New York, June 09, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Offshore Support Vessel Market by Technology, Application, End-user Industry, Material, Fuel Type and Region – Global Forecast to 2028” – https://www.reportlinker.com/p04814918/?utm_source=GNW
during the forecast period. The growing investments in building offshore wind farms will drives the offshore support vessel market in the forecasted period.
AHTS: The largest segment of the offshore support vessel market, by type “
Based on type, the offshore support vessel market has been split into eight types: AHTS, PSV, MPSV, Standby & Rescue Vessels, Crew Vessels, Chase Vessels, Seismic Vessels and Other Vessels.The AHTS vessels are specialized ships designed for various offshore operations in the oil and gas industry, for example, anchor handling, towing and positioning, supply operations, dynamic positioning, firefighting and safety, construction support, and crew accommodation.By application, the offshore support vessel market has been segmented into shallow water and deepwater.Oil and gas activities performed to 1,000 feet have been considered under the shallow water segment.Based on end-user industry, the offshore support vessel market is segmented into offshore oil & gas and offshore wind.The offshore wind segment is expected to be the fastest-growing segment during the forecast period.Europe is expected to be the second largest offshore support vessel market during the forecast period.Europe produces oil and gas through onshore and offshore exploration activities.In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
• By Designation: C-Level- 30%, Director Levels- 25%, and Others- 45%Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 millionThe report defines, describes, and forecasts the global offshore support vessel market, by type, end-user industry, application, and region.It also offers a detailed qualitative and quantitative analysis of the market.• Increasing investments in offshore wind and oil & gas projects is the main factors driving the offshore support vessel market. Factors such constant fluctuations in oil prices and requirement for huge capital to launch offshore support vessels and supply-demand gap in offshore support vessels still restrain the market. Decommissioning and replacement of aging offshore infrastructure and increased ultra-deepwater exploration activities, especially in Arctic region provide opportunities for the offshore support vessel market to grow. Even though high operational risks for OSVs due to extreme offshore climatic conditions are major challenges faced by countries under OSVs development.
• Product Development/ Innovation: The offshore support vessel market is witnessing significant product development and innovation, driven by the growing demand for renewable energy. Companies are investing in the development of advanced offshore support vessels that are specifically designed for the unique requirements of offshore renewable energy projects. These vessels incorporate innovative features such as hybrid propulsion systems, energy storage solutions, and advanced monitoring and control systems to enhance operational efficiency and reduce environmental impact.
• Market Development: As offshore renewable energy becomes more prominent in the power generation landscape, there is a growing need for specialized vessels to support the development, installation, and maintenance of offshore renewable energy projects. This presents a significant market opportunity for offshore support vessel providers to cater to the increasing demand for services in the expanding renewable energy sector.
• Market Diversification: Vroon Offshore Services, a subsidiary of Vroon Group, signed an agreement with ZITON and MPI Enterprises for the wind-turbine installation and maintenance vessel. As a part of the agreement, ZITON had the option to acquire the vessel. With the purchase option, this bareboat charter was in line with the strategy of Vroon to divest its wind-turbine installation business.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like include DOF ASA (Norway), Solstad Offshore ASA (Norway), Tidewater Inc. (US), A.P. Moller – Maersk (Denmark), Siem Offshore (Norway), BOURBON (France), and Vroon (Netherlands) among others in the offshore support vessel market.
Read the full report: https://www.reportlinker.com/p04814918/?utm_source=GNWReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
(GlobeNewsWire)