The global offshore support vessels market is anticipated to grow at a CAGR of 4.8% during the forecast period. The rising international trade through ocean routes is the major factor driving the growth of the offshore support vessels market. According to the United Nations Conference on Trade and Development, around 80% of global trade by volume and over 70% of global trade by value are carried by sea and are handled by ports globally in 2018.
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However, the trade tensions between China and the US, as well as those between the US and Russia are escalating trade frictions that may lead to a trade war that could derail the recovery, reshape global maritime trade patterns, and dampen the outlook. This may hamper the growth of the market during the forecast period. Moreover, However, the rising maritime accidents are a major challenging factor for the market growth. According to the Allianz SE, a total of 2,185 shipping accidents were recorded in 2019, in which 41 large ships were completely lost. The six days blockage of the Suez Canal in March 2021 is another major instance that had cost a loss of $9.6 billion per day as Ever Given container ship got stuck. Due to this factor, various organizations are preferring air logistics services as it also takes lesser time for transportation as compared to sea transportation. This report will further analyze all the factors that are directly or indirectly influencing the market growth.
Segmental Outlook
The global offshore support vessels market is segmented based on the type and application. Based on the type, the market is segmented into anchor handling tug supply, platform supply vessel, multipurpose support vessel, standby & rescue vessel, crew vessel, chase vessel, and seismic vessel. Among these types, the platform supply vessel segment holds a considerable share in the market. These vessels are used for the transportation of equipment, other goods, and rig crew to the offshore drilling and production platforms. The rising shipment of heavy materials is a major factor driving the growth of this segment globally.
Based on the application, the market is sub-segmented into shallow water and deep water. Among these depths, the deep water segment is expected to grow fastest during the forecast period owing to the rising oil and gas exploration projects globally. The above-mentioned segments can also be customized as per the requirements.
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Regional Outlooks
The global offshore support vessels market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The market can also be analyzed for a particular region or country level as per the requirement.
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