According to a new market research report published by Credence Research, “Offshore Support Vessels Market By Type (Anchor Handling Tug Supply (AHTS), Platform Support Vessels (PSV), Flat Support Intervention Vessels (FSIV), Multi-Purpose Support Vessels (MPSV), Standby and Rescue Vessels, Construction Support Vessels, and Other Vessels (Seismic Vessels, Chase Vessels, Installation Vessels, etc.)), By Application (Shallow Water, Deep water), By End-Use Vertical (Oil & Gas and Power), By Fuel (Fuel Oil, LNG), and By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global offshore support vessels market is expected to reach US$ 39.76 Bn by 2027, expanding at a CAGR of 7.8% during the forecast from 2019 to 2027 .
Offshore Support Vessels (OSV) are specifically designed to perform operations such as drilling oil rigs, laying out pipelines, towing, oil spill recovery, and firefighting at offshore platforms. These vessels provide prerequisite supplies to the drilling and construction units located at deep sea level. In addition to this, the offshore support vessels (OSV) also provide anchor management, platform support, and stand by capacity for vessels and helps in transporting crew members to offshore locations. The size of these offshore vessels normally lies in between (20-100) meters.
Increasing offshore exploration and production activities are driving the offshore support vessels (OSV) market. Moreover, perpetually growing investments in offshore oil exploration projects has had positive impact on the market demand. Some major factors such as growing demand for oil & gas and rising number of floating production units & drill ships are going to play a vital in shaping industry demand over the forecasted period.
In recent years, offshore support vessels (OSV) are expected to witness tremendous growth due to the on-going transition from diesel-mechanical to diesel-electric propulsion technology. This technology makes vessels fuel efficient and offers diesel-electric, gas-electric, and fuel cell technology for electric propulsion. In addition, the recent increase in offshore decommissioning activities has also led to an increase in the demand for offshore support vessels (OSV) worldwide.
The International Maritime Organization (IMO) formed some regulatory frameworks for the shipping industry, which has been adopted and implemented globally. Increasing demand for regasification terminals along with intra-regional gas pipelines is expected to stimulate the gas procurement pipelines and anticipated to have a positive impact on vessels segment.
North America offshore support vessels (OSV) market is expected to witness a tremendous growth due to its increasing focus towards offshore projects, rising investments in offshore oil & gas activities and wind projects.
However, high purchase cost, maintenance cost of vessels, high volatility in crude oil price, trading restrictions, and oversupply of offshore vessels are some restraining factors for the growth of the global offshore support vessels market.
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