Offshore Support Vessel Market Anticipated to Reach $25.7 Billion by 2023

Offshore Support Vessel Market Anticipated to Reach $25.7 Billion by 2023
The global offshore support vessel market to grow from USD 20.1 billion in 2018 to USD 25.7 billion by 2023, at a CAGR of 5.04% from 2018 to 2023.

The global offshore support vessel market is projected to grow at a CAGR of 5.04% from 2018 to 2023. The market in Asia Pacific is estimated to be the largest market for offshore support vessels, followed by Europe and North America in 2018. This trend is expected to continue until 2023. Also, the North American market is projected to be the fastest-growing market during the forecast period. The growth of the offshore support vessel market is driven by rising offshore investments in the US and the Gulf of Mexico, and a focus on the potential deepwater discoveries in the US.

Rising population and increasing demand of primary energy consumption are the major factors for rising investments in emerging economies. Countries in the Western African region, especially Congo, Liberia, Senegal, and Ghana are planning to increase the offshore expenditures and drill more offshore wells. West Africa and Brazil have been very active in the offshore market. There have been new offshore discoveries in other African countries, such as, Mozambique, Kenya, and Tanzania. In the southern part of Africa, 265 wells have been drilled offshore and yet there is plenty of unexplored offshore land in this region.

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The AHTS segment is expected to grow at the highest growth rate

Anchor-handling tug supply (AHTS) vessels constitute the largest segment of the offshore support vessel market, by type, in terms of volume as well as value. AHTS vessels are designed to provide anchor-handling and towage services and are also used for supplying deck cargo, water, fuel, dry bulk, and mud-to-oil rigs and platforms. These vessels can also be used for emergencies and are well equipped for firefighting, rescue, and oil recovery operations. The demand from Asia Pacific and Europe is projected to drive the market for AHTS vessels during the forecast period. Countries such as Vietnam, Malaysia, Thailand, and Australia increased their E&P activities in offshore areas in the recent past. Malaysia is the largest contributor to the short-term oil & gas production growth mainly due to the Kebabangan Gas Project.  Also, there is a strong support from Petroliam Nasional Berhad (PETRONAS), which provides approximately USD 15.6 billion a year toward capital expenditure in the oil & gas industry. Moreover, local laws have been implemented to protect the local OSV operators as PETRONAS will prioritize Malaysian-flagged vessels over foreign vessels.

Asia- Pacific is the other major region, which is planning to increase its offshore production due to tremendous pressure to meet energy demand as a result of increased industrialization, population, and growing consumption. India has 56% of oil reserves in offshore, and Government of India has planned to add 91 million barrels of crude oil by 2017, to improve energy security and protect the country from supply disruptions. China National Offshore Oil Corporation, a state-owned Chinese E&P company, has expanded its presence in offshore zones in Bohai Bay and South China Sea. Moreover, with policy change, several private players have entered the business. So, the increasing investments in emerging economies would positively contribute to the offshore support vessel market.

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The offshore support vessel market is dominated by a few global players. The key players in the offshore support vessel market include integrators such as Bourbon (France), Seacor Marine (US), Swire Group (Hong Kong), Tidewater (US), Gulfmark Offshore (US), Havila Shipping ASA (Norway), Hornbeck Offshore Services (US), The Maersk Group (Denmark), and Siem Offshore (Norway).

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