Offshore Support Vessel Services Market to expand at over 7% through 2031
NEW YORK, Nov. 23, 2021 /PRNewswire/ -- Global Offshore Support Vessel (OSV) service sales are set to be valued at nearly US$ 11.7 Bn in 2021, with stable long-term projections, according to latest insights by Persistence Market Research. The report estimates the market to expand at over 7% CAGR from 2021 to 2031. The offshore renewables (wind) business has continued to grow strongly, with solid revenues and a record number of new projects sanctioned, which is projected to complement market growth over the coming years.
2020 was a year of stark differences for offshore support vessel services as the traditional offshore market is mostly centered on the oil & gas industry, which had a disappointing year with considerable drop in activity, utilization, and day rates. However, the oil & gas industry is in a recovery mode, which bodes well for the OSV market over the coming years. Considering the possibility of a stimulus in many countries, the long-term outlook of the market remains positive.
In October 2020, Edison Chouest Offshore affiliate entered into a long-term charter agreement with Orsted and Eversource for the provision of the first U.S. Jones Act-compliant windfarm service operation vessel.
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Key Takeaways from Market Study
- With a growing wind energy industry, demand for support vessels to build and service wind farms is on the rise. Because of the rapid growth of wind farms, new vessels will be required to support their installation and operation on a never-before-seen scale.
- Although each type of offshore service vessel holds fairly important positions in assisting development, exploring and learning, and navigating the ocean, market participants should focus on deploying existing fleets of PSVs and AHTSs.
- In the last decade, there has been an increase in the need for aftersales services. Due to increased demand from this industry, the market for high-value-added retrofits and aftersales services has grown increasingly crucial for equipment suppliers.
- Companies are heading in the direction of a data-driven industry. Operators of OSVs are working together to enhance digitalization. The goal is to test and deploy various digital technologies in order to reduce emissions, improve safety, and lower costs.
- According to service type, technical services account for around 23% market share in 2021.
- Based on regional analysis, Europe is expected to hold the highest market value share in the global market. Faced with production halts, temporary layoffs, and liquidity concerns as a result of the COVID-19 epidemic, the European shipbuilding and maritime equipment manufacturing industry called for sector-specific support measures in addition to horizontal industrial policy and financial support.
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"Increasing offshore wind business and several government initiatives for stimulating and cultivating an indigenous industry in recent years are expected to drive demand for offshore support vessel services over the coming years," says a Persistence Market Research analyst.
Competitive Landscape
The market is fragmented with key players accounting for around one-fourth market share. These players are heading in the direction of a data-driven industry to enhance digitalization and promote remote inspections in order to maintain their market share and position.
Some of the key players in this industry are BOURBON Corporation, Tidewater Inc, Edison Chouest Offshore(Offshore Service Vessels L.L.C. ), SolstadFarstad ASA, A.P. Møller – Mærsk A/S , Swire Pacific Limited, Seacor Holdings Inc., Bumi Armada Berhad, and VroonOffshore Services Pte Ltd.
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Find More Valuable Insights
The research report analyzes demand for offshore support vessel services. The global offshore support vessel service market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends & market background. As per Persistence Market Research's research scope, the market has been analyzed on the basis of vessel type, service type, end-use industry, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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