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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