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offshore support vessel market

Offshore Support Vessel Market Share, Size, Trends, Industry Analysis Report, By Type; By Application (Shallow Water, Deepwater), By End-Use (Oil Gas, Offshore Wind); By Region; Segment Forecast, 2022 - 2030

  • Published Date: May 2022
  • Pages: 112
  • Format: PDF
  • Report ID: PM2401
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global offshore support vessel market was valued at USD 21.94 billion in 2021 and is expected to grow at a CAGR of 4.2% during the forecast period. The major driving factor for the offshore support vessel market is robust investments in the oil & gas and renewable sectors, and the rising number of deep-water activities is driving the industry growth.

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In addition, decommissioning of traditional offshore infrastructure, coupled with the growing investment in wind farm construction owing to the huge potential for oil and gas exploration, is also creating favorable growth in the industry. Moreover, the growing population, as well as surging demand for energy such as oil, gas, nuclear power, etc., leads to the rising adoption of the offshore support vessel market in order to meet the rising consumer needs for energy sources, further accelerating the growth across the globe.  

The outbreak of the COVID-19 has badly impacted the industry due to the stringent lockdown, travel ban, and minimum consumption of oil. The movement ban across the countries hampered the industry during the pandemic.

Various industry players also experienced several delays because of the crew changes, disruption in the supply chain, implementation of stringent quarantine protocols worldwide, and creation of the requirement. As a result, this pandemic has negatively affected industry growth. However, the gradual opening of the lockdowns is expected to create growth possibilities for the industry over the forecast period.

Industry Dynamics

Growth Drivers
The surging energy demand across various countries is acting as a catalyzing factor for industry growth in the forthcoming years. The growing need to position offloading and floating production units in shallow, deep, and ultra-deep waters for the bulk production of hydrocarbons is supporting the demand. In addition, this offshore support vessel produces low carbon emissions, thus rising implementation by various countries to promote the deployment of low carbon power generation fosters the demand.

Additionally, increasing spending on the development of wind farm construction propels the market. For instance, Europe’s floating fleet has attained around 45 MW. Also, it is estimated to operate approximately 80.5 MW offshore around the world. Also, growing deep-water activities, technological advancement, and rising investments in E&P activities by the key players are further leading to the market expansion.

For instance, according to the Global Status Report in 2020, the maritime industries have launched a getting to zero coalition with the aim of producing zero-emission support vessels in addition to the deep-sea trade increases by 2030. Further, in 2019, GoodFuels- the Dutch company, partnered with Reinplus Fiwado Bunker to introduce their inland support vessel that runs on 100% sustainable biofuels. Therefore, the rising global focus on maritime trade and growing energy demand is bolstering the market demand around the world.

Report Segmentation

The market is primarily segmented on the basis of type, application, end-use, and region.

By Type

By Application

By End-Use

By Region

  • Anchor-handling Tug Supply
  • Platform Support
  • Multipurpose Support
  • Emergency Response/Standby and Rescue
  • Crew
  • Seismic
  • Chase
  • Others
  • Shallow Water
  • Deepwater
  • Oil & Gas
  • Offshore Wind
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Type

The Anchor-handling Tug Supply (AHTS) segment is leading the market growth. The AHTS vessels have a high-volume capacity. The anchor handling and towage services are also provided by this vessel which plays a vital role in the rising segment demand globally. Additionally, this support vessel is well-equipped for oil recovery operations, rescue, and firefighting and also can be used in emergency scenarios.

For instance, as per the University of Stavanger, the AHTS offers multiple facilities in emergent situations for the DP systems. The AHTS has the capability to act as an escort to conduct anchor handling operations. It helps rigs to move or stay at their position, which helps to protect them from the hazardous environment.

It has also increased the oil drilling from the oceanic areas. Thus, the adoption of AHTS vessels is rising for the transportation of heavy goods across the countries. Transportation of deck cargo, fuel, mud-to-oil rigs, dry bulk, and platforms. The platform support vessels segment is anticipated to exhibit the highest CAGR over the forecasting years. The major factor creating demand for platform support vessels is uptake in drilling activities.

These are used to transport heavy goods, equipment, and rig crew to the production and drilling platforms. The rising investment by various countries enhances the segment demand. Moreover, the rapidly growing drilling activities in deep water by various countries offer beneficial growth to the segment. For instance: in December 2020, Reliance Industries and BP initiated the production from the R Cluster. These gas fields are anticipated to attain around 15% of India's gas demand by 2023. Therefore, with the abovementioned rising factors, the segment is expected to boost in the near future.

Geographic Overview

North America accounted for the largest revenue share in the global market. The rising construction activities, inspections, maintenance, and operations in the region resulted in the growing demand for the offshore support vessel market. The increasing activity in deeper water and supportive government protocols and initiatives provides also offering various lucrative opportunities for market growth across the region.

For instance, in 2018, the Trump government allowed gas & oil development activities in the United States. Moreover, various regulatory bodies have also promoted the opening of around a billion acres in the Arctic and Eastern seaboard. Thus, rising government initiatives and investments provide an impetus for growth in the market across the region.

Moreover, the Asia Pacific market is anticipated to exhibit the highest CAGR over the forecasting years owing to the rising number of vessel manufacturers in the various countries of the region, which includes China as the leading country, followed by South Korea. The increasing technological advancement in the ultra-deep-water activities across the region fosters market growth.

For instance, according to the International Support Vessel Owners Association 2018, the projects for the development of offshore support vessels are rising globally. It includes developing and developed countries of the Asia Pacific, such as Indonesia’s Gehem project, Australia’s Scarborough, Laverda, and Briseis, projects India’s KG-D6 complex, and Malaysia’s Rotan & Gumusut-Kakap project. Hence, the penetration of novel technologies and the rising number of offshore support vessel development and E&P projects are fueling the regional market growth in the near future.

Competitive Insight

Some of the major players operating in the global market include Bourbon, DOF Group, Grupo CBO, Havila Shipping, Kawasaki Kisen Kaisha, Maersk, MMA Offshore, Nam Cheong Limited, Seacor Marine, Siem Offshore, Solstad Offshore, Swire Pacific, Tidewater, and Vroon Group.

Offshore Support Vessel Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 21.94 Billion

Revenue forecast in 2030

USD 31.77 Billion

CAGR

4.2% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Billion and CAGR from 2022 to 2030

Segments covered

By Type, By Functionality, By Application, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

Bourbon, DOF Group, Grupo CBO, Havila Shipping, Kawasaki Kisen Kaisha, Maersk, MMA Offshore, Nam Cheong Limited, Seacor Marine, Siem Offshore, Solstad Offshore, Swire Pacific, Tidewater, and Vroon Group

Key Take-Away
Polaris Market Research
Global Offshore Support Vessel Market Size Report, 2022 - 2030