Offshore Support Vessels Market Overview: According to a comprehensive research report by Market Research Future (MRFR), "Offshore Support Vessels Market Type and Applications - Forecast till 2030"
Market Research Future's Review on Offshore Support Vessels Market -
COVID-19 Analysis
The COVID-19 outbreak has adversely impacted the offshore support vessels market across the globe. There has been an enormous dip in the need for energy the world over owing to the government imposed lockdowns. Also the crash in oil and gas process and the adverse effect of the novel coronavirus on economies had a negative effect on the investments in the energy sector. The demand recovery however after lockdowns is likely to boost the global offshore support vessels market in the future.
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Key Players
Eminent market players profiled in the global offshore support vessels market report include
- Maersk (Denmark)
- Siem Offshore AS (Norway)
- SEACOR Marine (U.S.)
- Tidewater (U.S.)
- GulfMark Offshore Inc. (U.S.)
- Havila Shipping (Norway)
- and Vroon B.V. (Netherlands). Swire Pacific Offshore Operations (Pte) Ltd (Singapore)
- Edison Chouest Offshore (U.S.)
- Abdon Callais Offshore LLC (U.S.)
- Solstad Farstad (Norway) and
- Bourbon Offshore (France).
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Drivers
Integration of DP Systems in Marine Vessels to Boost Market Growth
The integration of dynamic positioning (DP) system in marine vessels coupled with various advances in technology in the manufacturing processes of the offshore support vessels will boost market growth over the forecast period.
Opportunities
Growing Demand for Energy to offer Robust Opportunities
The growing demand for energy across the emerging economies will offer robust opportunities for the market over the forecast period. An exponential rise in the demand for energy and for various offshore oil and gas products as well as by products will fuel the growth of the offshore support vessel industry. The offshore support vessel highly helps to build high sea structures and lay deep water cables & piping lines. Such ships are also assisting to position FPSO units in deep, shallow, and ultra-deep waters for producing hydrocarbons in bulk quantities.
Restraints
Fluctuations in Oil Prices to act as Market Restraint
The fluctuations in oil prices & huge capital needs for offshore projects may act as market restraints over the forecast period.
Challenges
High Operational Risk to act as Market Challenge
The high operational risk for offshore support vessels for extreme offshore climatic conditions may act as a market challenge over the forecast period.
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Market Segmentation
The offshore support vessels market has been bifurcated based on type and applications.
By type, the anchor handing tug supply segment will lead the market over the forecast period. These vessels have been designed to offer anchor-handling and towage solutions as well as used for supplying mud-to-oil rigs and platforms, dry bulk, fuel, water, and deck cargo. AHTS vessels can be used for emergencies and are equipped for oil recovery operations, rescue, and firefighting.
By applications, the shallow water segment will dominate the market over the forecast period for its less expensive operations compared to deep water.
Regional Analysis
North America to Head Offshore Support Vessels Market
North America will head the offshore support vessels market over the forecast period. The rising production from conventional and unconventional reservoirs, increasing investments from different oil and gas companies operating in the region for exploring new high volume reserves, the region having largest active offshore oil & gas wells, booming oil and gas production in the US for the constant exploration & production in the Gulf of Mexico & the US, fastest rise in production and exploration in response to any future recovery in oil prices, well-developed offshore industry, and the presence of large ongoing deep water drilling projects, and significant reserves as well as a comparatively stable political environment are adding to the global offshore support vessels market growth in the region.
APAC to Have Favorable Growth in Offshore Support Vessels Market
The APAC region will have favorable growth in the offshore support vessels market growth over the forecast period. The advantageous clean energy outlook, increasing hydrogen activities, increase in globalization, energy demand from developed economies, growing consumption, offshore E&P development in the Gulf of Thailand, the South China Sea, and Australia, increase in the count of offshore support vessels for the increasing number of vessel manufacturers from South Korea and China, major economies in the region such as Thailand, Vietnam, Indonesia, India, and China focusing on growing their offshore E&P CAPEX, and various policy makers prioritizing new offshore activities in ultra-deep and deep waters are adding to the global offshore support vessels market growth in the region.
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Tags: Offshore Support Vessels Market, Offshore Supply Vessels Market, Offshore Support Vessels, Offshore Supply Vessels Market Share, Offshore Supply Vessels Industry, Vessels Market, Offshore Supply Vessels Market Growth
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