Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Global Forecast to 2023

The global offshore support vessel market was valued at USD 19.21 Billion in 2017; it is projected to reach USD 25.66 Billion by 2023, growing at a CAGR of 5.04%, from 2018 to 2023. Deepwater production and exploration activities in Europe and Middle East would boost the growth of the offshore support vessel market. The growth in deployment of offshore wind farms in countries such as China and the US would drive the offshore support vessel, for installation, maintenance, and during the replacement of offshore wind turbines.

This report segments the offshore support vessel market on the basis of type, application, end-user, and region. The years considered for the study are as follows:

• Base Year: 2017
• Estimated Year: 2018
• Projected Year: 2023
• Forecast Period: 2018–2023

The base year considered for company profiles is 2017. Whenever information was unavailable for the base year, the prior year has been considered.

Objectives of the study

• To define, describe, and forecast the offshore support vessel market, in terms of value, segmented on the basis of type, application, end-user, and region
• To provide detailed information about the major factors influencing the market growth (drivers, restraints, opportunities, and industry-specific challenges)
• To estimate the size of the global offshore support vessel market in terms of value, for segments with respect to six main regions, namely, Asia-Pacific, Europe, North America, South America, the Middle East, and Africa
• To study the individual growth trends of the offshore support vessel providers and their future trends, and analyze key contributors in this market
• To strategically analyze micro-markets with respect to individual growth trends, future prospects, and contribution to the total market
• To track and analyze competitive developments, such as contracts & agreements, joint ventures, mergers & acquisitions, and  new product launches in the offshore support vessel market
• To strategically profile key market players and comprehensively analyze their market position and core competencies

Research Methodology

This research study involved the use of extensive secondary sources, directories, and databases, such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource to identify and collect information useful for a technical, market-oriented, and commercial study of the offshore support vessel market. Primary sources are mainly industry experts from the core and related industries, suppliers, manufacturers, service providers, standards and certification organizations of companies, and organizations related to all the segments of this industry’s value chain. The points below explain the research methodology.

• Study of annual revenues and market developments of the major players that provide offshore support vessel market solutions
• Assessment of future trends and growth of offshore support vessel market on the basis of process and application
• Assessment of the offshore support vessel market with respect to the technology used for different applications
• Study of contracts & developments related to the offshore support vessel market by key players across different regions
• Finalization of the overall market sizes by triangulating the supply-side data, which includes product launches, supply chain, and annual revenues of companies supplying offshore support vessels across the globe

After arriving at the overall market size, the total market has been split into several segments and subsegments. The figure below illustrates the breakdown of primaries conducted during the research study on the basis of the company type, designation, and region.

To know about the assumptions considered for the study, download the pdf brochure

Key players in the offshore support vessel market include  Seacor Marine, (US), Edison Chouest Offshore (US), Harvey Gulf International Marine (US), Tidewater (US), Bourbon (France), Swire Group (UK), The Maersk Group (Denmark), and Siem Offshore (Norway).

Target Audience

The report’s target audience includes:

• Associations and industry bodies
• Consulting companies dealing with the offshore support vessel industry
• Offshore logistics and ship authorities
• Offshore platform operators
• Offshore support vessel manufacturers  and suppliers
• Offshore support vessel operators
• Oil & gas companies
• Wind farm owners, operators, and developers
• Offshore wind turbine manufacturers

Scope of the report

By Type

• Anchor-handling tug supply vessels
• Platform supply vessels
• Multipurpose supply vessels
• Emergency response/standby and rescue vessels
• Crew vessels
• Chase vessels
• Seismic vessels
• Others

By Application

• Shallow water
• Deepwater

By End-User

• Oil & Gas
• Offshore Wind

By Region

• Asia-Pacific
• North America
• South America
• Europe
• Africa
• Middle East

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the client’s needs. The following customization options are available for the report:

Regional Analysis

• Further breakdown of region-/country-specific analysis

Company Information

• Detailed analysis and profiling of additional market players (up to 5)

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Regional Scope
           1.3.3 Years Considered for the Study
    1.4 Currency
    1.5 Stakeholders

2 Research Methodology (Page No. - 20)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions
    2.5 Limitations

3 Executive Summary (Page No. - 28)

4 Premium Insights (Page No. - 33)
    4.1 Attractive Market Opportunities in the Offshore Support Vessel Market
    4.2 Offshore Support Vessel Market, By Country
    4.3 Offshore Support Vessel Market, By End-User
    4.4 Offshore Support Vessel Market, By Type
    4.5 Asia Pacific Offshore Support Vessel Market: Application vs Country
    4.6 Offshore Support Vessel Market, By Application

5 Market Overview (Page No. - 38)
    5.1 Introduction
           5.1.1 Drivers
                    5.1.1.1 Investments in Offshore Oil & Gas and Renewable Sectors
           5.1.2 Restraints
                    5.1.2.1 Capital-Intensive Market
                    5.1.2.2 Oversupply of Offshore Vessels
           5.1.3 Opportunities
                    5.1.3.1 Aging of Offshore Infrastructure Leading to Replacement and Decommissions
                    5.1.3.2 Increased Exploration Actives in Ultra-Deep Water and Artic Region
           5.1.4 Challenges
                    5.1.4.1 High Operational Risks
                    5.1.4.2 Governmental Regulations for Offshore Activities in Key Regions

6 Offshore Support Vessel Market, By Type (Page No. - 47)
    6.1 Introduction
    6.2 Volume & Value Market Analysis
           6.2.1 By Volume
           6.2.2 By Value
    6.3 Anchor Handling Tug Supply Vessel (AHTS)
           6.3.1 By Volume
           6.3.2 By Value
    6.4 Platform Supply Vessel (PSV)
           6.4.1 By Volume
           6.4.2 By Value
    6.5 Multipurpose Support Vessel (MPSV)
           6.5.1 By Volume
           6.5.2 By Value
    6.6 Standby & Rescue Vessel
           6.6.1 By Volume
           6.6.2 By Value
    6.7 Crew Vessel
           6.7.1 By Volume
           6.7.2 By Value
    6.8 Seismic Vessel
           6.8.1 By Volume
           6.8.2 By Value
    6.9 Chase Vessel
           6.9.1 By Volume
           6.9.2 By Value
    6.10 Others
           6.10.1 By Volume
           6.10.2 By Value

7 Offshore Support Vessel Market, By Application (Page No. - 67)
    7.1 Introduction
    7.2 Shallow Water
    7.3 Deepwater

8 Offshore Support Vessel Market, By End-User (Page No. - 71)
    8.1 Introduction
    8.2 Oil & Gas
    8.3 Offshore Wind

9 Offshore Support Vessel Market, By Region (Page No. - 76)
    9.1 Introduction
    9.2 Volume & Value Market Analysis
           9.2.1 By Volume
           9.2.2 By Value
    9.3 Asia Pacific
           9.3.1 By Vessel Type
                    9.3.1.1 By Volume
                    9.3.1.2 By Value
           9.3.2 By Application
           9.3.3 By End-User
           9.3.4 By Country
                    9.3.4.1 India
                    9.3.4.2 China
                    9.3.4.3 Thailand
                    9.3.4.4 Malaysia
                    9.3.4.5 Vietnam
                    9.3.4.6 Rest of Asia Pacific
    9.4 North America
           9.4.1 By Vessel Type
                    9.4.1.1 By Volume
                    9.4.1.2 By Value
           9.4.2 By Application
           9.4.3 By End-User
           9.4.4 By Country
                    9.4.4.1 US
                    9.4.4.2 Canada
                    9.4.4.3 Mexico
    9.5 South America
           9.5.1 By Vessel Type
                    9.5.1.1 By Volume
                    9.5.1.2 By Value
           9.5.2 By Application
           9.5.3 By End-User
           9.5.4 By Country
                    9.5.4.1 Brazil
                    9.5.4.2 Venezuela
                    9.5.4.3 Rest of South America
    9.6 Europe
           9.6.1 By Vessel Type
                    9.6.1.1 By Volume
                    9.6.1.2 By Value
           9.6.2 By Application
           9.6.3 By End-User
           9.6.4 By Country
                    9.6.4.1 Norway
                    9.6.4.2 UK
                    9.6.4.3 Netherlands
                    9.6.4.4 Rest of Europe
    9.7 Middle East
           9.7.1 By Vessel Type
                    9.7.1.1 By Volume
                    9.7.1.2 By Value
           9.7.2 By Application
           9.7.3 By End-User
           9.7.4 By Country
                    9.7.4.1 Saudi Arabia
                    9.7.4.2 UAE
                    9.7.4.3 Qatar
                    9.7.4.4 Rest of the Middle East
    9.8 Africa
           9.8.1 By Vessel Type
                    9.8.1.1 By Volume
                    9.8.1.2 By Value
           9.8.2 By Application
           9.8.3 By End-User
           9.8.4 By Country
                    9.8.4.1 Nigeria
                    9.8.4.2 Angola
                    9.8.4.3 Rest of Africa

10 Competitive Landscape (Page No. - 116)
     10.1 Introduction
     10.2 Market Ranking Analysis, 2016
     10.3 Competitive Scenario
             10.3.1 New Product Developments
             10.3.2 Investments & Expansions
             10.3.3 Mergers & Acquisitions
             10.3.4 Contracts & Agreements
             10.3.5 Others (Partnerships/Collaborations/Joint Ventures)

11 Company Profiles (Page No. - 121)
     11.1 Benchmarking
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
     11.2 Bourbon
     11.3 Maersk
     11.4 Seacor Marine
     11.5 Tidewater
     11.6 SIEM Offshore
     11.7 Grupo CBO
     11.8 Gulfmark
     11.9 Havila
     11.10 Solstad
     11.11 Swire
     11.12 Tayrona Offshore
     11.13 Vroon Group

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 175)
     12.1 Insights of Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Introducing RT: Real-Time Market Intelligence
     12.5 Available Customizations
     12.6 Related Reports
     12.7 Author Details

List of Tables (103 Tables)

Table 1 Global Offshore Support Vessel Market Snapshot
Table 2 Major Offshore Projects & Contracts
Table 3 Cabotage Laws for Offshore Activities
Table 4 Supply Side: Offshore Vessel Market Size, By Type, 2016-2023 (Units)
Table 5 Demand Side: Offshore Vessel Market Size, By Type, 2016-2023 (Units)
Table 6 Offshore Support Vessel Market Size, By Type, 2016–2023 (USD Million)
Table 7 Supply Side: Anchor Handling Tug Supply Vessel (AHTS) Market Size, By Region, 2016-2023 (Units)
Table 8 Demand Side: Anchor Handling Tug Supply Vessel (AHTS) Market Size, By Region, 2016-2023 (Units)
Table 9 Anchor Handling Tug Supply Vessel: Offshore Support Vessel Market Size, By Region, 2016-2023 (USD Million)
Table 10 Supply Side: Platform Supply Vessel (PSV) Market Size, By Region, 2016-2023 (Units)
Table 11 Demand Side: Platform Supply Vessel (PSV) Market Size, By Region, 2016-2023 (Units)
Table 12 Platform Supply Vessel (PSV): Offshore Support Vessel Market Size, By Region, 2016-2023 (USD Million)
Table 13 Supply Side: Multipurpose Support Vessel (MPSV) Market Size, By Region, 2016-2023 (Units)
Table 14 Demand Side: Multipurpose Support Vessel (MPSV) Market Size, By Region, 2016-2023 (Units)
Table 15 Multipurpose Support Vessel (MPSV) Market: Offshore Support Vessel Market Size, By Region, 2016-2023 (USD Million)
Table 16 Supply Side: Standby & Rescue Vessel Market Size, By Region, 2016-2023 (Units)
Table 17 Demand Side: Standby & Rescue Vessel Market Size, By Region, 2016-2023 (Units)
Table 18 Standby & Rescue Vessel: Offshore Support Vessel Market Size, By Region, 2016-2023 (USD Million)
Table 19 Supply Side: Crew Vessel Market Size, By Region, 2016-2023 (Units)
Table 20 Demand Side: Crew Vessel Market Size, By Region, 2016-2023 (Units)
Table 21 Crew Vessel: Offshore Support Vessel Market Size, By Region, 2016-2023 (USD Million)
Table 22 Supply Side: Seismic Vessel Market Size, By Region, 2016-2023 (Units)
Table 23 Demand Side: Seismic Vessel Market Size, By Region, 2016-2023 (Units)
Table 24 Seismic Vessel: Offshore Support Vessel Market Size, By Region, 2016-2023 (USD Million)
Table 25 Supply Side: Chase Vessel Market Size, By Region, 2016-2023 (Units)
Table 26 Demand Side: Chase Vessel Market Size, By Region, 2016-2023 (Units)
Table 27 Chase Vessel: Offshore Support Vessel Market Size, By Region, 2016-2023 (USD Million)
Table 28 Supply Side: Other Offshore Support Vessel Market Size, By Region, 2016-2023 (Units)
Table 29 Demand Side: Other Offshore Support Vessel Market Size, By Region, 2016-2023 (Units)
Table 30 Others: Offshore Support Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 31 Offshore Support Vessel Market Size, By Application, 2016–2023 (USD Million)
Table 32 Shallow Water: Offshore Support Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 33 Deepwater: Offshore Support Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 34 Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 35 Oil & Gas: Offshore Support Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 36 Offshore Wind: Offshore Support Vessel Market Size, By Region, 2016–2023 (USD Million)
Table 37 Supply Side: Offshore Support Vessel Market Size, By Region, 2016–2023 (Units)
Table 38 Demand Side: Offshore Support Vessel Market Size, By Region, 2016–2023 (Units)
Table 39 Offshore Support Vessel Market Size, 2016–2023 (USD Million)
Table 40 Supply Side: Asia Pacific Offshore Support Vessel Market Size, By Type, 2016-2023 (Units)
Table 41 Demand Side: Asia Pacific Offshore Support Vessel Market Size, By Type, 2016-2023 (Units)
Table 42 Asia Pacific: Offshore Support Vessel Market Size, By Type, 2016–2023 (USD Million)
Table 43 Asia Pacific: Offshore Support Vessel Market Size, By Application, 2016–2023 (USD Million)
Table 44 Asia Pacific: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 45 Asia Pacific: Offshore Support Vessel Market Size, By Country, 2016–2023 (USD Million)
Table 46 India: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 47 China: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 48 Thailand: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 49 Malaysia: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 50 Vietnam: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 51 Rest of Asia Pacific: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 52 Supply Side: North America Offshore Support Vessel Market Size, By Type, 2016–2023 (Units)
Table 53 Demand Side: North America Offshore Support Vessel Market Size, By Type, 2016–2023 (Units)
Table 54 North America: Offshore Support Vessel Market Size, By Type, 2016–2023 (USD Million)
Table 55 North America: Offshore Support Vessel Market Size, By Application, 2016–2023 (USD Million)
Table 56 North America: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 57 North America: Offshore Support Vessel Market Size, By Country, 2016–2023 (USD Million)
Table 58 US: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 59 Canada: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 60 Mexico: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 61 Supply Side: South America Offshore Support Vessel Market Size, By Type, 2016-2023 (Units)
Table 62 Demand Side: South America Offshore Support Vessel Market Size, By Type, 2016-2023 (Units)
Table 63 South America: Offshore Support Vessel Market Size, By Type, 2016–2023 (USD Million)
Table 64 South America: Offshore Support Vessel Market Size, By Application, 2016–2023 (USD Million)
Table 65 South America: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 66 South America: Offshore Support Vessel Market Size, By Country, 2016–2023 (USD Million)
Table 67 Brazil: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 68 Venezuela: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 69 Rest of South America: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 70 Supply Side: Europe Offshore Support Vessel Market Size, By Type, 2016-2023 (Units)
Table 71 Demand Side: Europe Offshore Support Vessel Market Size, By Type, 2016-2023 (Units)
Table 72 Europe: Offshore Support Vessel Market Size, By Type, 2016–2023 (USD Million)
Table 73 Europe: Offshore Support Vessel Market Size, By Application, 2016–2023 (USD Million)
Table 74 Europe: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 75 South America: Offshore Support Vessel Market Size, By Country, 2016–2023 (USD Million)
Table 76 Norway: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 77 UK: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 78 Netherlands: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 79 Rest of Europe: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 80 Supply Side: Middle East Offshore Support Vessel Market Size, By Type, 2016-2023 (Units)
Table 81 Demand Side: Middle East Offshore Support Vessel Market Size, By Type, 2016-2023 (Units)
Table 82 Middle East: Offshore Support Vessel Market Size, By Type, 2016–2023 (USD Million)
Table 83 Middle East: Offshore Support Vessel Market Size, By Application, 2016–2023 (USD Million)
Table 84 Middle East: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 85 Middle East: Offshore Support Vessel Market Size, By Country, 2016–2023 (USD Million)
Table 86 South Arabia: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 87 UAE: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 88 Qatar: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 89 Rest of the Middle East: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 90 Supply Side: Africa Offshore Support Vessel Market Size, By Type, 2016-2023 (Units)
Table 91 Demand Side: Africa Offshore Support Vessel Market Size, By Type, 2016-2023 (Units)
Table 92 Africa: Offshore Support Vessel Market Size, By Type, 2016–2023 (USD Million)
Table 93 Africa: Offshore Support Vessel Market Size, By Application, 2016–2023 (USD Million)
Table 94 Africa: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 95 Africa: Offshore Support Vessel Market Size, By Country, 2016–2023 (USD Million)
Table 96 Nigeria: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 97 Angola: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 98 Rest of Africa: Offshore Support Vessel Market Size, By End-User, 2016–2023 (USD Million)
Table 99 New Product Developments, 2014–2018
Table 100 Investments & Expansions, 2015–2016
Table 101 Mergers & Acquisitions, 2016
Table 102 Contracts & Agreements, 2017
Table 103 Others (Partnerships/Collaborations/Joint Ventures), 2016–2018

List of Figures (43 Figures)

Figure 1 Markets Covered: Offshore Support Vessel Market
Figure 2 Offshore Support Vessels Market: Research Design
Figure 3 Breakdown of Primary Interviews: By Company Type, Designation, & Region
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Data Triangulation Methodology
Figure 7 Asia Pacific Dominated the Offshore Support Vessel Market in 2017
Figure 8 Anchor Handling Tug Supply (AHTS) Segment is Expected to Dominate the Offshore Support Vessel Market During the Forecast Period
Figure 9 Shallow Water Segment to Dominated the Offshore Support Vessel Market During the Forecast Period
Figure 10 Oil & Gas End-User Segment to Dominate the Offshore Support Vessel Market During the Forecast Period
Figure 11 Robust Investments in the Offshore Oil & Gas and Renewable Sector is Driving the Offshore Support Vessel Market During the Forecast Period
Figure 12 China is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 13 Offshore Wind Segment is Expected to Grow at the Highest Rate During the Forecast Period
Figure 14 Anchor Handling Tug Supply (AHTS) Segment is Expected to Dominate the Offshore Support Vessel Market, During the Forecast Period
Figure 15 Shallow Offshore Support Vessel Segment Held the Largest Market Share in 2017
Figure 16 Offshore Support Vessel Market Share (Value), By Application, 2018–2023
Figure 17 Offshore Support Vessel Market: Drivers, Restraints, Opportunities, & Challenges
Figure 18 Europe’s Cumulative Installed Offshore Wind Capacity (2010–2017)
Figure 19 Cumulative Installed Capacity Share By Sea Basin (2010–2017)
Figure 20 Average Day Rates Per Supply Dead Weight Tonnage
Figure 21 West Texas Intermediate (WTI) Crude Oil Price, 2013–2017
Figure 22 Average Utilization Rate Per Supply DWT
Figure 23 Platform Supply Vessel to Rigs Ratio
Figure 24 Anchor Handling Tug Supply Vessel (AHTS) is Estimated to Be the Largest Segment for the Offshore Support Vessel Market, By Type, in 2018 (Value)
Figure 25 Shallow Water is Estimated to Be the Largest Segment for the Offshore Support Vessel Market, 2018–2023
Figure 26 Oil & Gas Segment is Expected to Have the Largest Market Share During the Forecast Period (Value)
Figure 27 North America is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 28 Asia Pacific Was the Largest Market for Offshore Support Vessels, By Region, 2017 (Value)
Figure 29 Asia Pacific: Market Snapshot
Figure 30 The US Accounted for the Largest Market Share in North America in 2017
Figure 31 Europe: Market Snapshot
Figure 32 Key Developments in the Offshore Support Vessel Market, January 2014–March 2018
Figure 33 Market Shares of the Major Players in the Offshore Support Vessel Market, By Value, 2016
Figure 34 Bourbon: Company Snapshot
Figure 35 Maersk: Company Snapshot
Figure 36 Seacor: Company Snapshot
Figure 37 Tidewater: Company Snapshot
Figure 38 SIEM: Company Snapshot
Figure 39 Grupo CBO: Company Snapshot
Figure 40 Gulfmark: Company Snapshot
Figure 41 Havila: Company Snapshot
Figure 42 Solstad: Company Snapshot
Figure 43 Swire: Company Snapshot

The global offshore support vessel market is expected to grow at a CAGR of 5.04%, from 2018 to 2023, to reach a market size of USD 25.66 Billion by 2023. This growth is attributed to the increasing focus on oil & gas production at offshore fields. The aging infrastructure leading to replacement and decommissioning offers lucrative opportunities for market players in the coming five years.

The report segments the offshore support vessel market, on the basis of type, into anchor-handling tug supply (AHTS) vessels, platform supply vessels (PSVs), multipurpose supply vessels (MPSVs), standby and rescue vessels, crew vessels, chase vessels, and seismic vessels. The AHTS vessels segment is estimated to have the largest market share in 2018, and is driven by the demand from Asia-Pacific, Europe America, and Africa. The market for offshore supply vessels, especially AHTS vessels and PSVs, is heavily oversupplied, and there is a need to address this imbalance on the supply side in order to improve utilization and vessel rates in the current low oil price environment.

The global offshore support vessel market, by application, has been segmented into shallow water and deepwater, with the shallow water segment growing at a faster pace. The shallow water segment was the largest market owing to its lower operational costs. As soon as oil prices recover, shallow water projects are expected to be the first to see an improved demand for vessels. However, the deepwater sector is expected to make a significant contribution to the market, and exploration activities for new large reserves in deepwater fields will help demand for offshore support vessels.

In this report, the offshore support vessel market has been analyzed with respect to six regions, namely, Europe, North America, Asia Pacific, the Middle East, South America, and Africa. The Asia Pacific market led the offshore support vessel market, with the largest market share, by value, in 2018, and the trend is projected to continue until 2023. The market in Europe will also play an important role in driving demand for offshore support vessels. The North America is a fast-growing market for offshore support vessels during the forecast period. This growth is due to the increasing focus on offshore robust investments in offshore oil & gas sector, and growing offshore exploration activities, combined with the growth in offshore wind farms and in order to replace production from mature onshore fields.

The major factor restraining the growth of the offshore support vessel market is oversupply of offshore vessels.

Some of the leading players in the offshore support vessel market, on the basis of their recent developments and other strategic industrial activities, are Bourbon (France), Seacor Marine (US), Swire Group (Hong Kong), Tidewater (US), Gulfmark Offshore, Inc. (US), Havila Shipping (Norway), Hornbeck Offshore Services (US), The Maersk (Denmark), and Siem Offshore (Norway), among others.

These players have adopted growth strategies such as new product launches, contracts & agreements, partnerships, collaborations, alliances, and joint ventures, mergers & acquisitions, and investments & expansions to capture a larger share of the offshore support vessel market.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst