Offshore Support Vessel Market
Offshore Support Vessel Market Forecasts to 2028 - Global Analysis By Depth (Deep Water, Shallow Water, Ultra Deep Water), Type (Offshore Subsea Construction Vessel (OSCV), Anchor Handling Tig Supply Vessel (AHTS), Seismic Vessels, Platform Supply Vessel (PSV), Emergency Response and Rescue Vessel (ERRSV), Standby Crew Vessels, Chase & Seismic Vessel, Others), Service Type (Anchor Handling Towage & Offshore Positioning, Assistance, Salvage & Pollution Remediation, Seismic Support, Subsea Services, Crew Management, Technical Services, Financial Services, Other Service Types), Application(Patrolling, Oil & Gas, Research & Surveying, Offshore Wind, Other Applications)and Geography
Years Covered |
2020-2028 |
Estimated Year Value (2022) |
US $23.32 BN |
Projected Year Value (2028) |
US $33.07 BN |
CAGR (2022 - 2028) |
6% |
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
Largest Market |
Asia Pacific |
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Offshore Support Vessel Market is accounted for $23.32 billion in 2022 and is expected to reach $33.07 billion by 2028 growing at a CAGR of 6% during the forecast period. A ship known as an offshore support vessel was created specifically to supply oil and gas drilling rigs. Offshore support vessels are utilised for a variety of duties, including the transportation of supplies, personnel, tools, and equipment from and to offshore oil platforms as well as other offshore buildings. They are 50 to 100 metres long.
According to the Oil & Gas UK, an offshore oil & gas industry association in the UK, decommissioning of this infrastructure would cost up to USD 80 billion. Globally, there are approximately 7,000 offshore structures that are eligible for decommissioning. According to Scottish Development International, the CAPEX for new offshore developments in Asia Pacific is set to be about 25% of the global spending, making the region an important part of the offshore industry.
Market Dynamics:
Driver:
Increasing deep water oil and gas exploration and production
One of the main factors propelling expansion of the worldwide offshore support vessel market is the rise in deep water oil and gas exploration and production (E&P) operations on a global scale. Other factors anticipated to contribute to the development of the global offshore support vessel market are increasing demand for fuel and energy around the world, improvements in offshore support vessels such as their ability to operate in hash environments and the adoption of better tracking equipment.
Restraint:
Fluctuations in oil prices and huge capital requirements
The requirement for OSVS is greatly influenced by the price of oil. The high cost of offshore installations has an impact on the financial performance of oil and gas operators. The very day rate of offshore support vessels is influenced by the erratic price of oil and gas, and ordering or launching new vessels requires a significant outlay of capital. The fluctuating demand for petroleum as well as increased production from OPEC and non-OPEC nations is both responsible for the cyclical nature of oil and gas prices. In addition, a supply excess has been created as a result of competition in the oil and gas markets between the United States and OPEC countries and the shale gas revolution. The price of goods has decreased by more than half especially compared to crude oil. As a result, oil companies were forced to cut costs and agreements with OSV suppliers were postponed or cancelled, which decreased the utilisation of these vessels.
Opportunity:
High-End Investments in Renewable Sector and Oil & Gas Industry
The need for additional energy generation to maintain a high standard of living is being fueled by the exponential global population growth. Consumers can now afford to buy consumer electronics, cars, and other items that use energy as a power source thanks to their increasing spending power. The need for oil and gas reserves is being boosted by the thriving automobile industry, increased car sales as a result of consumers' shifting preferences towards private vehicle ownership, and rising disposable income. Thermal, nuclear, oil & gas, geothermal, and other conventional and unconventional sources must be used to meet the rising energy demands.
Threat:
High operational risks for OSVs
High operational hazards are associated with the offshore industry. Bulk liquid that is toxic or dangerous is transported by support vessels. Notwithstanding industry norms, the backloading and transportation of hazardous oil-contaminated cargo, often described as slops, wet bulk waste, could result in fatalities. They can also pose threats to the environment, thus those that compete in the offshore support vessel market are required to adhere to particular SOLAS and anti-ship pollution regulations (MARPOL). The time of year and the season are the key factors that influence the dangers of operating offshore. In addition, the location of the ship and the state of the sea might put the crew in dangerous positions. Throughout the framework of marine and offshore risk assessment, the challenges relating to the human factor, the availability and dependability of data, the risk criteria, and the safety culture play key roles.
Covid-19 Impact
The inter-country travel and quarantine limitations have pushed crew members to overstay their hitches for lengthy periods, and vessel firms with global reach have also had to find ways to get over these regulations. Due to varying quarantine requirements, businesses have encountered delays when changing crews in various regions of the world. They have occasionally been forced to pay for two crews as the other crews are under quarantine. Also, the pandemic has drastically reduced demand for 4,000–5,000 dwt platform supply vessels (PSV), while the collapse of jack up drilling has severely reduced demand for smaller shallow water boats (1,500–3,000 dwt). Construction and scheduled maintenance are experiencing harsh days and, in some cases, withdrawal. As a result, COVID 19 has prevented the offshore vessel market from expanding.
The Anchor Handling Tug Supply Vessels segment is expected to be the largest during the forecast period
The Anchor Handling Tug Supply Vessels segment is estimated to have a lucrative growth. The majority of AHTS vessels have anchor and towing winches. There are hydraulic winches and electric winches, depending on the source of the winch's power. AHTS vessels serve as rescue vessels in emergency situations. Besides from handling anchors, AHTS also provides supply services and ROV services (between the mainland and offshore rig site). A high power AHTS is typically used to boost bollard pull. Bollard pull is the term for a vessel's capacity for drawing force that is equivalent to the power of traditional engines.
The Oil & Gas segment is expected to have the highest CAGR during the forecast period
The Oil & Gas segment is anticipated to witness the fastest CAGR growth during the forecast period, due to growing demand for offshore infrastructure, the oil and gas sector is expected to hold a significant portion of the market. Providing support services to such pumping rings or oil-producing facilities is a vital task performed by offshore support vessels. They are utilised for pipe laying, platform delivery, subsea production storage, unloading units, and offshore rig decommissioning.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing offshore exploration and production operations (E&P) in emerging economies like China and India. The key drivers driving offshore exploration and production operations are the growth in the number of oil and gas refineries due to the rising demand for energy and electricity generation. The need for energy and power has increased in both the developing and developed nations in APAC, as a result of population expansion, industrialization, and urbanisation.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the fact that many countries in the region are currently engaged in significant deep sea drilling projects and increasing offshore developments in the US and the Gulf of Mexico, as well as attention to prospective deepwater US finds.
Key players in the market
Some of the key players profiled in the Offshore Support Vessel Market include Seacor Marine, Offshore Service Vessels L.L.C., M3 Marine Group Pte. Ltd, Tidewater, Delta marine Industries Inc, Seacor Holdings Inc., Gulfmark Offshore, Island Offshore Management, Bourbon Corporation SA, Siem Offshore Inc, Eidesvik Offshore ASA and MMA Offshore Ltd.
Key Developments:
In November 2021, MMA Offshore Ltd. entered into a JV with a Taiwanese company, Global Aqua Survey Ltd (GAS), to form a new JV, the MMA Global Aqua JV, which intends to target the growing offshore wind sector in Taiwan. This venture is set to provide cabotage and local ownership to MMA, crucial in the Taiwanese market. While MMA gets exposure in Taiwan, GAS gets access to MMA's global asset base.
In October 2021, Eidesvik Offshore ASA and the technology group Wärtsilä entered an agreement to convert an offshore supply vessel to operate with ammonia fuelled combustion engine with the required fuel supply and safety system. The "Apollo" project is touted to be the first of its kind and has a provisional completion target of mid-2024.
In July 2020, Seacor Marine, a US-based international ship manufacturing company, acquired Seacosco for a deal amount of US $28.15 million. This acquisition will expand Seacor's existing portfolio of support vehicles and solutions and boost the company's capabilities. The acquisition helps Seacor's Marine strategy to transform their operations by advancing the technological capabilities and giving their customers the best possible solutions with high efficiency. Seacosco is a US-based offshore support vessel company.
Depths Covered:
• Deep Water
• Shallow Water
• Ultra Deep Water
Types Covered:
• Offshore Subsea Construction Vessel (OSCV)
• Anchor Handling Tug Supply Vessel (AHTS)
• Seismic Vessels
• Platform Supply Vessel (PSV)
• Emergency Response and Rescue Vessel (ERRSV)
• Standby Crew Vessels
• Chase & Seismic Vessel
• Other Types
Service Types Covered:
• Anchor Handling Towage & Offshore Positioning
• Assistance, Salvage & Pollution Remediation
• Seismic Support
• Subsea Services
• Crew Management
• Technical Services
• Financial Services
• Other Service Types
Applications Covered:
• Patrolling
• Oil & Gas
• Research & Surveying
• Offshore Wind
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Offshore Support Vessel Market, By Depth
5.1 Introduction
5.2 Deep Water
5.3 Shallow Water
5.4 Ultra Deep Water
6 Global Offshore Support Vessel Market, By Type
6.1 Introduction
6.2 Offshore Subsea Construction Vessel (OSCV)
6.3 Anchor Handling Tug Supply Vessel (AHTS)
6.4 Seismic Vessels
6.5 Platform Supply Vessel (PSV)
6.6 Emergency Response and Rescue Vessel (ERRSV)
6.7 Standby Crew Vessels
6.8 Chase & Seismic Vessel
6.9 Other Types
6.9.1 Dive Support Vessels
6.9.2 Multirole field & ROV Supply Vessel (MRSV)
6.9.3 Maintenance
6.9.4 Stand By Vessels
6.9.5 Repair Vessels
7 Global Offshore Support Vessel Market, By Service Type
7.1 Introduction
7.2 Anchor Handling Towage & Offshore Positioning
7.3 Assistance, Salvage & Pollution Remediation
7.4 Seismic Support
7.5 Subsea Services
7.6 Crew Management
7.6.1 Training & Support
7.6.2 Manpower Supply
7.7 Technical Services
7.7.1 Repair & Maintenance
7.7.2 Technical Support
7.8 Financial Services
7.8.1 Consulting
7.8.2 Chartering & Brokerage
7.9 Other Service Types
8 Global Offshore Support Vessel Market, By Application
8.1 Introduction
8.2 Patrolling
8.3 Oil & Gas
8.4 Research & Surveying
8.5 Offshore Wind
8.6 Other Applications
9 Global Offshore Support Vessel Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Seacor Marine
11.2 Offshore Service Vessels L.L.C.
11.3 M3 Marine Group Pte. Ltd
11.4 Tidewater
11.5 Delta marine Industries Inc
11.6 Seacor Holdings Inc.
11.7 Gulfmark Offshore
11.8 Island Offshore Management
11.9 Bourbon Corporation SA
11.10 Siem Offshore Inc
11.11 Eidesvik Offshore ASA
11.12 MMA Offshore Ltd.
List of Tables
1 Global Offshore Support Vessel Market Outlook, By Region (2020-2028) ($MN)
2 Global Offshore Support Vessel Market Outlook, By Depth (2020-2028) ($MN)
3 Global Offshore Support Vessel Market Outlook, By Deep Water (2020-2028) ($MN)
4 Global Offshore Support Vessel Market Outlook, By Shallow Water (2020-2028) ($MN)
5 Global Offshore Support Vessel Market Outlook, By Ultra Deep Water (2020-2028) ($MN)
6 Global Offshore Support Vessel Market Outlook, By Type (2020-2028) ($MN)
7 Global Offshore Support Vessel Market Outlook, By Offshore Subsea Construction Vessel (OSCV) (2020-2028) ($MN)
8 Global Offshore Support Vessel Market Outlook, By Anchor Handling Tug Supply Vessel (AHTS) (2020-2028) ($MN)
9 Global Offshore Support Vessel Market Outlook, By Seismic Vessels (2020-2028) ($MN)
10 Global Offshore Support Vessel Market Outlook, By Platform Supply Vessel (PSV) (2020-2028) ($MN)
11 Global Offshore Support Vessel Market Outlook, By Emergency Response and Rescue Vessel (ERRSV) (2020-2028) ($MN)
12 Global Offshore Support Vessel Market Outlook, By Standby Crew Vessels (2020-2028) ($MN)
13 Global Offshore Support Vessel Market Outlook, By Chase & Seismic Vessel (2020-2028) ($MN)
14 Global Offshore Support Vessel Market Outlook, By Other Types (2020-2028) ($MN)
15 Global Offshore Support Vessel Market Outlook, By Dive Support Vessels (2020-2028) ($MN)
16 Global Offshore Support Vessel Market Outlook, By Multirole field & ROV Supply Vessel (MRSV) (2020-2028) ($MN)
17 Global Offshore Support Vessel Market Outlook, By Maintenance (2020-2028) ($MN)
18 Global Offshore Support Vessel Market Outlook, By Stand By Vessels (2020-2028) ($MN)
19 Global Offshore Support Vessel Market Outlook, By Repair Vessels (2020-2028) ($MN)
20 Global Offshore Support Vessel Market Outlook, By Service Type (2020-2028) ($MN)
21 Global Offshore Support Vessel Market Outlook, By Anchor Handling Towage & Offshore Positioning (2020-2028) ($MN)
22 Global Offshore Support Vessel Market Outlook, By Assistance, Salvage & Pollution Remediation (2020-2028) ($MN)
23 Global Offshore Support Vessel Market Outlook, By Seismic Support (2020-2028) ($MN)
24 Global Offshore Support Vessel Market Outlook, By Subsea Services (2020-2028) ($MN)
25 Global Offshore Support Vessel Market Outlook, By Crew Management (2020-2028) ($MN)
26 Global Offshore Support Vessel Market Outlook, By Training & Support (2020-2028) ($MN)
27 Global Offshore Support Vessel Market Outlook, By Manpower Supply (2020-2028) ($MN)
28 Global Offshore Support Vessel Market Outlook, By Technical Services (2020-2028) ($MN)
29 Global Offshore Support Vessel Market Outlook, By Repair & Maintenance (2020-2028) ($MN)
30 Global Offshore Support Vessel Market Outlook, By Technical Support (2020-2028) ($MN)
31 Global Offshore Support Vessel Market Outlook, By Financial Services (2020-2028) ($MN)
32 Global Offshore Support Vessel Market Outlook, By Consulting (2020-2028) ($MN)
33 Global Offshore Support Vessel Market Outlook, By Chartering & Brokerage (2020-2028) ($MN)
34 Global Offshore Support Vessel Market Outlook, By Other Service Types (2020-2028) ($MN)
35 Global Offshore Support Vessel Market Outlook, By Application (2020-2028) ($MN)
36 Global Offshore Support Vessel Market Outlook, By Patrolling (2020-2028) ($MN)
37 Global Offshore Support Vessel Market Outlook, By Oil & Gas (2020-2028) ($MN)
38 Global Offshore Support Vessel Market Outlook, By Research & Surveying (2020-2028) ($MN)
39 Global Offshore Support Vessel Market Outlook, By Offshore Wind (2020-2028) ($MN)
40 Global Offshore Support Vessel Market Outlook, By Other Applications (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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