May 31, 2018 - 12:07 PM EDT
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Global Offshore Support Vessel Market 2018-2023: AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vesse l & Seismic Vessel

Dublin, May 31, 2018 (GLOBE NEWSWIRE) -- The "Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The offshore support vessel market is projected to grow from an estimated USD 20.06 billion in 2018 to USD 25.66 billion by 2023, at a CAGR of 5.04%, from 2018 to 2023.

The growth of the market is also attributed to the increase in exploration activities in ultra-deepwaters and the Arctic region, in countries such as the US, Canada, and Norway. Also, a growing focus on the European Union's (EU) renewable energy targets for 2020 would result in increasing the demand for offshore wind energy in Europe. Thus, the growth in deployment of offshore wind farms would be the opportunity for the offshore support vessel market during the forecast period. Oversupply of offshore vessels act as restrain for the growth of the market during the forecast year.

Anchor-handling tug supply (AHTS) vessels constitute the largest segment of the offshore support vessel market, by type, in terms of volume as well as value. AHTS vessels are designed to provide anchor-handling and towage services and are also used for supplying deck cargo, water, fuel, dry bulk, and mud-to-oil rigs and platforms. These vessels can also be used for emergencies and are well equipped for firefighting, rescue, and oil recovery operations.

The demand from Asia Pacific and Europe is projected to drive the market for AHTS vessels during the forecast period. Countries such as Vietnam, Malaysia, Thailand, and Australia increased their E&P activities in offshore areas in the recent past. Malaysia is the largest contributor to the short-term oil & gas production growth mainly due to the Kebabangan Gas Project.

Also, there is a strong support from Petroliam Nasional Berhad (PETRONAS), which provides approximately USD 15.6 billion a year toward capital expenditure in the oil & gas industry. Moreover, local laws have been implemented to protect the local OSV operators as PETRONAS will prioritize Malaysian-flagged vessels over foreign vessels.

The North American market is projected to be the fastest-growing market, during the forecast period, owing to the continued production and exploration activities, particularly in the US and the Gulf of Mexico. As oil prices remain stable, the North American market will grow at the highest pace, as it will witness the fastest rise in exploration and production spending in response to any future recovery in oil prices, with its well-developed offshore industry. Moreover, significant reserves and a comparatively stable political environment have further supported the growth of the offshore support vessel market in the region.

Key players in the offshore support vessel market include Bourbon (France), Seacor Marine LLC (US), Swire Group (Hong Kong), Tidewater (US), Gulfmark Offshore (US), Havila Shipping (Norway), Hornbeck Offshore Services (US), the Maersk Group (Denmark), and Siem Offshore (Norway).

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Offshore Support Vessel Market
4.2 Offshore Support Vessel Market, By Country
4.3 Offshore Support Vessel Market, By End-User
4.4 Offshore Support Vessel Market, By Type
4.5 Asia Pacific Offshore Support Vessel Market: Application vs Country
4.6 Offshore Support Vessel Market, By Application

5 Market Overview
5.1 Introduction
5.1.1 Drivers
5.1.1.1 Investments in Offshore Oil & Gas and Renewable Sectors
5.1.2 Restraints
5.1.2.1 Capital-Intensive Market
5.1.2.2 Oversupply of Offshore Vessels
5.1.3 Opportunities
5.1.3.1 Aging of Offshore Infrastructure Leading to Replacement and Decommissions
5.1.3.2 Increased Exploration Actives in Ultra-Deep Water and Artic Region
5.1.4 Challenges
5.1.4.1 High Operational Risks
5.1.4.2 Governmental Regulations for Offshore Activities in Key Regions

6 Offshore Support Vessel Market, By Type
6.1 Introduction
6.2 Volume & Value Market Analysis
6.3 Anchor Handling Tug Supply Vessel (AHTS)
6.4 Platform Supply Vessel (PSV)
6.5 Multipurpose Support Vessel (MPSV)
6.6 Standby & Rescue Vessel
6.7 Crew Vessel
6.8 Seismic Vessel
6.9 Chase Vessel
6.10 Others

7 Offshore Support Vessel Market, By Application
7.1 Introduction
7.2 Shallow Water
7.3 Deepwater

8 Offshore Support Vessel Market, By End-User
8.1 Introduction
8.2 Oil & Gas
8.3 Offshore Wind

9 Offshore Support Vessel Market, By Region

10 Competitive Landscape
10.1 Introduction
10.2 Market Ranking Analysis, 2016
10.3 Competitive Scenario
10.3.1 New Product Developments
10.3.2 Investments & Expansions
10.3.3 Mergers & Acquisitions
10.3.4 Contracts & Agreements
10.3.5 Others (Partnerships/Collaborations/Joint Ventures)

11 Company Profiles
11.1 Benchmarking
11.2 Bourbon
11.3 Maersk
11.4 Seacor Marine
11.5 Tidewater
11.6 SIEM Offshore
11.7 Grupo CBO
11.8 Gulfmark
11.9 Havila
11.10 Solstad
11.11 Swire
11.12 Tayrona Offshore
11.13 Vroon Group

For more information about this report visit https://www.researchandmarkets.com/research/kgrpjb/global_offshore?w=12


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Source: GlobeNewswire (May 31, 2018 - 12:07 PM EDT)

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