Report: Global offshore support vessel market to reach US$38.53 billion by 2020

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JAKARTA (rambuenergy.com) – There seems to be a room for growth for offshore support vessel (OSV) market in the next five years, despite plunging crude oil price, driven by demand from oil and gas companies in Asia Pacific, according to a market report.

MarketsandMarkets said  in a report that the offshore support vessel market is expected to reach US$38.53 billion by 2020, at a compound annual growth rate (CAGR) of 5.8 percent from 2015 to 2020. The market is driven by rising demand for oil and gas, which is met by increasing investments in emerging economies with proven oil and gas reserves offshore.

The OSV includes Anchor Handling Tug Supply (AHTS), Platform Supply Vessel (PSV), Multipurpose Support Vessel (MSV), Standby & Rescue Vessel, Crew Vessel, & Others).

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 and gas, followed by North America. Recent discoveries of oil and 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 report said.

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 and gas reserves in deepwater sedimentary basins.

The offshore support vessel market was dominated by Tidewater Inc. (U.S.), Edison Chouest Offshore (U.S.), Bourbon SA (France), and Hornbeck Offshore (U.S.), in 2014. These market players have also been active in the competitive developments of the offshore support vessel market.   (*)