Northbrook, IL -- (SBWIRE) -- 07/23/2019 -- According to the new market research report "Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Global Forecast to 2023", The global offshore support vessel market is expected to grow at a CAGR of 5.04%, from 2018 to 2023, to reach a market size of USD 25.66 billion by 2023. Increasing investments in the offshore oil & gas exploration in the Indian Ocean and South China Sea due to huge offshore oil reserves is expected to drive the offshore support vessel market during the forecast period. The deployment of large wind turbines in deepwater coupled with favorable government policies related to the European Union's (EU) renewable energy targets for 2020, drives the demand for the offshore support vessel market in the region.
On the basis of the types of offshore support vessels, the market has been segmented into anchor-handling tug supply (AHTS) vessels, platform supply vessels (PSV), multipurpose supply vessels (MPSV), crew vessels, standby and recue vessels, chase vessels, and seismic vessels. The AHTS vessel segment is estimated to have the largest market share, by value, in 2018. The demand from Asia-Pacific and Europe is projected to drive the market for AHTS vessels during the forecast period. The market for MPSVs is projected to grow at the highest pace during the forecast period owing to the ability of MPSVs to perform additional functions that are traditionally undertaken by other vessel types.
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On the basis of application, the shallow water segment is expected to grow at the fastest rate from 2018 to 2023. In terms of the market, by application, the shallow water segment held the largest share of the market. However, due to the slump in oil prices, the market has witnessed a drastic setback, leading to the retirement or cold stacking of several vessels and delay in the delivery of new ones. There is a surplus of vessels in the market due to the cancellation of contracts, which has led to lower day rates for old vessels. The presence of more shallow water basins in fast-growing markets, such as the Middle East, will help demand for the segment.
The oil & gas segment of the offshore support vessel market, by end-user, is estimated to have the largest market share, by value, in 2018. Countries such as China, India, Malaysia, Thailand, and Australia, have increased their exploration and production activities in offshore areas in the recent past, which will help the oil & gas offshore support vessels market to grow during the forecast period. For instance, in Thailand, in 2017, PTT Exploration and Production Public Co. (Thailand) had set a budget of USD 2.9 billion for E&P operations, out of which 64% was allocated for the field Arthit Offshore Gas and Condensate Field, Thailand. This is likely to boost the market of offshore support vessel in the country. The offshore wind segment, by end-user, is expected to grow at a faster rate from 2018 to 2023. In 2018, Renewable Energy Global Solutions (REGS), Petroleum Equipment Assembly & Metal Structure, Vietsovpetro, MHI Vestas Offshore Wind, and DNV GL signed a series of agreements for the utility-scale wind developments in the coast of Southern Vietnam. All these projects will help to positively trigger the market for offshore support vessels.
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The offshore support vessel market has been segmented, on the basis of region, into Europe, North America, Asia Pacific, the Middle East, South America, and Africa. The North American region is projected to grow at the fastest rate, from 2018 to 2023, followed by Asia Pacific and Middle East. Countries such as the US and Mexico are the fastest-growing markets in the North American region, owing to the rise in their exploration and production activities in offshore areas in the recent past. China is projected to grow at the highest CAGR from 2018 to 2023. The recent discovery of offshore reserves in the Red Sea is expected to increase offshore E&P activities in the region. Increasing focus on offshore oil & gas production in Middle Eastern countries, such as Saudi Arabia, UAE, and Qatar are the major factors impacting the growth of the offshore support vessel market in this region.
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