The North Sea offshore support vessels market size is estimated to expand at a substantial CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing offshore exploration and production activities and rapid growth in a number of offshore oil & gas fields.
Offshore support vessels are special type of ships designed to carry out essential duties and supplies for smooth functioning of offshore oil and gas operations. The functions of an offshore vessel include, act as support vessel, carry out maintenance and construction, fulfil logistical needs, and anchor handling. Offshore support vessels bring equipment to rigs for repairing and maintenance of facilities located offshore, they are crucial in getting supplies and materials, and for construction and upgradation these facilities. Offshore support vessels are very versatile and can be implemented for just about any type of project. There are various types of offshore support vessels which include, seismic survey ships, platform supply vessels (PSVs), construction support vessels, driving support vessels, and inspection & maintenance vessels.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for offshore oil and gas industries are anticipated to drive the market expansion during the forecast period.
- Growing investments and increasing number of exploration activities in the North Sea are major factors spurring the market growth in the coming years.
- Capital-intensive pricing dynamics of the offshore support vessel market is projected to hamper the market expansion during the forecast period.
- Decreasing petroleum prices in the recent years and reduced spending power of the top players in the market are expected to impede the market growth in the coming years.
- R&D investment, technological advancements, and less environmental impact off the offshore support vessels are estimated to create lucrative opportunities for the market players.
Scope of the Report
The report on the North Sea offshore support vessels market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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North Sea Offshore Support Vessels Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Anchor Handling Tug Vessel/ Anchor Handling Towing Supply Vessels (AHT/ AHTS), Platform Supply Vessels (PSVs) and Other Types), End-users (Oil & Gas and Offshore Wind Facilities)
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Regional Scope
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United Kingdom, Norway, Denmark, Germany, and Rest of North Sea
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Gulfmark Offshore Inc, Tidewater Inc, SEACOR Marine LLC, Bourbon Corporation SA, and Siem Offshore Inc
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North Sea Offshore Support Vessels Market Segment Insights
Platform Supply Vessels (PSVs) segment is projected to account for major market share
Based on types, the North Sea offshore support vessels market is segmented into anchor handling tug vessel/ anchor handling towing supply vessels (AHT/ AHTS), platform supply vessels (PSVs) and other types. The platform supply vessels (PSVs) segment in anticipated to represent large market share during the forecast period. PSVs are designed to supply necessary equipment to offshore drilling rigs and production platforms. PSVs carry drill pipes, equipment, and other large items on the deck, segregation of cargo is carried out on the vessel, dry cargo is stored in special pneumatic pressure tanks and liquid cargo is stored in double bottom tanks. Drilling consumables such as, cement, baryte, and bentonite are transported as dry powders.
Oil & Gas segment is anticipated to constitute for large market share
In terms of end-users, the North Sea offshore support vessels market is bifurcated into oil & gas and offshore wind facilities. The oil & gas segment is anticipated to constitute for key market share due to increasing demand for offshore facilities and limited onshore resources in the region. Offshore support vessels carry out essential operations of delivering support services to these drilling rings and oil-producing facilities. They are used to lay pipes, deliver platforms, floating production storage, offloading units, and decommissioning of offshore rigs. North Sea has over 450 platforms, 10,000 kms of pipelines, and 5000 wells which are projected to be decommissioned by 2040.
United Kingdom is expected to dominate the market
On the basis of geography, the North Sea offshore support vessels market is categorized as United Kingdom, Norway, Denmark, Germany, and Rest of North Sea. The market of United Kingdom is anticipated to dominate the market during the forecast period due to increasing offshore facilities and growing number of offshore support vessels in the country. As of 2019, the number of offshore support vessels was more than 125 and is projected to in the coming years. The government has implied on adopting and increasing more offshore facilities owing to their less environmental impacts in comparison to onshore facilities.
Segments
Segments Covered in the North Sea Offshore Support Vessels Market Report
Types
- Anchor Handling Tug Vessel/ Anchor Handling Towing Supply Vessels (AHT/ AHTS)
- Platform Supply Vessels (PSVs)
- Other Types
End-users
- Oil & Gas
- Offshore Wind Facilities
Geography
- United Kingdom
- Norway
- Denmark
- Germany
- Rest of North Sea
Key Players
- Gulfmark Offshore Inc
- Tidewater Inc
- SEACOR Marine LLC
- Bourbon Corporation SA
- Siem Offshore Inc
Competitive Landscape
Key players competing in the North Sea offshore support vessels market include Gulfmark Offshore Inc, Tidewater Inc, SEACOR Marine LLC, Bourbon Corporation SA, and Siem Offshore Inc.
