Offshore Support Vessels Market Poised to Expand at a Robust Pace Over 2017 – 2025

Global Offshore Support Vessels Market: Overview 

Offshore support vessels are a crucial class of vessels essential for the smooth function of offshore oil and gas operations. Offshore support vessels fulfil all the logistical needs of offshore petroleum platforms. Due to this, they have taken on an important role in the global petroleum industry following the acknowledgment of the declining levels of petroleum in terrestrial reservoirs, which has led to intense focus on offshore exploration and production of petroleum. The global offshore support vessel market is thus likely to grow steadily in the coming years thanks to consistent utilization in the oil and gas industry.

Global Offshore Support Vessels Market: Key Trends 

The prime driver for the global offshore support vessels market is the rising investment being made in underexplored regions such as Africa and Brazil for offshore petroleum exploration and extraction. The West coast of Africa and the East coast of Brazil have become important regional segments of the global offshore support vessel market and are likely to be developed further in the coming years, resulting in steady growth prospects for the global offshore support vessels market.

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Other emerging economies such as China and India are also likely to increase their investment in offshore petroleum exploration in the coming years, which bodes well for the global offshore support vessel market. Meanwhile, the North Sea has also become important for the global petroleum industry and exploration and extraction projects in the region could also generate significant revenue for the offshore support vessels industry.

On the other hand, the capital-intensive pricing dynamics of the offshore support vessel market have reduced the number of viable players claiming a sizable share in the global market. The steady decrease in petroleum prices in the last two years has also had an adverse effect on the global offshore support vessels market, as it has reduced the spending power of even some of the top companies in the global petroleum sector.

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Global Offshore Support Vessels Market: Market Potential 

Adapting to dire pricing dynamics has forced many offshore support vessel manufacturers to fold up or accept inconvenient mergers. According to 2017’s Annual Offshore Support Journal Conference, this is likely to remain the status quo in the global offshore support vessel industry in the coming months, with many more players likely to turn to mergers in order to sustain their business. The expected recovery in the petroleum sector in 2017 and 2018 could bring comfort to the offshore support vessel industry.

Offshore support vessels designed to minimize their environmental impact are likely to become popular in the coming years. Norway and other countries using the oilfields in the North Sea have been among the first to use electrically powered offshore support vessels, and vessels with onboard batteries could soon become the norm rather than exception in the global offshore support vessel industry. Battery systems can be retrofitted on many existing designs of offshore support vessels, which could further increase the scope of their adoption in the offshore support vessel industry.

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Global Offshore Support Vessels Market: Geographical Dynamics 

North America, led by the U.S., is likely to remain the leader in the global offshore support vessel market in the coming years. Asia Pacific countries such as China and Latin American countries such as Brazil and Venezuela are also likely to feature prominently in the development of the offshore support vessel market in the coming years, whereas Western African countries could also benefit strongly from the increased offshore petroleum sector operations.

Global Offshore Support Vessels Market: Competitive Dynamics 

The leading companies in the global offshore support vessel industry include Tidewater, Inc., Farstad Shipping ASA, Gulfmark Offshore, Inc., Havila Shipping ASA, Swire Group, Ltd., Siem Offshore, Inc., Hornbeck Offshore Services, Inc., Bourbon Corporation SA, The Maersk Group, and Seacor Marine, LLC. With steady consolidation likely to be the order of the day for the offshore support vessels industry in the coming months, larger players could benefit significantly from acquisitions and profitable mergers.

North America Dominates Demand for Offshore Support Vessels

San Francisco, California, January 29, 2018 – With the declining petroleum levels of terrestrial reservoirs, oil and gas companies are compelled to carry out offshore exploration and extract reserves buried offshore and in deep water. For these exploring and extracting initiatives, offshore support vessels are a must, consequently the market for same is flourishing. As per a recent business and commerce publication by Transparency Market Research (TMR), the offshore support vessels market will rise at a notable growth rate over the 2017-2025 forecast timeframe. The report, titled “Offshore Support Vessels Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” is a scientific effort to provide valuable insights to audiences of the publication which include oil and gas companies, manufacturers of petroleum exploration equipment, government agencies, and research organizations.

Some of the key factors augmenting the demand in the offshore support vessels market are rising investments to extract petroleum from offshore reserves and investments to tap newly found deposits in Africa and Brazil. The East coast of Brazil and West coast of Africa are displaying significant demand for offshore support vessel and are likely to continue display demand for offshore support vessels.

Emerging economies such as India and China are also likely to increase investments in offshore petroleum exploration in the years to come, which will benefit the offshore support vessels market. Offshore support vessels enable smooth operations for oil and gas companies and fulfill the logistical requirements of offshore petroleum platforms. The demand for offshore support vessels is likely to grow in the future thanks to substantial use in the oil and gas industry.

Meanwhile, North Sea has also emerged as an important location for offshore petroleum exploration. Ongoing petroleum exploration and extraction projects in newly found deposits in the region could generate significant revenue for the offshore support vessels market.

On the other hand, capital-intensive nature of offshore exploration activities is limiting participation of oil and gas companies in these pursuits. This in turn, is impacting the growth of ancillary industries such as offshore support vessels. The steady decrease in petroleum prices in the last two years has impacted the spending capacity of even some top companies in the petroleum sector. This has adversely affected the global offshore support vessels market.

Based on type, the offshore support vessels market could be segregated into anchor handling tug supply vessels, multi-purpose supply vessels, crew vessels, seismic vessels, platform supply vessels, standby and rescue vessels, chase vessels, and others. Based on water depth, the offshore support vessels market could be segmented into shallow water and deep water. Geographically, the report takes stock of the growth of offshore support vessels market in North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Powered by the U.S., North America is likely to continue to lead in the worldwide offshore support vessels market over the forecast timeframe. Further, the analysts of the report detect Asia Pacific and Latin America to emerge as key markets for offshore support vessels. This is mainly because of initiatives to explore newly found offshore petroleum reserves in these regions. Countries in Western Africa are also prognosticated to contribute to the offshore support vessels market in the future.

Tidewater Inc., Gulfmark Offshore Inc., Swire Group Ltd., Hornbeck Offshore Services Inc., The Maersk Group, Farstad Shipping ASA, Havila Shipping ASA, Siem Offshore Inc., Bourbon Corporation SA, and Seacor Marine LLC are top companies in the global offshore support vessels market.

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