The Offshore Support Vessel Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Offshore Support Vessel Global Market Report 2024, The offshore support vessel market size has grown strongly in recent years. It will grow from $25.8 billion in 2023 to $27.91 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to oil and gas exploration and production, crew transfer and accommodation, drilling support services, supply and cargo transportation, towage and anchor handling.
The offshore support vessel market size is expected to see strong growth in the next few years. It will grow to $37.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to focus on decommissioning activities, environmental regulations and compliance, increasing offshore infrastructure investment, global energy demand, oil price dynamics. Major trends in the forecast period include advanced dynamic positioning systems, offshore wind energy projects, fuel-efficient and eco-friendly designs, digitalization and automation technologies, crew safety and comfort features, multi-purpose and versatile vessels.
Increasing exploration and production activities for oil and gas are expected to propel the growth of the offshore support vessel market. A substantial presence of proven oil reserves in various countries is set to increase production activities. Innovations from such reserves are transforming into demand for well drilling and production activities, which, in turn, are maintaining the offshore support vessel market growth. Increasing oil and gas exploratory activities in the golden triangle, including the Gulf of Mexico, Brazil, and West Africa, are anticipated to drive offshore E&P activities in the region. For instance, in March 2022, according to a survey report published by S&P Global, a US-based publicly traded corporation, production, capital expenditures, employment, and overall operating costs all increased dramatically in Q1 in the oil and gas exploration industry. In addition, nearly 52% of respondents reported an increase in oil production, along with 47% reporting an increase in natural gas production during the quarter of 2022. Therefore, increasing exploration and production activities for oil and gas are driving the growth of the offshore support vessel market.
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The offshore support vessel market covered in this report is segmented –
1) By Type: Anchor-handling tug supply vessels, Platform Support Vessels,Multipurpose Support Vessels, Emergency Response or Standby and Rescue Vessels, Crew Vessels, Seismic Vessels, Chase Vessels
2) By Service: Technical Services, Inspection and Survey, Other Services
3) By Water Depth: Shallow water, Deepwater, Ultra-Deepwater
4) By Application: Oil and Gas Applications, Offshore Applications
Top Major Players:
Moller – Maersk
Swire Pacific Offshore
Wartsila
Kawasaki Kisen Kaisha Ltd.
Damen Shipyards Group
Asia-Pacific was the largest region in the offshore support vessel market in 2023.
Major companies operating in the offshore support vessel market are concentrating their focus on developing innovative solutions such as marine advisory system operational planner to provide reliable services to customers. Marine advisory system operational planner is a specific software module designed to optimize offshore operations, particularly for wind farms and other marine installations. For instance, in June 2023, ABB Ltd., a Switzerland-based technology company launched OCTOPUS – Marine Advisory System Operational Planner for offshore support vessels. It’s a software suite that helps optimize the operation of offshore vessels by providing real-time data and insights on factors like weather conditions, sea state, and vessel motions.
The offshore support vessel market report table of contents includes:
1. Executive Summary
2. Offshore Support Vessel Market Characteristics
3. Offshore Support Vessel Market Trends And Strategies
4. Offshore Support Vessel Market – Macro Economic Scenario
5. Global Offshore Support Vessel Market Size and Growth
….
32. Global Offshore Support Vessel Market Competitive Benchmarking
33. Global Offshore Support Vessel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Offshore Support Vessel Market
35. Offshore Support Vessel Market Future Outlook and Potential Analysis
36. Appendix
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