Offshore Support Vessel Market to Grow by USD 443.04 mn | Rise in Global Demand for Oil and Natural Gas to Drive Growth | Technavio

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Driver and Trend

The rise in global demand for oil and natural gas is one of the key trends in the global offshore support vessel market growth. According to the EIA, global oil consumption is projected to reach 104.1 mb/d by 2026. This will represent a rise of 4.4 mb/d when compared to 2019 levels. The demand for oil will continue to grow till 2040, and the use of natural gas will rise by 45% by the same year, with a high scope for expansion in the power sector. The costs involved in the production of oil and gas from offshore locations are higher than that of onshore locations. However, the proven reserves in offshore wells are higher when compared to onshore wells. These reserves are expected to attract upstream companies to exploit and produce oil and gas. In addition, with the increase in fuel consumption from developing economies such as China and India, the demand for natural gas is expected to grow significantly during the forecast period.

Reduction in cost of offshore E and P activities is one of the trends in the market. The global price of crude oil has been increasing gradually and is expected to average USD 74/bbl in 2022. This increase is not yet significant enough to revive investments in global offshore drilling projects to pre-2020 levels. However, it is sufficient to cause a moderate increase in the global count of active offshore rigs. Technological and managerial initiatives taken by oil E&P companies that have decreased the cost of offshore exploration, drilling, and production are supporting the market. For instance, Shell's Vito, a deep-water development project in the US Gulf of Mexico has a break-even price of less than USD 35 per barrel. This was achieved by reducing the cost of production by almost 70%.

Major Offshore Support Vessel Companies:

• BOURBON Corp.
• China Oilfield Services Ltd.
• CIMC Raffles Offshore Ltd.
• Damen Shipyards Group
• Eastern Shipbuilding Group Inc.
• Edison Chouest Offshore Co.
• Fincantieri Spa
• Harvey Gulf International Marine LLC
• Hornbeck Offshore Services Inc.
• Kawasaki Kisen Kaisha Ltd.
• A.P. Moller - Maersk AS
• Nam Cheong Dockyard SDN BHD
• P and O Maritime Logistics
• Siem Offshore Inc.
• Singapore Technologies Engineering Ltd.
• Solstad Offshore ASA
• John Swire and Sons Ltd.
• Tidewater Inc.
• Zamil Offshore Services Co.
• Reliance Industries Ltd.

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Offshore Support Vessel Market Product Outlook (Revenue, USD mn, 2021-2026)

• AHTS - size and forecast 2021-2026
• PSV - size and forecast 2021-2026
• MPSV - size and forecast 2021-2026
• FSIV - size and forecast 2021-2026
• Others - size and forecast 2021-2026

Offshore Support Vessel Market Geography Outlook (Revenue, USD mn, 2021-2026)

• APAC - size and forecast 2021-2026
• Europe - size and forecast 2021-2026
• Middle East and Africa - size and forecast 2021-2026
• North America - size and forecast 2021-2026
• South America - size and forecast 2021-2026

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Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers
• Exhibit 18: Bargaining power of buyers – Impact of key factors in 2021 and 2026

• 4.3 Bargaining power of suppliers
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Product

• 5.1 Market segments
• Exhibit 24: Chart on Product - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Product - Market share 2021-2026 (%)

• 5.2 Comparison by Product
• Exhibit 26: Chart on Comparison by Product
• Exhibit 27: Data Table on Comparison by Product

• 5.3 AHTS - Market size and forecast 2021-2026
• Exhibit 28: Chart on AHTS - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on AHTS - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on AHTS - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on AHTS - Year-over-year growth 2021-2026 (%)

• 5.4 PSV - Market size and forecast 2021-2026
• Exhibit 32: Chart on PSV - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on PSV - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on PSV - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on PSV - Year-over-year growth 2021-2026 (%)

• 5.5 MPSV - Market size and forecast 2021-2026
• Exhibit 36: Chart on MPSV - Market size and forecast 2021-2026 ($ million)
• Exhibit 37: Data Table on MPSV - Market size and forecast 2021-2026 ($ million)
• Exhibit 38: Chart on MPSV - Year-over-year growth 2021-2026 (%)
• Exhibit 39: Data Table on MPSV - Year-over-year growth 2021-2026 (%)

• 5.6 FSIV - Market size and forecast 2021-2026
• Exhibit 40: Chart on FSIV - Market size and forecast 2021-2026 ($ million)
• Exhibit 41: Data Table on FSIV - Market size and forecast 2021-2026 ($ million)
• Exhibit 42: Chart on FSIV - Year-over-year growth 2021-2026 (%)
• Exhibit 43: Data Table on FSIV - Year-over-year growth 2021-2026 (%)

• 5.7 Others - Market size and forecast 2021-2026
• Exhibit 44: Chart on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 45: Data Table on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 46: Chart on Others - Year-over-year growth 2021-2026 (%)
• Exhibit 47: Data Table on Others - Year-over-year growth 2021-2026 (%)

• 5.8 Market opportunity by Product
• Exhibit 48: Market opportunity by Product ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview
• Exhibit 49: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation
• Exhibit 50: Chart on Market share by geography 2021-2026 (%)
• Exhibit 51: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison
• Exhibit 52: Chart on Geographic comparison
• Exhibit 53: Data Table on Geographic comparison

• 7.3 APAC - Market size and forecast 2021-2026
• Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.4 Europe - Market size and forecast 2021-2026
• Exhibit 58: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.5 Middle East and Africa - Market size and forecast 2021-2026
• Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.6 North America - Market size and forecast 2021-2026
• Exhibit 66: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.7 South America - Market size and forecast 2021-2026
• Exhibit 70: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.8 China - Market size and forecast 2021-2026
• Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.9 US - Market size and forecast 2021-2026
• Exhibit 78: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.10 Brazil - Market size and forecast 2021-2026
• Exhibit 82: Chart on Brazil - Market size and forecast 2021-2026 ($ million)
• Exhibit 83: Data Table on Brazil - Market size and forecast 2021-2026 ($ million)
• Exhibit 84: Chart on Brazil - Year-over-year growth 2021-2026 (%)
• Exhibit 85: Data Table on Brazil - Year-over-year growth 2021-2026 (%)

• 7.11 Norway - Market size and forecast 2021-2026
• Exhibit 86: Chart on Norway - Market size and forecast 2021-2026 ($ million)
• Exhibit 87: Data Table on Norway - Market size and forecast 2021-2026 ($ million)
• Exhibit 88: Chart on Norway - Year-over-year growth 2021-2026 (%)
• Exhibit 89: Data Table on Norway - Year-over-year growth 2021-2026 (%)

• 7.12 United Arab Emirates - Market size and forecast 2021-2026
• Exhibit 90: Chart on United Arab Emirates - Market size and forecast 2021-2026 ($ million)
• Exhibit 91: Data Table on United Arab Emirates - Market size and forecast 2021-2026 ($ million)
• Exhibit 92: Chart on United Arab Emirates - Year-over-year growth 2021-2026 (%)
• Exhibit 93: Data Table on United Arab Emirates - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography
• Exhibit 94: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges
• Exhibit 95: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape
• Exhibit 96: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption
• Exhibit 97: Overview on factors of disruption

• 9.4 Industry risks
• Exhibit 98: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 99: Vendors covered

• 10.2 Market positioning of vendors
• Exhibit 100: Matrix on vendor position and classification

• 10.3 A.P. Moller - Maersk AS
• Exhibit 101: A.P. Moller - Maersk AS - Overview
• Exhibit 102: A.P. Moller - Maersk AS - Business segments
• Exhibit 103: A.P. Moller - Maersk AS - Key offerings
• Exhibit 104: A.P. Moller - Maersk AS - Segment focus

• 10.4 BOURBON Corp.
• Exhibit 105: BOURBON Corp. - Overview
• Exhibit 106: BOURBON Corp. - Business segments
• Exhibit 107: BOURBON Corp. - Key offerings
• Exhibit 108: BOURBON Corp. - Segment focus

• 10.5 China Oilfield Services Ltd.
• Exhibit 109: China Oilfield Services Ltd. - Overview
• Exhibit 110: China Oilfield Services Ltd. - Business segments
• Exhibit 111: China Oilfield Services Ltd. - Key offerings
• Exhibit 112: China Oilfield Services Ltd. - Segment focus

• 10.6 CIMC Raffles Offshore Ltd.
• Exhibit 113: CIMC Raffles Offshore Ltd. - Overview
• Exhibit 114: CIMC Raffles Offshore Ltd. - Product / Service
• Exhibit 115: CIMC Raffles Offshore Ltd. - Key offerings

• 10.7 Damen Shipyards Group
• Exhibit 116: Damen Shipyards Group - Overview
• Exhibit 117: Damen Shipyards Group - Product / Service
• Exhibit 118: Damen Shipyards Group - Key news
• Exhibit 119: Damen Shipyards Group - Key offerings

• 10.8 Edison Chouest Offshore Co.
• Exhibit 120: Edison Chouest Offshore Co. - Overview
• Exhibit 121: Edison Chouest Offshore Co. - Product / Service
• Exhibit 122: Edison Chouest Offshore Co. - Key offerings

• 10.9 Fincantieri Spa
• Exhibit 123: Fincantieri Spa - Overview
• Exhibit 124: Fincantieri Spa - Business segments
• Exhibit 125: Fincantieri Spa - Key offerings
• Exhibit 126: Fincantieri Spa - Segment focus

• 10.10 Harvey Gulf International Marine LLC
• Exhibit 127: Harvey Gulf International Marine LLC - Overview
• Exhibit 128: Harvey Gulf International Marine LLC - Product / Service
• Exhibit 129: Harvey Gulf International Marine LLC - Key offerings

• 10.11 Nam Cheong Dockyard SDN BHD
• Exhibit 130: Nam Cheong Dockyard SDN BHD - Overview
• Exhibit 131: Nam Cheong Dockyard SDN BHD - Product / Service
• Exhibit 132: Nam Cheong Dockyard SDN BHD - Key offerings

• 10.12 Singapore Technologies Engineering Ltd.
• Exhibit 133: Singapore Technologies Engineering Ltd. - Overview
• Exhibit 134: Singapore Technologies Engineering Ltd. - Business segments
• Exhibit 135: Singapore Technologies Engineering Ltd. - Key offerings
• Exhibit 136: Singapore Technologies Engineering Ltd. - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist
• Exhibit 137: Inclusions checklist
• Exhibit 138: Exclusions checklist

• 11.3 Currency conversion rates for US$
• Exhibit 139: Currency conversion rates for US$

• 11.4 Research methodology
• Exhibit 140: Research methodology
• Exhibit 141: Validation techniques employed for market sizing
• Exhibit 142: Information sources

• 11.5 List of abbreviations
• Exhibit 143: List of abbreviations

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