GVR Report cover Offshore Support Vessel Market Size, Share & Trends Report

Offshore Support Vessel Market Size, Share & Trends Analysis Report By Application, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2019 To 2025

  • Published Date: ---
  • Base Year for Estimate: ---
  • Report ID: GVR2624
  • Format: Electronic (PDF)
  • Historical Data: ---
  • Number of Pages: 0

The global offshore support vessel (OSV) market size is estimated to exceed USD 71 billion by 2022 and is expected to grow at an estimated CAGR of over 11% from 2015 to 2022. Rising demand for fuels and energy coupled with increasing offshore E&P activities is expected to drive market growth over the forecast period.

Increasing exploration in the golden triangle including Gulf of Mexico, Brazil, and West Africa is anticipated to drive offshore E&P activities in the region. This is expected to stimulate the carrier demand over the foreseeable future. Major factors such as carrier size, lifespan, horsepower, and trading restrictions are anticipated to play a major role in offshore support vessel market growth over the forecast period.

Increasing deep and ultra-deep water hydrocarbon exploration activities in Asia Pacific particularly in South China Sea are also expected to stimulate product demand in the region. Technological advancements involving product innovations and environmental performance are expected to fuel development of sustainable solutions in carrier value chain.

OSVs including anchor handling, towing & supply (AHTS), and platform supply vessel (PSV) are expected to dominate the global offshore support vessel market over the forecast period. Depending on volume requirement, other configurations in the product line include multi-purpose service (MPSV), crew boats, and rescue & standby vessels.

The recent slump in oil & gas pricing is expected to negatively impact the offshore activities, thereby affecting the overall profitability of OSV businesses. Besides fuel trends, other factors such as regulatory outlook, technology deployment, and economic factors are also anticipated to influence vessel demand over the forecast period.

Globalization and rapid development of Asian economies played a major role in maritime trade growth. Financial outlook including bank interests and trade policies are expected to influence both short and long term charter rates. Despite uncertainty associated with Chinese economy outlook, growing number of gas transport agreements in Asia Pacific and Middle East are expected to fuel offshore support vessel market growth over the forecast period.

Increasing development of regasification terminals as well as intra-regional gas pipeline infrastructure is expected to stimulate gas procurement contracts. Growing number of LNG plants coupled with surging consumption is anticipated to positively influence the carrier segment.

Major offshore operators present in the golden triangle are expected to play a dominant role in market growth over the forecast period. Growing number of deepwater discoveries in this region is estimated to drive subsea drilling and transport activities. Advancements in seismic and drilling technologies are also expected to stimulate the efficient operation of offshore activities.

Revisions in international water and equipment safety regulations are expected to enhance focus on safe operation of vessel fleet. This instigates requirement for efficient fleet utilization and optimization of fleet day rate to enhance the economic offshore operation. This opens up frontiers for the drilling industry and R&D centers to collaborate in innovative product development according to the business requirements.

Stringent environmental regulations on fossil fuel usage as well as extraction are expected to instigate development of efficient LNG bunkering networks. This offers new frontiers for tanker owners for securing contracts with various regions located close to offshore oil producing units. Requirement for highly durable and faster transport vessels is anticipated to stimulate R&D initiatives on optimizing technical aspects in AHTS, PSV, and MPSV.

Various enterprises have invested in fleet expansion, so as to replace older vessels, and enhance their position in the global market. Key players in the offshore support vessel market include Bourbon, Tidewater, Total SA, and ExxonMobil. Tidewater has made investments in modifying and adding new vessels and secured contracts with various petroleum industry participants.

Another composition of the market growth includes joint ventures and renewal of old fleet services. Vallianz Holdings Limited marked its presence in the Indonesian market, upon acquisition of 49% stake in PT Swiber Berjaya that offers OSVs to the oil & gas sector. Other industry participants include Maersk Supply, Edison Chouest, Harvey Gulf, Abdon Callais, Homebeck, Swire Pacific, and Zamil Co.

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