The Global offshore support vessels industry is estimated to grow from US$39.4 billion in 2014 to $69.34 billion by the end of 2020 at a CAGR of 9.88%, according to a new report by Mordor Intelligence on the Global Offshore Support Vessel Market. The firm says that the Asia Pacific region is one of the fastest growing markets with the market estimated to be $9.7 billion by 2020.
"Offshore supply vessels are the lifeblood of all offshore operations," the Indian-based research company said. "Their demand fluctuates with the performance of the offshore sector, and in unison with global economic conditions. As in the case of other oil and gas industries, the offshore supply vessel industry has its own challenges. However, with the introduction of new technologies and regulations, the market is expected to achieve significant growth in the coming decade."
As oil and gas explorations move towards deeper waters, multi-functional offshore support vessels are now called upon to perform different tasks, and have created various niches or categories within the market. Present day offshore support vessels are equipped with increased cargo capacity, panoramic navigation bridge visibility, large accommodation spaces, enhanced crew amenities and state-of-the-art propulsion and automation systems.
Anchor Handling Towing Vessels forms the majority part of the market with 56% of the market share which is followed by platform support vessels. Vessels designed for inspection, maintenance and repair are generally equipped with large accommodation spaces, heavy lift cranes, helidecks and streamlined bow forms for operation in harsh environments. Vessels specialized for multi-tasking carry out maintenance and repair operations on platform facilities as well as sub sea pipelines and equipment.
According to Mordor, the most promising regions for the OSV market are the Gulf of Mexico, Brazil, West Africa, the North Sea, South East Asia, the Middle East and Asia. The firm estimates that major part of the demand will be for AHTS, PSVs, and seismic research vessels.