Anchor Handling Tug Supply Vessels Market size to grow by USD 2.61 billion from 2023 to 2028, Rise in global demand for oil and natural gas to drive the growth - Technavio

NEW YORK, Jan. 10, 2024 /PRNewswire/ -- The anchor handling tug supply vessels market is expected to grow by USD 2.61 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 4.67% during the forecast period. The market is segmented by application (oil and gas, industrial, and others), engine capacity (5000-9999 HP, <5000 HP, and >10000 HP), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

The rise in global demand for oil and natural gas is the key factor driving the market growth. AHTS operations play a significant role in showcasing adept tugboat capabilities, supply functions, and adept assistance oil rigs. Their role in towing services, dynamic positioning systems, bollard pull capacity, and deck cargo handling solidifies their significance in oil exploration support and deepwater operations, boosting the market's expansion.

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Key Highlights:

• The report recognizes the following as some of the key players in the anchor handling tug supply vessels market: AP Moller Maersk AS, Aquashield Oil and Marine Services Ltd., BOURBON Maritime, Damen Shipyards Group, DNV Group AS, Edison Chouest Offshore Co., Fairway Offshore Ltd., Harmony Marine Shipbrokers Ltd., Harvey Gulf International Marine LLC, Hornbeck Offshore Services Inc., Kuok Group, MMA Offshore Ltd., Petromarine Nigeria Ltd., Seacontractors, SEACOR Marine Holdings Inc., Solstad Offshore ASA, Swire Pacific Ltd., Tethys Plantgeria Ltd., Tidewater Inc., and Wartsila Corp.
• Anchor Handling Tug Supply Vessels Market is fragmented in nature.
• Market to observe 4.49% YOY growth in 2024.

Market Dynamics:

Major Trend

• The increase in investment in port infrastructure is a major trend in the market. This trend manifests through advancements in crew management, fuel efficiency, and the development of ice-class vessels. Moreover, innovations in anchor handling procedures, subsea construction support, and catering to market demand trends are evident. The rise in offshore support, offshore wind farm support, enhanced emergency response capabilities, global fleet size, and vessel retrofitting boost the market's growth.

Significant Challenge

• Volatility in oil prices is a significant challenge restricting market growth. This challenge is intricately tied to the oil and gas sector dependency. Moreover, while advancements in marine engineering innovations and adherence to international maritime regulations and environmental regulations are vital, fluctuations in oil prices influence port operations and the shipbuilding industry. Maintaining maritime safety standards, upgrading maritime communication systems, and enhancing marine propulsion systems and maritime navigation technology amid this challenge remain critical for sustained market resilience.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The oil and gas segment is estimated to witness significant growth during the forecast period. The demand is mainly due to the rising demand for oil and gas E and P projects. This increase is due to the shift of oil and gas operations from inland production to locations such as Deep-Water Regions, which are more distant from end consumers. 

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The offshore supply vessel (OSV) market size is estimated to grow by USD 6 billion at a CAGR of 4.42% between 2024 and 2028. 

The pressure vessels market size is estimated to grow by USD 41.91 billion at a CAGR of 4.34% between 2023 and 2027.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Engine Capacity

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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