Offshore Support Vessels Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : Ongoing | Energy & Mining | PPT format

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Global Offshore Support Vessels Market: Overview 

Offshore support vessels are a crucial class of vessels essential for the smooth function of offshore oil and gas operations. Offshore support vessels fulfil all the logistical needs of offshore petroleum platforms. Due to this, they have taken on an important role in the global petroleum industry following the acknowledgment of the declining levels of petroleum in terrestrial reservoirs, which has led to intense focus on offshore exploration and production of petroleum. The global offshore support vessel market is thus likely to grow steadily in the coming years thanks to consistent utilization in the oil and gas industry. 

Global Offshore Support Vessels Market: Key Trends 

The prime driver for the global offshore support vessels market is the rising investment being made in underexplored regions such as Africa and Brazil for offshore petroleum exploration and extraction. The West coast of Africa and the East coast of Brazil have become important regional segments of the global offshore support vessel market and are likely to be developed further in the coming years, resulting in steady growth prospects for the global offshore support vessels market.

Other emerging economies such as China and India are also likely to increase their investment in offshore petroleum exploration in the coming years, which bodes well for the global offshore support vessel market. Meanwhile, the North Sea has also become important for the global petroleum industry and exploration and extraction projects in the region could also generate significant revenue for the offshore support vessels industry. 

On the other hand, the capital-intensive pricing dynamics of the offshore support vessel market have reduced the number of viable players claiming a sizable share in the global market. The steady decrease in petroleum prices in the last two years has also had an adverse effect on the global offshore support vessels market, as it has reduced the spending power of even some of the top companies in the global petroleum sector. 

Global Offshore Support Vessels Market: Market Potential 

Adapting to dire pricing dynamics has forced many offshore support vessel manufacturers to fold up or accept inconvenient mergers. According to 2017’s Annual Offshore Support Journal Conference, this is likely to remain the status quo in the global offshore support vessel industry in the coming months, with many more players likely to turn to mergers in order to sustain their business. The expected recovery in the petroleum sector in 2017 and 2018 could bring comfort to the offshore support vessel industry. 

Offshore support vessels designed to minimize their environmental impact are likely to become popular in the coming years. Norway and other countries using the oilfields in the North Sea have been among the first to use electrically powered offshore support vessels, and vessels with onboard batteries could soon become the norm rather than exception in the global offshore support vessel industry. Battery systems can be retrofitted on many existing designs of offshore support vessels, which could further increase the scope of their adoption in the offshore support vessel industry. 

Global Offshore Support Vessels Market: Geographical Dynamics 

North America, led by the U.S., is likely to remain the leader in the global offshore support vessel market in the coming years. Asia Pacific countries such as China and Latin American countries such as Brazil and Venezuela are also likely to feature prominently in the development of the offshore support vessel market in the coming years, whereas Western African countries could also benefit strongly from the increased offshore petroleum sector operations. 

Global Offshore Support Vessels Market: Competitive Dynamics 

The leading companies in the global offshore support vessel industry include Tidewater, Inc., Farstad Shipping ASA, Gulfmark Offshore, Inc., Havila Shipping ASA, Swire Group, Ltd., Siem Offshore, Inc., Hornbeck Offshore Services, Inc., Bourbon Corporation SA, The Maersk Group, and Seacor Marine, LLC. With steady consolidation likely to be the order of the day for the offshore support vessels industry in the coming months, larger players could benefit significantly from acquisitions and profitable mergers. 

The study presents reliable qualitative and quantitative insights into:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand chain of the market
  • Market valuation (revenue and/or volume)
  • Key trends/opportunities/challenges
  • Forces defining present and estimated future state of the competitive landscape
  • Technological developments
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.

Highlights of the report:

  • A detailed analysis of key segments of the market
  • Recent developments in the market’s competitive landscape
  • Detailed analysis of market segments up to second or third level of segmentation
  • Historical, current, and projected future valuation of the market in terms of revenue and/or volume
  • Key business strategies adopted by influential market vendors
  • Outline of the regulatory framework surrounding and governing numerous aspects of the market
  • Growth opportunities in emerging and established markets
  • Recommendations to market players to stay ahead of the competition

Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.

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