Boston, MA -- (SBWIRE) -- 08/16/2013 -- Growing demand of oil & gas and other offshore activities with increasing investment in modernization of infrastructure of oil platform and wells is expected to drive the offshore support vessel market. It is estimated to reach $91,228.8 million by 2018, with a CAGR of 5.7% from 2013 to 2018. U S- Gulf of Mexico (GOM), with its thriving economies and rapidly expanding manufacturing bases, is expected to experience highest revenue growth during the next five years. In terms of vessel count (demand), APAC is dominating the market.
The key factors which are driving growth in the offshore support vessel market are global oil & gas demand, growing exploration and production activities and increase in the number or offshore platforms. Offshore support vessel is a moderately developing market with no other substitutes available currently which makes it backbone of offshore industry. Consequently, the market is expected to continue the steady growth rate in future.
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Offshore support vessel manufacturers are focusing on R&D in order to develop new and improved vessels for offshore platforms, which offer more distinguished and revolutionary features such as Dynamic positioning (DP) with better efficiency and navigational ability. Expansion and mergers & acquisitions into new and emerging markets such as APAC, North-West Europe, and South America has been and will be the key for success for offshore support vessel manufacturers and managers to increase their overall sales and revenue.
Tidewater (U.S.) is one of the key players in offshore support vessel market. It holds significant share of the offshore support vessel market followed by, Edison Chouest (U.S.) and Seacor marine (U.S.). The market is mostly fragmented with large number of small support vessel companies.
OFFSHORE SUPPORT VESSEL: MARKET REVENUE, BY REGION (2011-2018)
Offshore Support Vessel Market
Source: MarketsandMarkets Analysis
For this report, the major players in the market are identified through secondary and primary research based on which, their market shares are evaluated. This includes study of the annual reports of top market players and interviews with key opinion leaders such as CEOs, Directors, and marketing people.
The size of overall market is determined by forecasting techniques based on offshore support vessel types demand in different regions, which is validated through primary sources. The vessel counts (number) for various types of offshore support vessels are determined and are evaluated using primary and secondary research. The market data is available from 2011 to 2018 with CAGR from 2013 to 2018.
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