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

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

Status : October, 2020 | Energy & Mining | PPT format

Report Digest


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. 

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

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

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?