Northbrook, IL -- (SBWIRE) -- 12/10/2018 -- 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", published by MarketsandMarkets™, The offshore support vessel market is expected to grow from an estimated USD 20.06 Billion in 2018 to USD 25.66 Billion by 2023, at a CAGR of 5.04% from 2018 to 2023. The market in Asia Pacific is estimated to be the largest market for offshore support vessels, followed by Europe and North America in 2018. This trend is expected to continue until 2023. Also, the North American market is projected to be the fastest-growing market during the forecast period. The growth of the offshore support vessel market is driven by rising offshore investments in the US and the Gulf of Mexico, and a focus on the potential deepwater discoveries in the US. 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.

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The shallow segment is the fastest-growing market during the forecast period and is projected to dominate the market during the forecast period. The application of offshore support vessels in shallow water projects is estimated to lead the market, both in terms of market value and growth. The shallow water basins in Asia-Pacific, Europe, and North America will play a major role in driving the offshore support vessel market. Shallow water operations are typically less expensive compared with deepwater operations. Thus, recovering oil prices will lead to a faster increase in offshore activities in shallow water basins compared with deepwater ones.

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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. 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.

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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The offshore support vessel market is dominated by a few global players. The key players in the offshore support vessel market include Bourbon SA (France), Seacor Marine (US), Swire Group (UK), Tidewater (US), Gulfmark Offshore (US), Havila Shipping (Norway), Hornbeck Offshore (US), The Maersk Group (Denmark),  Siem Offshore (Norway), Solstad Offshore (Norway), Vroon Group (The Netherlands), Edison Chouset Offshore (US), Harvey Gulf International Marine (US), and Island Offshore Management AS (Norway).

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