Sarasota, FL -- (SBWIRE) -- 03/18/2019 -- Zion Market Research has published a new report titled "Offshore Support Vessels Market by Vessel Type (Anchor Handling Tug Supply (AHTS), Platform Supply Vessel (PSV), Multipurpose Support Vessel (MPSV), Standby and Rescue Vessel, Crew Vessel, and Others), by Depth (Shallow Water and Deepwater), and by End-User (Oil & Gas and Offshore Wind): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024". According to the report, global offshore support vessels market was valued at approximately USD 19.02 billion in 2017 and is expected to generate revenue of around USD 26.80 billion by the end of 2024, growing at a CAGR of around 5.02% between 2018 and 2024.

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The System-Based Design (SBD) method is applied in the design of offshore support vessels (OSV's). This method is effectively applied in the development of large number ship designs, mostly in cruise ships and ferries. International Maritime Organization (IMO) is the worldwide standard-setting authority for safety, security, and environmental performance of international shipping. The IMO forms a regulatory framework for the shipping industry, and it has been adopted and implemented globally. Several guidelines have been formed for operation, construction, and design of offshore support vessels which is used in the transportation of restricted amount of hazardous and toxic liquid substances in mass for the servicing and re-supplying of offshore platforms, drilling units in offshore and other offshore installations. Such factors are expected to drive the offshore support vessels market growth over the forecast period.

The offshore support vessels are expected to experience tremendous growth in recent years and would witness a shift from diesel-mechanical to the diesel-electric propulsion technology. This technology provides benefits such as low consumption of fuel, low emissions and has a prospect to use energy source such as diesel-electric, gas-electric, or fuel cell technology which is gaining popularity for electric propulsion for modern and eco-friendly offshore support vessels. Increasing exploration and production activities of offshore and rising expenditure on offshore oil exploration are anticipated to drive the global offshore support vessels market growth over the forecast timeframe.

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The offshore support vessels market is segmented on the basis of vessel type into Platform Supply Vessel (PSV), Multi-purpose Support Vessel (MPSV), Anchor Handling Tug Supply (AHTS), standby and rescue vessel, crew vessel, and others. Platform Supply Vessel (PSV) and Anchor Handling, Tug and Supply (AHTS) segments are projected to witness a substantial growth over the forecast period. Increasing demand for the vessels from developing countries is the major factor which is expected to drive segment growth over the forecast period.

Based on depth, the offshore support vessels market is segmented into shallow water and deep water. The shallow water segment is expected to experience the fastest growth rate. The growth is attributed due to its low operational costs. Improvement in the oil prices, the shallow water projects would increase demand for the vessels. The deepwater segment is expected to contribute to significant growth over the forecast period.

Based on end-user, the offshore support vessels market is segmented into oil & gas and offshore wind. Oil & gas segment is expected to witness a substantial growth over the forecast period. The growth is attributed to increasing demand for the vessels for the storage of oil.

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are regional segments of the global offshore support vessels market. Europe is expected to hold a significant revenue share in 2017. Increasing demand for offshore support vessels in the region is the major factor projected to drive the industry growth. North America is anticipated to witness the fast growth rate over the forecast timeframe. The growth is attributed to the increasing focus on offshore and growing investments in offshore oil & gas activities.

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Some of the key players operating in offshore support vessels market include Edison Chouest Offshore, Havila Shipping ASA, Abdon Callais Offshore, Swire Pacific, Gulfmark Offshore Inc., Harvey Gulf, Bourbon Offshore Marine Services, Island Offshore Management AS, Zamil Co., Farstad Shipping ASA, Vallianz Holdings Limited, Abdon Callais, and Homebeck.

This report segments the global offshore support vessels market as follows:

Global Offshore Support Vessels Market: Vessel Type Segment Analysis

Anchor Handling Tug Supply (AHTS)
Platform Supply Vessel (PSV)
Multipurpose Support Vessel (MPSV)
Standby and Rescue Vessel
Crew Vessel
Others

Global Offshore Support Vessels Market: Depth Segment Analysis

Shallow Water
Deepwater

Global Offshore Support Vessels Market: End-User Segment Analysis

Oil & Gas
Offshore Wind

Global Offshore Support Vessels Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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