The global offshore support vessel market is projected to grow at a CAGR of 5.04% from 2018 to 2023. The market in Asia Pacific is estimated to be the largest market for offshore support vessels, followed by Europe and North America in 2018. This trend is expected to continue until 2023. Also, the North American market is projected to be the fastest-growing market during the forecast period. The growth of the offshore support vessel market is driven by rising offshore investments in the US and the Gulf of Mexico, and a focus on the potential deepwater discoveries in the US.
Rising population and increasing demand of primary energy consumption are the major factors for rising investments in emerging economies. Countries in the Western African region, especially Congo, Liberia, Senegal, and Ghana are planning to increase the offshore expenditures and drill more offshore wells. West Africa and Brazil have been very active in the offshore market. There have been new offshore discoveries in other African countries, such as, Mozambique, Kenya, and Tanzania. In the southern part of Africa, 265 wells have been drilled offshore and yet there is plenty of unexplored offshore land in this region.
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Asia- Pacific is the other major region, which is planning to increase its offshore production due to tremendous pressure to meet energy demand as a result of increased industrialization, population, and growing consumption. India has 56% of oil reserves in offshore, and Government of India has planned to add 91 million barrels of crude oil by 2017, to improve energy security and protect the country from supply disruptions. China National Offshore Oil Corporation, a state-owned Chinese E&P company, has expanded its presence in offshore zones in Bohai Bay and South China Sea. Moreover, with policy change, several private players have entered the business. So, the increasing investments in emerging economies would positively contribute to the offshore support vessel market.
Opportunity: Modern technology for working in deepwater & ultra-deepwater
With the gradual maturity of shallow water fields, oil & gas operators are exploring for deep and ultra-deep water opportunities to meet the growing oil & gas demand. This has stimulated growth in investments in offshore and subsea activities. The shallow water covers majority of the market share, but the vessels used here are not capable of working in deepwater and ultra-deepwater due to harsh climatic conditions. This factor offers great opportunity for the manufacturers to manufacture technologically equipped vessels to face the challenging environmental condition. For instance, invention of Dynamic Positioning (DP) system for marine vessels is very remarkable and has been accepted worldwide. With the changing requirements and need of upgradation, DP-1 vessels are almost in their last phase and used in crew supply vessels only, DP-2 and DP-3 vessels are more frequently used in PSVs and gaining more importance in the market. The evolution of DP vessels is one such example of technological upgradation that enables vessels to work in tough conditions. Hence, technological advancement is one of the key drivers fueling the growth of the offshore support vessel market.
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The offshore support vessel market is dominated by a few global players. The key players in the offshore support vessel market include integrators such as Bourbon (France), Seacor Marine (US), Swire Group (Hong Kong), Tidewater (US), Gulfmark Offshore (US), Havila Shipping ASA (Norway), Hornbeck Offshore Services (US), The Maersk Group (Denmark), and Siem Offshore (Norway).
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