The market for offshore support vessels is expected to reach US$12.235 billion by 2023, increasing from a projected market size of US$10.203 billion in 2018, growing at a CAGR of 3.70% during this period.Offshore support vessels (OSVs) are cargo vessels that regularly transport equipment, supplies or goods to support offshore exploration or production activities. These vessels are either owned by companies that are specifically set up to own and operate such vessels or companies that combine with other vessel operations. The market for offshore support vessels has witnessed high growth in recent years, driven by strong incline in exploration activities bolstered by increasing demand for oil attributable to increased industrialization and manufacturing activities and expanding urbanization. This has resulted in a higher demand for oil rigs, platforms and Floating, Production, Storage, and Offloading (FPSO) units. A large part of OSVs market involves smaller and older vessels, especially in developing and emerging economies but in recent years there has been a shift towards high-end vessels, with cleaner designs, stronger winces, more bollard pull, and greater ROV capacity as these sophisticated vessels have a better ability to support complex operations in deep water. Certain factors that may restrain growth in the market are volatile steel and equipment prices and escalating costs of propulsion systems, double hulls, and more rigid crew comfort requirements.
Research Methodology
This section provides an anatomy of the research process followed for calculating market size and forecasts along with a list of the secondary data sources used and the primary inputs which were taken for data validation. It also provides an outline of the various segmentations which have been covered as part of the report.
Market Dynamics
In this section, the entire market is explained along with various drivers, restraints, and opportunities which exist in the current market. This section of the report also provides supplier and industry outlook as a whole; key industry, global and regional regulations which are determining the market growth. Complete industry analysis has also been covered by Porter’s five forces model as a part of this report section.
Segmentation
Offshore Support Vessels Market has been segmented on the basis of depth, vessel type, and geography as follows:
By Depth
Shallow
Deep Water
By Vessel
Dive Support Vessels
Construction Support Vessels
Well Intervention Vessels
Platform Supply Vessels
Anchor Handling Tug Supply
Utility Vessels
Safety Standby Vessels
Accommodation Vessels
Others
By Geography
Americas
North America
South America
Europe Middle East and Africa
Europe
Middle East and Africa
Asia Pacific
Market Players
The competitive intelligence section deals with major players in the market, their market shares, growth strategies, products, financials, and recent investments among others. Key industry players profiled as part of this section are Edison Chouest, GulfMark Offshore Inc.,Farstad Shipping ASA, and Bourbon SA among others.
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