The global offshore support vehicle market is estimated to garner a large amount of revenue and grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. Escalating demand for dynamic positioning drilling rigs, and rapidly rising requirement of energy globally are expected to drive market growth in the forthcoming years. Furthermore, upsurge in the development of regasification terminals and intra-regional gas pipeline infrastructure is projected to offer ample growth opportunities to the market in the near future.
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The growth of the market can also be attributed to the increasing investments in the offshore oil & gas and renewable sectors, and growing number of deep-water exploration activities across the world. According to the International Energy Agency, the global oil and gas upstream capital spending was valued at USD 497 billion in 2019, up from USD 475 billion and USD 450 billion in 2018 and 2017 respectively.
The market is segmented by end user into oil & gas, patrolling, offshore wind, research & surveying, and others, out of which, the offshore wind segment is anticipated to observe notable growth in the global offshore support vehicle market. This can be accounted to the favorable government initiatives to promote the generation of clean energy and curb harmful GHF discharges. Apart from this, the oil & gas segment is assessed to gather the largest share during the forecast period owing to the growing investments in exploration and production (E&P) operations. Additionally, on the basis of vessel type, the anchor handling tug vessels (AHT) segment is predicted to occupy the largest share by the end of 2030 ascribing to the high usage of these type of vessels to supply equipment such as anchors, tugs and winches to hydrocarbon E&P sites.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global offshore support vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to witness noteworthy growth over the forecast period on the back of the rise in investments for E&P activities from oil & gas companies, and increasing production from conventional and unconventional oil reservoirs in the region. In addition, deployment of various clean energy initiatives is also expected to boost the market growth in the region in the coming years. As per the Center for Climate and Energy Solutions, renewables made up about 20 percent of utility scale US electricity generation in 2020, whereas solar generation made up for 3.3 percent of the total electricity. Moreover, the market in Asia Pacific is projected to grab the largest share during the forecast period, which can be credited to the growing emphasis on exploring the untapped potential reserves, and surging number of vessel manufacturers in the region.
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The global offshore support vehicle market is further classified on the basis of region as follows:
Our in-depth analysis of the global offshore support vehicle market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing investments in offshore oil & gas and renewable sectors, and growing number of deep-water exploration activities.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
Huge capital requirements for offshore projects are estimated to hamper the market growth.
North America will provide more business opportunities for market growth owing to the rise in investments for E&P activities from oil & gas companies in the region.
The major players in the market are Bourbon Corporation SA, Tidewater Inc., Seacor Marine Holdings Inc., Maersk Supply Service A/S. Solstad Offshore ASA, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by vessel type, end user, and by region.
The oil & gas segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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