Offshore Support Vessel Global Market to Reach $29.71 Billion by 2026 at a CAGR of 5.3%

News provided by

Oct 05, 2022, 16:45 ET

DUBLIN, Oct. 5, 2022 /PRNewswire/ -- The "Offshore Support Vessel Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global offshore support vessel market is expected to grow from $22.17 billion in 2021 to $24.12 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The offshore support vessel market is expected to reach $29.71 billion in 2026 at a CAGR of 5.3%.

Asia Pacific was the largest region in the offshore support vessel market in 2021. North America is expected to be the fastest growing market in the forecast period. The regions covered in the offshore support vessel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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.

New product innovations have emerged as the key trend gaining popularity in the offshore support vessel market. Major companies operating in the offshore support vessel sector are introducing new products to reinforce their position. For instance, in December 2020, Siem Offshore's PSV, a Norway-based company that manufactures offshore vessels, launched its first hybrid vessel, Siem Symphony. This vessel is fitted with a 600-kWh chargeable battery pack as an additional power supply, which helps to lower the fuel consumption of the vessel. These hybrid vessels are effective during standby mode.

In July 2020, Seacor Marine, a US-based international ship manufacturing company, acquired Seacosco for a deal amount of US $28.15 million. This acquisition will expand Seacor's existing portfolio of support vehicles and solutions and boost the company's capabilities. The acquisition helps Seacor's Marine strategy to transform their operations by advancing the technological capabilities and giving their customers the best possible solutions with high efficiency. Seacosco is a US-based offshore support vessel company.

Scope

Markets Covered:

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

Key Topics Covered:

1. Executive Summary

2. Offshore Support Vessel Market Characteristics

3. Offshore Support Vessel Market Trends And Strategies

4. Impact Of COVID-19 On Offshore Support Vessel

5. Offshore Support Vessel Market Size And Growth

6. Offshore Support Vessel Market Segmentation

7. Offshore Support Vessel Market Regional And Country Analysis

8. Asia-Pacific Offshore Support Vessel Market

9. China Offshore Support Vessel Market

10. India Offshore Support Vessel Market

11. Japan Offshore Support Vessel Market

12. Australia Offshore Support Vessel Market

13. Indonesia Offshore Support Vessel Market

14. South Korea Offshore Support Vessel Market

15. Western Europe Offshore Support Vessel Market

16. UK Offshore Support Vessel Market

17. Germany Offshore Support Vessel Market

18. France Offshore Support Vessel Market

19. Eastern Europe Offshore Support Vessel Market

20. Russia Offshore Support Vessel Market

21. North America Offshore Support Vessel Market

22. USA Offshore Support Vessel Market

23. South America Offshore Support Vessel Market

24. Brazil Offshore Support Vessel Market

25. Middle East Offshore Support Vessel Market

26. Africa Offshore Support Vessel Market

27. Offshore Support Vessel Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Offshore Support Vessel Market

29. Offshore Support Vessel Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned

Solstad Offshore ASA
Seacor Marine Holdings
Swire Pacific Offshore
Tidewater
Havila Shipping
Maersk
Siem Offshore
Bourbon Corporation SA
Havila Shipping ASA

For more information about this report visit https://www.researchandmarkets.com/r/5yayza

Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets