Offshore Support Vehicle Market: Opportunities, Share, Business Growth, and CAGR of ~7% during the forecast period 2022 – 2030

Research Nester published a report titled Offshore Support Vehicle Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global offshore support vehicle market in terms of market segmentation by vessel type, end user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global offshore support vehicle market is estimated to occupy a large amount of revenue by growing at a CAGR of ~7% during the forecast period, i.e., 2022 – 2030, owing to the growing investments in offshore oil & gas and renewable sectors, and increasing number of deep-water exploration activities across the globe. Along with this, escalating demand for dynamic positioning drilling rigs, and surging requirement of energy are also expected to accelerate the growth of the market in the forthcoming years.

In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

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The market is segmented by vessel type and end user. On the basis of vessel type, the anchor handling tug vessels (AHT) segment is anticipated to occupy the largest share during the forecast period on the back of high use of this type of vessels for supplying equipment such as anchors, tugs and winches to hydrocarbon E&P sites. Additionally, by end user, the oil & gas segment is projected to grab the largest share over the forecast period attributing to the increase in investments in exploration and production operations.

Geographically, the global offshore support vehicle market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Asia Pacific is evaluated to grab the largest share in the market during the forecast period attributing to the growing focus to explore untapped potential reserves, and rising number of vessel manufacturers in the region. Moreover, the market in North America is assessed to witness noteworthy growth in the future owing to the increasing investments for E&P activities from oil & gas companies, and upsurge in production from conventional and unconventional oil reservoirs in the region.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

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Increasing Investments in Offshore Oil & Gas and Renewable Sectors Worldwide to Drive Market Growth

With the rise in population, the increasing demand for energy needs to be met sources such as oil & gas, renewables, thermal, and nuclear power. This has resulted in the discovery of unexplored oil reserves, which are predicted to raise the demand for well drilling and production activities. It is considered to be a significant factor anticipated to drive market growth in the near future.

However, high capital requirements for offshore projects are expected to operate as key restraint to the growth of the global offshore support vehicle market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global offshore support vehicle market which includes company profiling of Bourbon Corporation SA, Tidewater Inc., Seacor Marine Holdings Inc., Maersk Supply Service A/S, Solstad Offshore ASA, MMA Offshore Limited, Havila Shipping ASA, Kawasaki Kishen Kaisha, Ltd, Nam Cheong Offshore Pte Ltd, Zamil Co., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global offshore support vehicle market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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