. Since in 2018, 16% of the oil and gas of the United States come from offshore activities and the trend is expected to continue over the forecast period.
  • In December 2019, Chevron Corporation announced to develop the Anchor Project in the Gulf of Mexico, which is expected to be the first deep-water and high-pressure project of the oil and gas industry. This project is likely to be needing advanced dilling technologies and is likely to create a demand of offshore support vessels in North America offshore support vessels market.
  • In December 2019, Total S.A announced to start front end engineering design (FEED) for its North Platte oil field, which is located offshore Louisiana. This project, in the future, is expected to require several heavy equipment and crew that can be delivered to the site by platform supply vessels (PSVs).
  • Hence, owing to the above points, the United States is expected to dominate North America offshore support vessels market during the forecast period.
North America Offshore Support Vessels Market Industry-  Offshore Rig Count

To understand geography trends, Download Sample Report

Competitive Landscape

The North America offshore support vessels market is moderately consolidated. Some of key players in this market include Edison Chouest Offshore, Tidewater Inc., Hornbeck Offshore Services, Inc., Harvey Gulf International Marine LLC, and Siem Offshore Inc., amongst others.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 North America Offshore Support Vessels Market Demand Forecast, in USD billion, till 2025

    3. 4.3 Active Offshore Rig Count Forecast, till 2025

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies and Regulations

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

      2. 4.6.2 Restraints

    7. 4.7 Supply Chain Analysis

    8. 4.8 Porter's Five Force Analysis

      1. 4.8.1 Bargaining Power of Suppliers

      2. 4.8.2 Bargaining Power of Consumers

      3. 4.8.3 Threat of New Entrants

      4. 4.8.4 Threat of Substitutes Products and Services

      5. 4.8.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGEMENTATION

    1. 5.1 Vessel Type

      1. 5.1.1 Anchor Handling Tug Vessel (AHTV)

      2. 5.1.2 Platform Supply Vessels (PSVs)

      3. 5.1.3 Other Types

    2. 5.2 Geography

      1. 5.2.1 United States

      2. 5.2.2 Canada

      3. 5.2.3 Mexico

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers, Acquisitions, Collaboration and Joint Ventures

    2. 6.2 Strategies Adopted by Key Players

    3. 6.3 Key Companies Profile

      1. 6.3.1 Edison Chouest Offshore

      2. 6.3.2 Tidewater Inc.

      3. 6.3.3 Hornbeck Offshore Services, Inc.

      4. 6.3.4 Harvey Gulf International Marine LLC

      5. 6.3.5 Otto Candies, LLC

      6. 6.3.6 GulfMark Offshore, Inc

      7. 6.3.7 SWIRE PAC LTD/REG SH A NPV

      8. 6.3.8 AP Moeller Maersk A/S Class B

      9. 6.3.9 SEACOR Marine Holdings Inc

      10. 6.3.10 Horizon Maritime Services Ltd.

      11. 6.3.11 Siem Offshore Inc.

  7. 7. MARKET OPPORTUNITIES and FUTURE TRENDS

**Subject to Availability

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The North America Offshore Support Vessels Market market is studied from 2016 - 2026.

The North America Offshore Support Vessels Market is growing at a CAGR of >2% over the next 5 years.

  • Edison Chouest Offshore
  • Tidewater Inc
  • Hornbeck Offshore Services, Inc
  • Harvey Gulf International Marine LLC
  • Siem Offshore Inc.

Are the major companies operating in North America Offshore Support Vessels Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!