Global Offshore Supply Vessel Market Overview
The latest report on offshore supply vessel market published by Market Research Future (MRFR), has suggested that the global offshore supply vessel market is expected to upscale at a fast pace, registering a CAGR of more than 5% throughout the estimate period. Some of the main drivers of the global offshore supply vessel market, as stated in the report include the advancements noted in technology and rapid developments in countries residing within Asia Pacific.
Offshore support vessels refer to vessels that are principally used to serve operational purposes like construction work at a site, tasks that are related to offshore oil exploration. It not only aids in the exploration, production, and drilling of the resources, but also supports all activities that are related to construction and excavation on offshore sites. These vessels also present the transfer and relieving of crew members on site, as and when required. During the last decade, the offshore trade has expanded, leading to a rising demand for offshore support vessels for carrying out various operations necessary for drilling rigs, moor, and fix platforms.
Also Read: http://www.marketwatch.com/story/offshore-support-vessel-market-statistics-2020-global-analysis-by-size-share-growth-opportunities-covid—19-impact-analysis-prominent-players-trends-and-forecast-2023-2020-08-12
Further, better trade policies are also observed to supplement market growth over the forecast period. Increasing regasification terminals at offshore siets owing to the growing LNG demands is also estimated to promote the growth noted in the global offshore supply vessel market. Furthermore, mounting investments in the oil and gas industry, along with the renewable sector across the world is fostering market growth to a new level.
However, some factors are posing as market restraints, hampering growth over the review period. Operational efficiency is one of the challenges that manufacturers and operators need to work on. Alternatively governments have introduced revised safety regulations which have led to an increased focus on safe operation of these offshore vessels.
Offshore Supply Vessel Market Segmentation
The offshore supply vessel market is segmented and analysed by type, application, and region. Based on type, the global offshore supply vessel market is segmented into platform supply vessel, multipurpose support vessel, anchor handling tug supply vessel, seismic vessel, and standby and rescue vessel. Based on application, the global offshore supply vessel market is segmented into Deepwater and shallow water.
Regional Analysis
The offshore supply vessel market is segmented into North America, Latin America, Asia Pacific, the Middle East & Africa, and Europe.
Alternative to other regions, Asia Pacific is estimated to hold a larger share of the global offshore supply vessel market, boasting dominance. Within the APAC region, the potential growth pockets for offshore supply vessels include India, China, Thailand, Indonesia, and Malaysia. In addition, Asia Pacific is witnessing booming growth due to better-equipped vessels that contain increased cargo capacity, panoramic navigation bridge visibility, enhanced crew amenities, large accommodation spaces, and automation systems.
On the other hand, North America and the Middle East & Africa has shifted focus of operation towards offshore markets. Moreover, liberalization of the oil and gas industry in Mexico is another factor fuelling the regional offshore supply vessel market growth.
Competitive Analysis
The global offshore supply vessel market appears to be highly competitive owing to the presence of several well established players in the ecosystem. These players are observed to incorporate collaboration, acquisition, partnership, expansion and technology launches to gain a competitive advantage over market peers.
Key Players
Some prominent players residing in the global offshore supply vessel market include Rem Maritime As, Bass Marine Pty Ltd. Harvey Gulf, Bourbon SA, Tidewater, ExxonMobil, Island Offshore Management, Havila Shipping ASA, and Intermarine LLC.
Industry Update
October 2019: Wartsila recently signed a contract with Atlantic Offshore to engineer, supply and install complete battery-based hybrid packages for two supply vessels.
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