Offshore Support Vessel Market: Current Analysis and Forecast (2021-2027)

Tapping the world's huge offshore resources will be vital to meet future energy needs, but the dynamics of offshore energy are changing fast. Policy support and technology development have led to major cost reductions for the next wave of offshore wind projects and led to huge investment in the sector. For instance, grid-connected offshore wind capacity additions reached 5.9 GW in 2019, 40% higher than in 2018. Therefore, increasing activities in offshore wind turbines would increase demand for offshore support vessels (OFSV) for installation of wind turbines and market is expected to grow significantly during the forecast period. Further, high exploration and development activities in hydrocarbons in ultra deepwater would create ample of opportunities for OFSV market. Moreover, after cyclones which occur most commonly in oceans, OFSV's are widely used in rescue operations. However, various challenges associated with the market like highly competitive environment and operational risk due to harsh offshore climatic conditions may hinder the growth of market.

Based on type, the market has been segmented as anchor handling tug supply vessels, platform supply vessels, multipurpose support vessels, emergency response & rescue vessels, crew vessels. Among them, the anchor handling tug supply vessel is estimated to have high growth and hold lucrative market share in the forecast period, as it can do various functions together such as mooring chain of drilling rigs, positioning of site, towing of rigs, emergency response and rescue vessel, and fulfill other supply duties when required. However, anchor handling requires high performance, deck space, winch capacity and other additional handling equipment.

On the basis of application, trend is shifting towards green energy therefore governments are focusing on renewable energy such are solar and wind turbine. Offshore wind turbines can play a crucial role in giving boost to countries achieve the Paris agreement target. In addition, wind turbine operators are heavily investing in offshore due to extensive potential in the market. Therefore, with increasing activities in offshore wind turbines eventually increase the requirement OSV's thereby propelling the market growth.

Based on water depth, market is bifurcated into shallow water and deepwater. Of both, deep water held prominent market share as majority of oil rigs and wind turbines are installed in deep water. Further, rising research and development in ultra deep-water offshore oil fields in Arctic ocean and South China sea is propelling the growth of the market. During the whole process from exploration to production till abandoning the well, OSV's are widely used, thereby giving opportunity to OSV market to expand.

For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada, rest of North America); Europe (Germany, UK, France, Spain, rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific) and MEA (Iran, Saudi Arabia, UAE, Kuwait, Iraq and Rest of Middle East and Africa) 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