Global Offshore Support Vessel Market is expected to foresee significant growth. North America to lead the growth

Global Offshore Support Vessel Market is expected to reach the market valuation of approximately US$ 27 billion by 2027 expanding at a reasonable CAGR of above 4% during the forecast period (2021-2027). Increasing offshore decommissioning activities, rising oil & gas exploration and production activities in Deepwater, and increasing installation of offshore wind turbines are some of the key attributable factors that are driving the market.

During the Covid-19 pandemic in early 2020, the majority of the countries and regions witnessed a country-wide lockdown. This has impacted the overall demand for oil and gas. In April 2020, the price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell as low as minus $37.63 a barrel. That means oil producers paid buyers to take the commodity off their hands over fears that storage capacity could run out in May. Demand for oil has all but dried up as lockdowns across the world have kept people inside. Majority of decline was witnessed in the industrial sector, where countries had imposed shut down of manufacturing facilities to reduce the spread of Covid-19.

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• Based on well type, the market has been segmented as anchor handling tug supply vessels, platform supply vessels, multipurpose support vessels, emergency response & rescue vessels, crew vessels. currently anchor-handling tug supply vessels held a lucrative market share. This is mainly due to its extensive use like handling the anchor of an oil rig, tow it to the location and anchor it, and it is also used as an emergency response and rescue boat. Further, they have highly flexible decks for heavy duty equipment and a propulsion system designed with powerful bollard pull, these impressive vessels are known for their seakeeping capabilities in rough or icy waters.
• Currently, oil and gas sector occupy a considerable market share. Offshore support vessels act as a transportation solution for offshore oil and gas rigs by assisting operators in transporting rigs equipment at the time of rig installation. Moreover, with increasing activities in deepwater like Artic Ocean demand of OSV’s rising due to operations carried require OSV’s. Further, the rising scope for relishing the wind turbine projects in deepwater, where the high wind speed creates a much favorable environment for operation is likely to drive to market robustly.
• Currently, deepwater hold a prominent market share due to major oilfields are present in deepwater. Over the years with increasing oil and gas demands hydrocarbons from shallow waters used up thereby giving boom to explorations and productions activates in deepwater.

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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Russia, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), MEA (Iran, Iraq, Saudi Arabia, UAE, Kuwait, Rest of MEA) and Rest of the World. Currently, North America holds lucrative market share due to large number of drilling activities in the region. Some of the major companies operating in the global offshore support vessel market includes A.P. Moller – Maersk, BOURBON, Ostenjso Rederi, MMA Offshore Limited, Harvey Gulf International Marine, LLC, SEACOR Marine LLC, Solstad Offshore ASA, Tidewater, Inc., PACC Offshore Services Holdings, Havila Shipping ASA

Global Offshore Support Vessel Market Segmentation

Market Insight, by Type

• Anchor-handling Tug Supply Vessels
• Platform Support Vessels
• Multipurpose Support Vessels
• Emergency Response and Rescue Vessels
• Crew Vessels
• Seismic Vessels
• Others

Market Insight, by Application

• Oil and Gas Applications
• Offshore Wind Applications

Market Insight, by Water Depth

• Shallow Water
• Deepwater

Market Insight, by Region

• North America Offshore Support Vessel Market
  • United States
  • Canada
  • Rest of North America
    
• Europe Offshore Support Vessel Market
  • Germany
  • United Kingdom
  • Russia
  • France
  • Spain
  • Rest of Europe
• Asia-Pacific Offshore Support Vessel Market
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• MEA Offshore Support Vessel Market
  • Saudi Arabia
  • Kuwait
  • UAE
  • Iran
  • Iraq
  • Rest of MEA
• Rest of the World

Top Company Profiles

• A.P. Moller – Maersk
• BOURBON
• Ostenjso Rederi
• MMA Offshore Limited
• Harvey Gulf International Marine, LLC
• SEACOR Marine LLC
• Solstad Offshore ASA
• Tidewater, Inc.
• PACC Offshore Services Holdings
• Havila Shipping ASA