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The offshore support vessel market is expected to reach USD 38.53 Billion by 2020, at a CAGR of 5.8% from 2015 to 2020. The market is driven by rising demand for oil & gas, which is met by increasing investments in emerging economies with proven oil & gas reserves offshore.
Offshore support vessel market for AHTS vessel to grow at the highest rate
The market has been segmented into vessel type, depth, and region. By vessel type, the market has been subsegmented into Anchor Handling Tug Supply (AHTS), Platform Supply Vessel (PSV), Multipurpose Support Vessel (MPSV), standby & rescue vessel, crew vessel, and others. The AHTS vessel segment is expected to exhibit the highest growth rate during the forecast period. The growth can be attributed to offshore ultra-deepwater E&P activities which have increased production from basins with proven oil reserves in deepwater environments.
Deep water application is estimated to drive the offshore support vessel market with the highest growth rate
On the basis of application, the market has been segmented into shallow and deepwater segments. The shallow water application of offshore support vessel is estimated to lead the market, whereas deepwater application is projected to witness the highest growth. Asia-Pacific and South America are expected to drive this subsegment, due to rising exploration activities and new discoveries of oil & gas reserves in deepwater sedimentary basins.
Asia-Pacific is estimated to be the global leader in offshore support vessel market, by value, for the next five years.
Asia-Pacific is among the largest consumers of oil & gas, followed by North America. Recent discoveries of oil & gas in the offshore basins in Australia, Gulf of Thailand, and South China Sea, and high demand from Malaysia & Indonesia are expected to drive the market for offshore support vessel in this region.
The leading players of the offshore support vessel market include Bourbon SA (France), Farstad Shipping ASA (Norway), Seacor Marine LLC (U.S.), Swire Group Ltd. (Hong Kong), Tidewater Inc. (U.S.), Gulfmark Offshore Inc. (U.S.), Havila Shipping ASA (Norway), Hornbeck Offshore (U.S.), the Maersk Group (Denmark), REM Maritime as (Norway), Siem Offshore Inc. ( Norway), Solstad Offshore ASA (Norway), Vroon Group (The Netherlands), Edison Chouset Offshore ( U.S.), Harvey Gulf International Marine, LLC. (U.S.), and Island Offshore Management AS (Norway). These market players have also been active in the competitive developments of the offshore support vessel marketThe study answers several questions for the stakeholders, which include OEMs, EPC companies, offshore field operators, offshore service providers, distributers & suppliers, consulting firms, private equity groups, investment houses, equity research firms, and other stakeholders. Primarily, the report provides information about market segments and helps stakeholders to decide their focus areas in next two to five years for prioritizing efforts and investments.
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