Offshore Support Vessel Market to Register Substantial Expansion by 2026

Offshore Support Vessels are the ships that are designed to transport liquid cargo, stores, materials and equipment and personnel to offshore oil platform that functions deep in the oceans. These vessels include services such as drilling rigs, offshore pipe laying, and oil production platforms utilized in exploration and production activities. These vessels undertake variety of tasks in the supply chain.Offshore Support Vessels are fundamental components for oil & gas industry. There are many types of offshore support vessel that have different properties and functions as per the type of operation. The Asia-Pacific regions such as China, Australia, Malaysia, and Southeast Asia require more volume of offshore support vessels. As a result, it provides a great opportunity to the manufacturers of offshore support vessels

Global Offshore Support Vessel market is segmented into type and region. The global Offshore Support Vessel market can be segmented on the basis of types such as Anchor Handling Towing and Supply (AHTS) vessels, Platform Supply Vessels (PSV), Diving Support Vessels, Remote Operating Vessels (ROV) Support, Multi-Purpose Service Vessel (MPSV), Cable & Pipe Laying Vessels, Standby and Rescue Vessel, Seismic Survey Vessels, Well Stimulation Vessel, Fast Supply Intervention Vessels (FSIV). Region wise, global Offshore Support Vessel market is segmented into North America, Latin America, Western Europe, Eastern Europe, Japan, Asia-Pacific (APEJ), and Middle East and Africa (MEA).

The global offshore support vessel market is projected to witness a significant growth in terms of CAGR from 2015 to 2025. North America region is expected to witness significant growth during the forecasted period. Middle East is expected to be one of the leading market for offshore support vessels for the coming years. According to FMI forecasts, the market in Asia-Pacific region is expected to grow at highest CAGR over the forecast period.

Offshore Support Vessel Market is being driven by rising offshore exploration and production activities. Moreover, increasing capital expenditure on offshore oil exploration will also lead to offshore developments. Offshore Support Vessel Market is expected to grow at a higher rate for the forecast period supported by increasing demand of oil & gas.The drivers for this market are increased demand for offshore rig, marine logistics, & others. All these factors together drive the Offshore Support Vessel market during the forecast period.

Certain restraints that are hampering the growth of global offshore support vessel market to some extent include high maintenance and replacement cost, regulations and environmental effects.Key players in the global offshore support vessel market focus on Developments, investments, expansion, mergers & acquisition, agreements and contracts, new technologies developments, in order to expand their reach and penetrate into the market.Some of the major players identified in the global Offshore Support Vessel market are Edison Chouest Offshore, Abdon Callais Offshore, Havila Shipping ASA, Farstad Shipping ASA, Gulfmark Offshore Inc., Bourbon Offshore Marine services, Island Offshore Management AS, & others.

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Ankush Nikam is a seasoned digital marketing professional, having worked for numerous online firms in his distinguished career. He believes in continuous learning, considering that the digital marketing sector’s rapidly evolving nature. Ankush is an avid music listener and loves to travel.