Offshore Support Vessel Market worth $25.7 billion by 2023

The report "Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel, others), Application (Shallow and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Global Forecast to 2023", MarketsandMarkets: The offshore support vessel market is projected to reach USD 25.7 billion by 2023 from USD 20.0 billion in 2018, at a CAGR of 5.0%.

Browse 103 market data Tables and 43 Figures spread through 184 Pages and in-depth TOC on "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"
https://www.marketsandmarkets.com/Market-Reports/offshore-support-vessel-market-1212.html

The offshore support vessel market is expected to register a CAGR of 5.0% from 2018 to 2023. The market growth is attributed to the rising offshore exploration activities, combined with the growth in offshore wind farms, and increased exploration activities in ultra-deep waters and the Arctic region. Offshore support vessels perform various operations such as seismic survey, transporting necessary infrastructure and crew, and managing any emergencies.

The AHTS segment will continue to dominate the offshore support vessel market, by type, during the forecast period

The offshore support vessel market, by type, is segmented into Anchor Handling Tug Supply (AHTS), Platform Supply Vessel (PSV), Multipurpose Support Vessel (MPSV), standby & rescue vessel, crew vessel, seismic vessel, chase vessel, and others. The AHTS segment is expected to dominate the offshore support vessel market during the forecast period. This growth is attributed to the demand from major regions such as Asia Pacific and Europe. Most of the work in offshore oil & gas projects are dependent on oil rigs, which are towed and anchored using AHTS vessels, thus leading to a huge demand for such vessels.

Shallow water segment is growing at the fastest rate in the offshore support vessel market

Based on application, the offshore support vessel market is segmented into shallow water and deepwater. The shallow water segment is growing at a faster pace because of lower operational costs. Also, major oil & gas activities are concentrated in shallow water areas. Further, investments in offshore wind have been concentrated in the shallow water regions. These factors will drive the shallow water offshore support vessel market.

Asia Pacific is the largest market for offshore support vessels

The offshore support vessel market is segmented into five major regions, namely, Asia Pacific, Europe, North America, South America, Africa, and the Middle East. The market in Asia Pacific is expected to lead the offshore support vessel market because of factors such as increasing CAPEX for E&P activities in the offshore oil & gas sector and rising number of offshore rigs to cater to the increasing energy demand in the region.

The major players in the offshore support vessel market include Bourbon (France), SEACOR Marine (US), Swire Group (Singapore), Tidewater (US), The Maersk Group (Denmark), and Siem Offshore (Norway). These companies have wide sales networks across the globe, along with advanced technology portfolios.

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Report Code
EP 2894
PR Published ON
4/2/2018
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