Maharashtra, India -- (SBWIRE) -- 02/13/2019 -- Offshore Supply Vessel Market
Summary
Offshore Supply Vessel (OSV) is a sea motor vessel used for transmitting cargos, goods, supplies, crews, and offshore exploration and production equipment across oil platforms. OSV supports marine offshore drilling activities through the transportation of offshore energy resources, and it also facilitates oil rigs installation process. It is mostly used by oil and gas companies for exploration and production (E&P) activities. OSV is operated by ship owners or by companies that take OSV on lease. In addition, OSV facilitates the maritime logistics operation for various other industries such as Subsea and Deep Water Mining.
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According to this study, over the next five years the Offshore Supply Vessel (OSV) market will register a 8.3% CAGR in terms of revenue, the global market size will reach US$ 25000 million by 2024, from US$ 15500 million in 2019.
Technological Advancements
Deepwater production and exploration activities and investments by emerging economies in offshore exploration will drive the offshore support vessel market.
Oil & gas exploration and production activities are being carried out, both onshore and offshore, worldwide. The offshore oilfield business consists of the survey, exploration, construction, production, maintenance, upgradation of production facilities, and decommissioning. The activities at various stages of the oilfield lifecycle require different types of specialized offshore support vessels (OSV), which are suited for the project needs.
The offshore supply vessel market has been segmented into vessel type, depth, and region. The market has been further segmented, by vessel type; into anchor handling tug supply vessels, platform supply vessels (PSV), multipurpose support vessels (MPSV), and standby and rescue vessels, crew vessels, chase vessels, seismic vessels, and others. The AHTS vessels segment accounted for the largest share, 45% of the market in 2017, AHTS vessels are principal support vessels used for towing, anchoring, and supplying equipment to drilling rigs and production platforms, making them the largest segment of the Offshore Support Vessel Market. Demand for offshore drilling is projected to recover slowly, particularly in deepwater fields as oil prices stabilize, thus, helping the AHTS market.
On the basis of depth, the market has been segmented into shallow water and deepwater segments. The application of offshore support vessels in shallow water projects is estimated to lead the market, in terms of market value share of 70.7% in 2017. The shallow water basins in the Middle East, Asia-Pacific, Europe, and North America will play a major role in driving the Offshore Support Vessel Market. Shallow water operations are typically less expensive compared to deepwater operations. Thus, recovering oil prices will lead to a faster increase in offshore activity in shallow water basins compared to deepwater ones.
The OSV market is less concentrated, various enterprises have invested in fleet expansion, so as to replace older vessels, and enhance their position in global market. Key players in offshore support vessel market include Edison Chouest, Tidewater, Bourbon Offshore, DOF, Swires, Maersk Supply Service, Farstad Shipping, Hornbeck, Cosl, Island Offshore Management, Gulf Mark and Havila Shipping.
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This study considers the Offshore Supply Vessel (OSV) value and volume generated from the sales of the following segments:
Segmentation by product type:
Anchor Handling Tug Supply
Platform Supply Vessel
Multipurpose Support Vessel
Standby & Rescue Vessel
Others
Segmentation by application:
Shallow Water
Deep Water
The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report:
Edison Chouest
Tidewater
Bourbon Offshore
DOF
Swires
Maersk Supply Service
Farstad Shipping
Hornbeck
Cosl
Island Offshore Management
Gulf Mark
Havila Shipping
Key Regions for this market: North America, Europe, APAC, Latin America, and the Middle East & Africa.
Key Benefits:
1.The research report provides a detailed analysis of the Offshore Supply Vessel Market along with the current and future growth prospects so as to shed light on the prominent investment pockets.
2.Information regarding key growth factors, constraints, and opportunities, along with their impact analysis on the Offshore Supply Vessel Market is provided.
3.Porter's fives forces analysis elaborates the effectiveness of buyers and suppliers operating in the market, globally and regionally.
4.The qualitative and quantitative analysis of the market from 2019 to 2024 is provided to put forth the market potential.
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Key questions answered in the report include:
What will the market size and the growth rate by the end of the forecast period?
What are the key industry trends impacting the growth of the market?
What are the key factors driving and restraining the Offshore Supply Vessel market?
What are the challenges to market growth?
What are the market opportunities and threats faced by the key players in the market?
Who are the leading competitors functioning in the market for Offshore Supply Vessel?
What are the key outcomes of Porter's five forces analysis of the Offshore Supply Vessel market?
Conclusion:
The report concludes with the profiles of major players in the Offshore Supply Vessel Market. The foremost market performers are accessed on the basis of various parameters such as company overview, product portfolio, and do on., as well as the latest development trends of the Market.
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