Asia Pacific offshore support vessel market value will witness significant growth on account of increasing oil & gas exploration activities coupled with escalating energy demand across the region. Furthermore, rapid urbanization across developing economies coupled with positive outlook toward industrial sector growth will significantly drive the demand for crude oil and natural gas, which in turn will enhance the business outlook.
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Growing emphasis on the exploration of untapped offshore hydrocarbon reserves along with rising number of offshore rigs will boost the demand for logistic and operational support vessels. Increasing investments toward E&P activities across deep and ultradeep locations will further augment the market size.
Platform Supply Vessel (PSV) market is set to witness substantial growth on account of growing number of projects across high seas coupled with rising need for transportation and logistics services. In addition, growing requirement for advanced drilling tools and techniques for efficient E&P operations will drive the product adoption over the forecast timeline. Escalating demand for dynamic posting fleet to achieve higher flexibility in deep water operations will further propel the business growth.
Growing offshore rig count in the Asia Pacific region along with increasing remote deep-water E&P locations will drive the deployment of Anchor Handling Tug Supply (AHTS) vessels. The AHTS serves as a rescue vessel and provide various services including towing and anchoring of the offshore infrastructure, which will enhance the vessel demand in the forthcoming years.
Offshore support vessels demand across deep water locations will witness growth on account of draining onshore reserves and shifting trends toward exploration of deep and ultra-deep fields. Supportive government regulations and a tax incentives for the development of offshore oil production units will stimulate the business outlook. In addition, discovery of tight oil and other unconventional sources of energy has resulted in increased demand for advanced E&P technologies, which in turn will boost offshore support vessel market size.
Growing number of offshore E&P projects across Indian deep-water locations will create new growth opportunities for the OSV market. For instance, in 2019, Indian conglomerate Oil and Natural Gas Corporation Ltd. (ONGC) announced to drill 24 new deep-water wells for expanding its offshore footprints. In addition, supportive government policies to reduce the dependency on crude imports along with growing investments to enhance domestic oil production will propel the India OSV market growth.
Key industry participants operating across the market include Bourbon, Farstad, Swire, Tidewater, Seacor Marine, Gulfmark Offshore, Maersk, Havila Shipping, Siem Offshore, Solstad, Vroon, amongst others.