LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global offshore support vessel market since 2016 and the market is poised to grow by USD 927.39 million during 2019-2023, decelerating at a CAGR of more than 89% during the forecast period. Request Free Sample Pages
Read the 123-page research report with TOC on "Offshore Support Vessel Market Analysis Report by Product (anchor handling & tug supply vessel (AHTS), platform supply vessel (PSV), multipurpose support vessel (MPSV), fast support intervention vessel (FSIV), and others), by Geography (APAC, Europe, MEA, North America, and South America), and Segment Forecasts, 2019 - 2023".
The market is driven by the rise in demand for oil and natural gas across the globe. In addition, the reduction in the cost of offshore E&P activities is anticipated to further boost the growth of the offshore support vessel market.
There is an increase in the demand for energy, which is majorly met by oil, natural gas, and coal. This is driving the growth of E&P activities. Oil and gas companies are looking for new oil and gas reservoirs resulting in the drilling of new wells. They are also shifting toward offshore E&P activities as the production life of offshore wells is higher than that of onshore wells. Consequently, the adoption of offshore support vessels is also increasing as they are used to assist offshore E&P by transporting the necessary manpower, supplies, and equipment. Thus, the increase in the dependence on offshore support vessels for E&P activities is expected to drive the market during the forecast period.
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Major Five Offshore Support Vessel Market Companies:
Damen Shipyards Group
Damen Shipyards Group is a family-run shipbuilding company, which offers ships for offshore oil and gas, naval and patrol, fishing, breakbulk and cargo transport, and dredging applications.
FINCANTIERI S.p.A
FINCANTIERI S.p.A manufactures and operates under various business segments including shipbuilding, offshore, equipment, systems, and services, and other activities. The company provides offshore support vessels and undertakes the construction of offshore support vessels such as AHTS vessels and PSVs.
LARSEN & TOUBRO LIMITED
LARSEN & TOUBRO LIMITED has business operations under various segments, namely infrastructure, power, hydrocarbon, heavy engineering, electrical and automation (E&A), IT and technology services, financial services, development projects, and others. The company provides offshore supply/utility vessels.
Nam Cheong Limited
Nam Cheong Limited operates through various business segments such as shipbuilding and vessel chartering. The company offers offshore support vessel and undertakes the construction of offshore support vessels such as AHTS vessels and PSVs.
Singapore Technologies Engineering Ltd
Singapore Technologies Engineering Ltd offers a wide range of services through business segments including aerospace, electronics, land systems, marine, and others. The company is adopting strategies such as M&A, divestitures, JVs, and partnerships for organizational development purposes.
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Offshore Support Vessel Product Outlook (Revenue, USD Million, 2019 - 2023)
- AHTS
- PSV
- MPSV
- FSIV
- Others
Offshore Support Vessel Regional Outlook (Revenue, USD Million, 2019 - 2023)
- APAC
- Europe
- MEA
- North America
- South America
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