Offshore Supply Vessel Market 2020-2024 | Post-Pandemic Industry Planning Structure | Technavio

The global offshore supply vessel market will grow by USD 4.77 billion, progressing at a CAGR of over 4% during the forecast period. According to the research report from Technavio, the market will witness negative growth in the short term due to the spread of the COVID-19 pandemic. The shutdown of various businesses due to the lockdown forced many companies to slow or halt physical operations, thereby impacting offshore activities. However, the market growth is expected to gain traction as many downstream operations are upgrading their systems and pushing toward more flexible work. In addition, increased offshore activities in Asia will present new opportunities for vendors during the forecast period.

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Technavio has announced its latest market research report titled Global Offshore Supply Vessel Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Offshore Supply Vessel Market 2020-2024 (Graphic: Business Wire)

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"One of the primary growth drivers for this market is the increasing number of global offshore oil and gas drills”, says a senior analyst for the Energy industry at Technavio. Due to a steady rise in oil prices and future uncertainty over prices, more offshore blocks are being awarded by governments for E&P activities. This has led to an increase in oil and gas drilling activities, which has created the need for logistic support and supply of various drilling equipment and associated materials such as drilling rigs, drill pipes, mud tanks, and blowout preventers.

Offshore Supply Vessel Market Segment Highlights for 2020

  • The offshore supply vessel market is expected to post a year-over-year growth rate of 1.35%.
  • Based on the type, the market saw significant growth in the AHTS segment in 2019. This is due to the increase in CAPEX in deepwater activities by major companies engaged in the global oil and gas industry.
  • The growth of the market will be significant in the AHTS segment during the forecast period.

Regional Analysis

  • 35% of the growth will originate from the APAC region.
  • The increase in the number of oil rigs will be crucial in driving the market growth in APAC during the forecast period.
  • China and Japan are the key markets for offshore supply vessels in APAC. Market growth in this region will be faster than the growth of the market in other regions.

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  • The offshore supply vessel market size is expected to accelerate at a CAGR of over 4% during the forecast period.
  • The offshore supply vessel market is segmented Type (AHTS, PSV, FSIV, MPSV, and Others) and Geography (APAC, Europe, North America, MEA, and South America).
  • The market is fragmented due to the presence of many/few established vendors holding significant market share.
  • The research report offers information on several market vendors, including A.P. Moller - Maersk AS, Bass Marine Pty Ltd., BOURBON Corp., Edison Chouest Offshore Co., Harvey Gulf International Marine LLC, Hornbeck Offshore Services Inc., Island Offshore Management AS, SEACOR Marine Holdings Inc., Swire Pacific Ltd., and Tidewater Inc.

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