The rising development of intra-regional gas pipeline and regasification terminals is driving the global offshore support vessels market, observes Fortune Business Insights in their new study. The study is titled, “Offshore Support Vessels Market Size, Share and Global Trend by Type (Anchor, Handling Tug Vessel, Multipurpose Support Vessel, Platform Support Vessel, Construction Support Vessel, Seismic Vessel) Application (Shallow Water, Deepwater) End User (Oil and Gas, Offshore wind power) and Geography Forecast till 2025”.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/offshore-support-vessels-market-100147
The increasing demand from construction and oil exploration industry will aid the expansion of the global market.
Top Key Players Mentioned:
- Maersk Oil
- Tidewater Marine
- Edison Chouest Offshore
- Hornbeck Offshore
- SolstadFarstad ASA
- Seacor Marine
- Nam Cheong International Ltd.
- Havila Shipping
- Seam Offshore
Adoption of Strategic Engineering Methods to Bring New Growth Opportunities
The increasing investments in renewable sectors and offshore oil and gas industries are expected to boost the global market for offshore support vessels market during the forecast period. Offshore vessel ships are designed specifically for transporting personnel and goods to the offshore platforms operating deep inside the oceans, with an average size ranging from 20 meters to about a 100 meters. They are inevitably capable of performing and accomplishing a variety of tasks in the oil exploration and supply chain areas.
The demand for offshore support vessels has increased remarkably in the past few years owing to the capability of performing necessary operation such as fixing production platform and floating drilling rigs. The rising price of oil, strategic engineering, and technological breakthroughs have encouraged operators to sanction deep water projects. This will also bode well for the global market in the long run.
On the flipside, since the market is capital-intensive, it may face certain challenges in terms of huge investments. The high expenditure incurred on the maintenance of offshore support ships may hinder the growth of the market. In addition to this, occasional oversupplies may also create problems for the oil and construction industries operating in the oceans and this is a major risk factor restricting growth.
Additionally, stringent government regulations imposed on offshore activities in major regions may hamper the market in terms of growth and development. Besides this, the high operational risks associated with the use of offshore support vessels may pose threat to the market’s expansion.
Discovery of Unexplored Oilfields in Spurs Growth Opportunities for the Market
In terms of geography, Asia Pacific has a stronghold in the global market. This is because this region is home to three of the major waterbodies namely, the Arabian Sea, Indian Ocean, and the Pacific Ocean. Various oil and gas industry bases are situated in these waterbodies which requires offshore support vessels for the transportation of goods. The Middle East and Africa also holds a significant share of the market, trailed by North America. Fortune Business Insights foresees huge growth opportunities for the market in the Middle East and Africa because of abundance of oil resources present in the region. The Europe market is also expected to grow in the coming years due to the presence several leading players in the region.
Some of the players operating in the global offshore support vessels market are SEACOR Marine, Havila Shipping, Hornbeck Offshore Services, Edison Chouest Offshore, Tidewater Marine and GulfMark Offshore, Seam Offshore, Bourbon, Solstad Farstad, Nam Cheong International Ltd., and Maersk.