Offshore support vessels are ships specially designed to transport oil and gas, drilling equipments, and personnel to offshore oil platform. Depending on the requirement, offshore support vessels are designed as platform supply vessels, anchor handling vessels, seismic vessels, crew boats, combination vessels, etc.
Major factor driving growth of the global offshore support vessel market is increasing number of offshore oil and gas drilling activities across the globe. Additionally, growing demand for oil and oil products for various applications such as transportation, power, and manufacturing industries is another factor expected to propel growth of the target market over the forecast period. Moreover, developments in offshore support vessels is another factor expected to fuel growth of the target market over the forecast period.
High costs associated with maintenance and replacement of offshore support vessels and stringent environmental regulation on deep-water drilling activities are factors expected to restrict growth of the global offshore support vessel market over the forecast period.
The global offshore support vessel market is segmented on the basis of type, depth, and region. On the basis of type, the target market is segmented into anchor handling tug supply vessels, platform supply vessels, seismic vessels, offshore construction vessels, and others. On the basis of depth, the target market is segmented into shallow water and deep-water. On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The North America market accounted for highest share in terms of revenue in the global market, as compared to that of markets in other regions. This can be attributed to increasing offshore drilling activities and adoption of technologically advanced offshore support vessels in countries in the region. The market in Asia Pacific is expected to witness considerable growth and is expected to register highest CAGR of X.X% in the target market over the forecast period, owing to increasing deep-water drilling activities in emerging economies such as China, India, etc. Moreover, the market in Middle East is expected to register moderate growth in the global market over the forecast period.
Prominent players in the global offshore support vessel market include Bourbon Corporation SA, Farstad Shipping ASA, SEACOR Marine LLC, Tidewater Inc., Edison Chouest Offshore, LLC, Abdon Callais Offshore, LLC, Island Offshore Management AS, Halul Offshore Services Company W.L.L., Hornbeck Offshore Services, Inc., and Maersk Supply Service A/S.