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Asia Pacific Offshore Support Vessel Market to Exhibit Phenomenal Growth by 2026
Published Date: 2020-03-05
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According to the Graphical Research new growth forecast report titled “Asia Pacific Offshore Support Vessel Market Size By Vessel, Water Depth, Fuel, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026”, to Exhibit Phenomenal Growth by 2026. Asia Pacific offshore support vessel market is set to witness substantial growth owing to souring E&P activities along with rising energy demand across the region. Moreover, rapid urbanization across developing countries coupled with growing emphasis on industrial development will propel the demand of crude oil and natural gas, which will further enhance the business outlook.
Increasing number of offshore rigs coupled with the exploitation of untapped hydrocarbon reserves will propel the demand for logistic and operational support vessel over the forecast timeframe. In addition, growing investments toward deep and ultra-deep E&P activities will further boost the market growth.
Platform supply vessel (PSV) market will witness strong growth owing to the increasing number of projects across high seas along with the burgeoning requirement for logistics and transportation services. In addition, growing requirement of efficient drilling technologies to enhance the oil well production capacity will boost the product adoption over the forecast years. The growing demand for dynamic posting fleet to achieve maximum flexibility in deep sea operations will further stimulate the business growth.
Offshore support vessels demand from deep water areas is projected to escalate on account of continuously depleting onshore reserves along with the increased focus of oil producers toward deep and ultra-deep oilfield exploration. Supportive regulatory framework and tax-incentive policies for the expansion of offshore oil production facilities will further augment the business outlook. In addition, discovery of unconventional sources including gas hydrates and shale oil has driven the demand for advanced exploration technologies, which will expand the Asia Pacific offshore support vessel market size.
China offshore support vessel market will witness substantial growth on account of growing investments toward subsea oil production along with the increasing exploration activities across remote offshore locations. For instance, as per the World Oil, in 2018, the number of offshore wells drilled across China were around 280, registering a growth of 21.7% from 2017 levels. In addition, increasing government efforts to reduce oil import dependency coupled with escalating domestic production will stimulate the business growth across China.
Key industry player operating across the market include Farstad, Bourbon Seacor Marine, Tidewater, Swire, Gulfmark Offshore, Maersk, Havila Shipping, Solstad, Siem Offshore, Vroon, amongst others.
Asia Pacific Offshore Support Vessel Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
Market Share, By Vessel
- Anchor Handling Tug Supply (AHTS)
- Platform Supply Vessel (PSV)
- Fast Support vessel (FSV)
- Multi-Purpose Supply Vessel (MPSV), Others
Market Size, By Water Depth
- Shallow Water
- Deep Water
Market Value, By Fuel
- Fuel Oil