The global offshore supply vessel market has been somewhat erratic in the recent years largely owing to plummeting oil prices. Many offshore companies had to declare bankruptcy, however, the forecast period of 2017 to 2022 predicts a steady yet modest growth rate that could signify a turning point for this market.
Market Research Future’s report provides a thorough understanding of the global offshore supply vessel market. The report takes a closer look at the key driving factors that will affect the market during the forecast period. In depth understanding of the market segments is also made evident.
The price of oil has been fluctuating and thus causing a negative impact on the offshore supply vessel market, however, with prices stabilizing the trend is steadily turning positive. Increasing demand for exploration and production development has facilitated growth for this market. The shallow water segment has held the larger market share, but this trend is expected to shift and there is a projection of growth in the deep water market segment, this is largely owing to the increasing demand for deep water exploration.
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Regionally, while Asia Pacific is the market leader, North America and Europe are expected to contribute significantly to the growth in the market. Aforementioned key factors play an important role in predicted growth over the forecast period.
Existing challenges and threats will impede any rapid growth as stabilization is a recent occurrence and the steady growth rate is an optimistic direction for the future of the offshore supply vessels.
Major Key Players:
Prominent players currently operating in the global offshore supply vessel market include Rem Maritime As (Norway), Bass Marine Pty Ltd. (Australia), Harvey Gulf (U.S.), Bourbon SA (France), Tidewater (U.S.), ExxonMobil (U.S.), Island Offshore Management As (Norway), Havila Shipping ASA (Norway) and Intermarine LLC (U.S.) to name a few.
Latest Industry News:
ConocoPhillips has contracted the services of multiple offshore supply vessels from MMA offshore. After the recent fluctuation in oil prices, this contract has contributed to rising shares of MMA Offshore. This contract is significant to the company due to the substantial revenue it will generate for the upcoming year.
Signs of growth in this market are ubiquitous but modest. Civmec has won a contract from Luerssen Australia for an offshore vessels project which will include the supply of steel for 12 offshore supply vessels. The contract is significant in an industry that has recently seen saturation of steel and debt.
On the basis of type, the global offshore supply vessel market is segmented into anchor handling tug supply (AHTS), platform supply vessel, multipurpose support vessel, standby and rescue vessel and others. The demand for AHTS vessels is expected to rise as compared to other vessel types, largely owing to the fact that these vessels can be used for various purposes.
Based on depth, this market is divided into either shallow or deep water. Shallow water currently enjoys the larger market share this is primarily due to the lower costs of operations.
Finally, based on region the market is segmented by North America, Europe, Asia Pacific and Rest of the World (ROW).
The report comprehensively scrutinizes the various market segments to shed light on growth opportunities within the offshore supply vessel market.
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The MRFR report also offers an extensive market analysis of regional segments such as North America, Europe, Asia Pacific and Rest of the World.
While the downturn in the recent years has meant slow growth, it is projected that this growth rate will pick up and become steady during the forecast period across all regions.
Asia Pacific currently enjoys the largest market share of the offshore supply vessel market and this region is projected to maintain its lead during the forecast period. Countries like China, India, Thailand, Malaysia and Indonesia have been responsible for propulsion of growth. Rising oil prices and significant demand for development of offshore oil and gas technologies are the driving forces that will keep growth rate steady in this region.
North America represents the fastest growing regional market segment. Increase in global oil and gas production, increase in focus on offshore investments as well as increased importance being placed on offshore exploration activities are all key factors that are facilitating growth in this region.
Rest of the World is also witnessing growth in demand for offshore supply vessels, particularly in South America. Europe is also expected to contribute to growth in the market mainly owing to an increasing importance being placed on renewable energy sources.
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