Blog - Omg! The Best Offshore Support Vessels Market Ever!

2021-08-26

global energy demand is expected to rise by 4.6 percent, more than offsetting the 4 percent decline in 2020 and putting demand 0.5 percent

Increasing global energy demand coupled with growing investments in offshore wind farm construction 

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 in 2017 to 9.8 billion in 2050

As per the global energy 2021 review, In 2021, global energy demand is expected to rise by 4.6 percent, more than offsetting the 4 percent decline in 2020 and putting demand 0.5 percent higher than in 2019. Emerging markets are predicted to account for about 70% of the predicted increase in global energy demand and emerging markets, where demand is expected to climb by 3.4 percent in 2020 levels

The significant increase in energy demand is to be addressed by a variety of energy sources, including oil and gas, renewables, thermal, and nuclear power 

By the end of 2018, the globe still possessed 1,729.7 billion barrels of undiscovered oil reserves, as per the BP Statistical Review of 2019. The discovery of such deposits has increased the demand for good drilling and production activities, which has aided the expansion of the offshore support vessel industry

Furthermore, offshore winds blow more uniformly than land winds, and 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

China is also expected to play a significant role in the long-term expansion of offshore wind, driven by initiatives to reduce air pollution. Because offshore wind farms may be erected near large population centers spread across China's east and south, the technology is particularly appealing. China is expected to have the largest offshore wind fleet of any country by 2025, surpassing the United Kingdom

Rising demand for dynamic positioning (DP) systems in marine vessels coupled with technological advancement in machine manufacturing

A Dynamic Positioning Ship is extremely useful in monitoring natural events offshore and assisting ships in maintaining their location in the deep sea by pinpointing wind and wave data that might otherwise cause a ship to lose control and wander off course. Furthermore, Dynamic Positioning eliminates the need for anchors to maintain a ship's course in deep waters, allowing it to focus on its primary mission.

Thus increasing the integration of dynamic positioning systems in ships is more likely to create opportunities for offshore vessels to grow in the forecast period

Furthermore, During the projected period, the dynamic positioning system market in the Asia Pacific is expected to increase significantly. With expanding seaborne trade in the region, the rise of the shipbuilding sector in the Asia Pacific is one of the most important elements contributing to the need for ships

Additional factors supporting the growth of the dynamic positioning system market in the Asia Pacific include increased investments in the offshore shipping industry and increased recreational water activities in New Zealand

For instance, in August 2019, ABB added dynamic positioning 2 (DP2) functionality to ABB Ability™ Marine Pilot Control. The solution is designed that enhance vessel command execution and enable operators to focus on safer maneuvering

In addition, due to changing requirements and the necessity for upgrades, DP-1 vessels are nearing the end of their service life and are only employed as crew supply vessels. The DP-2 and DP-3 vessels are becoming more popular in PSVs and are gaining market share. One example of a technology update that allows vessels to work in difficult conditions is the evolution of DP vessels

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