Asia Pacific Offshore Support Vessel Market Size 2020 | Industry Analysis by Growth, Key Players, Share, Trends and Forecast 2026
Category: #energy-and-environment  By Ronak Bora  Date: 2021-05-28
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Asia Pacific Offshore Support Vessel Market Size 2020 | Industry Analysis by Growth, Key Players, Share, Trends and Forecast 2026

The Asia Pacific offshore support vessel market size is expected to soar through 2026. The growing penetration of urbanization has led to a spiraling demand for energy in the region. In order to meet these massive requirements of private and public sector for energy, several government initiatives aim to tap the potential of oil & gas reserves at offshore sites.

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With multiple mega-scale offshore oil & gas explorations, contracts, and projects underway across the region.

The following four factors have been inducing the progression of the offshore support vessel market:

Platform supply vessel demand to register high revenue

Also known as ‘sea trucks’, platform supply vessels or PSVs are primarily utilized in the transportation of fuel and other materials to oil & gas field development rigs. Featuring a high deadweight capacity and vast spaces, these vessels have been witnessing increasing demand which can be accredited to the need for an efficient logistics and transportation across high seas, creating more demand in APAC offshore support vessel market forecast.

The necessity of highly advanced tools, machinery, and equipment across numerous oil & gas plants in offshore settings has also been responsible for the expansion of the segment. The Asia Pacific offshore support vessel market forecast expected to gain a considerable share from this segment, thanks to the spiraling requirement for powerful posting fleets with high flexibility across deep water and ultra-deep water operations in the region.

Industry share from deep water segment to spiral upward

In terms of water depth, the Asia Pacific offshore support vessel industry outlook has been bifurcated into deep water OSVs and shallow water OSVs. The former segment is expected to rise at a high CAGR through 2026, pushed by the growing number of explorations of ultra-deep and deep fields.

These projects are receiving tax incentives and other benefits from the government, with the aim to develop offshore oil production to the next level. For instance, during 2019, the Indian state-run Oil and Natural Gas Corporation Ltd (ONGC) announced the drilling of 24 new deep-water sites for extending its footprint. 

AHTS to witness high deployment

The Anchor Handling Tug Supply vertical of the APAC offshore support vessel market has been faring well on account of the rising number of remote deep-water E&P sites across the region. AHTS play a vital role in the naval industry owing to its function as a rescue vessel.

It is also responsible for catering to requirements such as anchoring and towing of offshore infrastructure. All these benefits of the AHTS for naval applications have been contributing toward the segmental expansion, aiding the Asia Pacific offshore support vessel market share.

Indian industry to exhibit conducive opportunities

India offshore support vessel industry has been registering a high growth rate over the past few years as several new oil-reserve discoveries are being made by the Oil and Natural Gas Corporation Limited (ONGC). For instance, during FY20, as many as seven new offshore oil-reserve discoveries were announced by the ONGC.

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With several new initiatives in prospect, the region is likely to represent a major share of the overall Asia Pacific OSV market outlook. Maersk, Farstad, Havila Shipping, Vroon, Tidewater, Swire, Bourbon Seacor Marine, Solstad, Siem Offshore, and Gulfmark Offshore are some leading industry players in the APAC offshore support vessel industry.

Table of Contents (ToC) of the report:

Chapter 3.       Asia Pacific Offshore Support Vessel Industry Insights

3.1.           Industry segmentation

3.2.           Industry landscape, 2015 – 2026

3.3.           Industry ecosystem analysis

3.3.1.        Vendor matrix

3.4.           Innovation & sustainability

3.5.           Regulatory landscape

3.6.           Industry impact forces

3.6.1.        Growth drivers

3.6.2.        Industry pitfalls & challenges

3.7.           Growth potential analysis

3.8.           Porter's analysis

3.9.           Competitive landscape, 2019

3.9.1.        Strategy dashboard

3.10.         PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1284/apac-offshore-support-vessel-market       

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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