The increase in global oil & gas production from North America and the Middle East has been accompanied by maturing onshore oilfields, which has shifted the focus of operators towards offshore markets. Due to slide in crude oil price, offshore support vessel companies would see weaker revenues for the next few years.
Seattle, WA -- (SBWIRE) -- 11/09/2016 -- The report "Offshore Support Vessel Market by Type (Anchor Handling Tug Supply, Platform Supply Vessel, Multipurpose Support Vessel, Standby & Rescue Vessel, Crew Vessel, & Others), by Depth (Shallow & Deepwater), & by Region - Global Forecast to 2020" , defines and segments the global offshore support vessel market with an analysis and forecast of the market size.
Browse 79 market tables and 55 figures spread through 195 pages and in-depth TOC on "Offshore Support Vessel Market - Global Forecast to 2020"
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The offshore support vessel market is expected to reach USD 38.53 Billion by 2020, at a CAGR of 5.8% from 2015 to 2020. The market is driven by rising demand for oil & gas, which is met by increasing investments in emerging economies with proven oil & gas reserves offshore.
Offshore support vessel market for AHTS vessel to grow at the highest rate
The market has been segmented into vessel type, depth, and region. By vessel type, the market has been subsegmented into Anchor Handling Tug Supply (AHTS), Platform Supply Vessel (PSV), Multipurpose Support Vessel (MPSV), standby & rescue vessel, crew vessel, and others. The AHTS vessel segment is expected to exhibit the highest growth rate during the forecast period. The growth can be attributed to offshore ultra-deepwater E&P activities which have increased production from basins with proven oil reserves in deepwater environments.
Deep water application is estimated to drive the offshore support vessel market with the highest growth rate
On the basis of application, the market has been segmented into shallow and deepwater segments. The shallow water application of offshore support vessel is estimated to lead the market, whereas deepwater application is projected to witness the highest growth. Asia-Pacific and South America are expected to drive this subsegment, due to rising exploration activities and new discoveries of oil & gas reserves in deepwater sedimentary basins.
Asia-Pacific is estimated to be the global leader in offshore support vessel market, by value, for the next five years.
Asia-Pacific is among the largest consumers of oil & gas, followed by North America. Recent discoveries of oil & gas in the offshore basins in Australia, Gulf of Thailand, and South China Sea, and high demand from Malaysia & Indonesia are expected to drive the market for offshore support vessel in this region.
The offshore support vessel market was dominated by Tidewater Inc. (U.S.), Edison Chouest Offshore (U.S.), Bourbon SA (France), and Hornbeck Offshore (U.S.), in 2014. These market players have also been active in the competitive developments of the offshore support vessel market.
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