Offshore Supply Vessels are nothing but the ships that are designed only for the purpose of providing essential supplies for the oil exploring and construction teams on the high seas. They can also transit the workers from the construction sites whenever it is required to support the continuous and smooth flow of work at the location. These vessels are classified as oil exploration and drilling, offshore production, the offshore support and special purpose vessels.
The global offshore supply vessels market is anticipated to cross USD 25 billion by 2023 at a compound annual growth rate higher than 5%. The oils exploration activities in the deep sea and ultra-deep-water sources of the Middle East and European regions are propelling the market growth for offshore support vessels across the world. The increase in the deployment of offshore wind farms also offers new growth potential for the global offshore supply vessels market.
Anchor-handling tug supply (AHTS) vessels, platform supply vessels (PSVs), multipurpose supply vessels (MPSVs), standby and rescue vessels, crew vessels, chase vessels, and seismic vessels are the most common types of offshore support vessels. The Anchor-handling tug supply (AHTS) vessel account for the prominent share of the market and is having high demand in the regions of Asia-Pacific, Europe America, and Africa. The expansion of offshore industry has resulted in the increased use of offshore support vessels in rigs drilling, moor and platform fixes.
Rapid advancements in the technology, improving economies of Asian countries, improved trade policies, growing regasification platforms at offshore due to the demand for LNG, more investments in the global oil, gas and renewable sector, and other factors promote the market of offshore support vessels worldwide. Governments of various nations are also modifying the policies for the safety of and controlled operations on offshore vessels, which is a positive factor for the market growth.
The concerns in the operational efficiency and oversupply of offshore vessels are the inhibitors of the market growth. Moreover, the increasing demand for diesel in the road transportation, aviation, and waterways, along with the decrease in the prices of crude oil across the world can augment the growth of global offshore supply vessels market.
Independent Research Consultant
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