Offshore Support Vessels Market

SKU: DM2519 | Last Updated On: Sep 01 2022 | Available Formats

> Global Offshore Support Vessels Market Expected to reach a high CAGR of 7.1% By 2029: DataM Intelligence

Global Offshore Support Vessels Market is segmented By Type (Platform Supply Vessels (PSVs), Accommodation Ships, Anchor Handling Tug Vessel (AHTV), Seismic Vessel, Well Intervention Vessel), By Application (Oil Exploration and Drilling, Offshore Wind), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Market Overview

[150 Pages Report] The Global Offshore Support Vessels Market is expected to grow at a high CAGR of 7.1% during the forecasting period (2022-2029).

Offshore Support Vessels Market - Strategic Insights

Metrics

Details

Market CAGR

 7.1%

Segments Covered

By Type, By Application and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Offshore support vessels are designed to accomplish various tasks, including transferring medium to large loads required in offshore operations. The offshore support vessels are used to provide support and transportation in the oil exploration and construction work. Support vessels can be available from lengths of 50 to 100 meters for performing various tasks, including providing essential supplies to the excavation and construction units located on the high seas. Support vessels have some crucial advantages as they provide comfortable accommodation, transiting and relieving crewing personnel, proper logistics onboard service, maneuvering systems, and dive support systems at sea level.

Market Dynamics

The market is driven by the rising demand for offshore support vessels for oil and gas exploration activities, raising liquefied natural gas (LNG) demand, and increasing investment in the renewable sector worldwide. According to the International Gas Union Report in 2019, the global LNG trade increased by 13%, with a unit of 40.9 MT increasing to 354.7 MT compared to 2018. The offshore support vessels play a vital role in LNG exploration; the organization also stated that the global LNG fleet consists of 541 active vessels in 2019. Similarly, the global nominal regasification capacity has increased to 826 MTPA by February 2020, which propels the offshore support vessel's demand worldwide.

A rise in the launch of new innovative next-generation design implemented offshore support vessels for the oil and gas industry may create a huge opportunity for this market's growth. For instance, on 28th Feb 2019, Havila Shipping Company has been implemented Rolls-Royce’s next-generation Energy Management System for nine offshore vessels, including four platform supply vessels (PSV), and four anchor handling tug supply (AHTS) ships, and one rescue and recovery vessel (RRV).

Segment Analysis

The global offshore support vessels market is segmented based on type, application, and region.

In terms of type, the global offshore support vessels market is bifurcated into platform supply vessels (PSVS), Accommodation Ships, Anchor Handling Tug Vessel (AHTV), Seismic vessels, and Well intervention vessels. This platform supply vessel (PSV) segment has the highest share in 2019 due to good stability, fast lead time, handy vessel, ease of maintenance, and strong adaptability in any field. This vessel has substantial usage in drilling rig platforms to help in the oil excavation operations. According to the DNV GL’s Energy Transition Outlook, onshore oil production is projected to double to around 22 million barrels per day (Mbpd) by 2035.

Similarly, Accommodation ships, Anchor Handling tug vessels (AHTV), Seismic Vessels, and Well intervention vessel segments are also growing faster due to rising oil exploration and wind energy production activities establishments sea for creating wind farms for electricity supply. For instance, on 29th July 2019, March 2020, Scotland has been built the largest offshore wind farm, which was officially opened. The project has a capacity of 588MW, costing Euro 2.65bn for electricity generation.

The global offshore support vessels are segmented into oil exploration and drilling and offshore wind, depending on the application. Among these, the oil exploration and drilling segment had the highest market share in 2019. This growth is anticipated due to the rise in oil exploration and production activities from developing regions like China, India, and the Middle East Countries. According to the Organization of the Petroleum Exporting Countries, overall, half of the global refinery capacity of oil and natural gases, 9.5 million barrels per day, has been added from the Asia-Pacific and Middle East regions. Thus for oil exploration, the offshore support vessels have substantial use to handle various tank loads of different capacities.

Similarly, offshore wind segments are also growing faster due to the increasing demand for electricity with renewable energy sources like wind farms at sea level. Europe has planned to establish huge, floating offshore wind turbines at sea. According to the trade body WindEurope in 2019, the average size of offshore turbines installed was 7.8 MW. International Consortium of Investigative Journalists Organization’s report states that countries like Germany, Spain, Norway, France, and Denmark have aimed to reduce floating offshore wind energy production costs. Thus to build such a huge infrastructure of wind energy turbines and other components, the offshore support vessels play a vital role in transport and accommodation.

Geographical Presentation

By region, the global offshore support vessels market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. The Asia Pacific is the dominating region for the global offshore support vessels market among all of the regions. It is expected to grow at the highest CAGR during the forecasted period due to growing oil exploration and production countries with surge demand followed by the North American region. Furthermore, Asia Pacific countries have huge container traffic, which requires offshore support vessels to move the container loads. As per the United Nations Conference on Trade and Development (UNCTAD) in 2018, the container port traffic in Asian Countries was 64%, whereas in Europe and North America was 16% and 8%. This organization also stated that the Asian Countries are responsible for almost 90% of ship manufacturing, whereas China leads with around 40% of ship production. Furthermore, the offshore support vessels have huge demand at different ports to handle the containers for import-export activities.

The North American region is expected to have positive market growth due to advanced technology and high petroleum demand for automotive vehicles. According to the API Petroleum Statistical Data in 2020, the U.S. petroleum demand for gasoline vehicles was around 2.0 million barrels per day (mb/d) which propels the oil and gas exploration activities. With the surge in the oil & gas exploration activities, the offshore support vessels help handle and transport the components, and machinery at sea level.

Competitive Analysis

The global Offshore support vessels market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Swire Group, Tidewater, ExxonMobil, Havila Shipping, Hornbeck Offshore Services, Siem Offshore, The Maersk Group, Seacor Marine LLC, Bourbon, and Solstad Offshore ASA are the leading market players with significant market share.

Major players are launching new projects with advanced technology offshore support vessels for industrial, oil & gas exploration. For instance, in December 2019, ExxonMobil reported that Mako-1 encountered an oil-bearing sandstone reservoir of approximately 164 feet (50 meters) of high quality. The oil reservoir was located approximately six miles (10 kilometers) southeast of the Liza field.

Companies are entering into collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 4th March 2020, JFLCO Company had been completed the acquisition of a global marine group for around USD 99 million. Furthermore, on 8th Jan 2020, Shearwater Company has been completed a long-term marine and strategic vessel transaction with CGG Company's acquisition. They both made a five-year capacity service agreement to the takeover of five high-end seismic vessels.

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