Global Offshore Support Vessel Market to be Worth USD 64.48 Billion by 2021: Technavio

Technavio has published a new report on the global offshore support vessel (OSV) market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--According to the latest market study released by Technavio, the global offshore support vessel (OSV) market size is projected to grow to USD 64.48 billion by 2021, at a CAGR of more than 5% over the forecast period.

This research report titled ‘Global Offshore Support Vessel Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

 
An offshore supply vessel is a sea motor vessel used for transporting cargo, goods, supplies, crews, and offshore exploration and production (E&P) across oil platforms. The geographical diversification of crude oil markets is creating a demand for advanced OSVs for various E&P activities, thereby driving the growth of the global market.
 

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Based on vessel type, the report categorizes the global offshore support vessel market into the following segments:

  • Anchor handling tug supply (AHTS) vessel
  • Platform supply vessel (PSV)
  • Fast supply intervention vessel (FSIV)
  • Multi-purpose service vessel (MPSV)
  • Other OSVs

The top three revenue-generating vessel types in the global offshore support vessel market are discussed below:

Anchor handling tug supply (AHTS) vessel

Anchor handling tug supply vessels are the most widely adopted type of offshore support vessel, generating close to 39% of the overall revenue in the global market. These vessels are mainly used for tugging or towing a ship or an oil rig platform,” says Sharan Raj, a lead analyst at Technavio for transportation and distribution research.

AHTS vessels are used by offshore companies for the placement and installation of oil rigs at locations in the sea, and for towing and assistance-related services for tanker loading and deepwater anchor handling. This market segment is forecast to be worth USD 28.47 billion by 2021.

Platform supply vessel (PSV)

Platform supply vessels or PSVs are designed specifically for moving cargo and transporting marine equipment and personnel to and from offshore oil rigs. Modern PSVs are equipped with dynamic positioning systems, which aid offshore companies to navigate the vessels digitally. This segment constitutes the second largest segment of the offshore support vessel market and is expected to witness steady growth over the forecast period. The increase in the use of PSV in the Gulf of Mexico and the EMEA will drive the growth of the market.

Fast supply intervention vessel (FSIV)

Fast supply intervention vessels are small, rapid, and flexible offshore vessels deployed when fast transportation across the sea is needed. These vessels can act as safety standby vessels and crew supply boats, and perform a wide range of offshore and inshore maritime support services,” says Sharan.

The market for FSIV in the offshore support vessel industry is expected to witness relatively lower growth rates over the forecast period because FSIV fleet constructions and operations are a capital-intensive business. This market segment is forecast to be worth over USD 8.3 billion by 2021.

The top vendors highlighted by Technavio’s research analysts in this report are:

  • Bourbon
  • Edison Chouest Offshore
  • SEACOR
  • Swire Pacific Offshore
  • Tidewater

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

According to the latest market study released by Technavio, the global offshore support vessel (OSV) market size is projected to grow to USD 64.48 billion by 2021, at a CAGR of more than 5%.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com