The global market for anchor handling tug supply vessels is poised for growth from 2016-2020, according to a report by Research and Markets.
In the report, which covers the present scenario and the growth prospects market based on total revenue generated from the different geographical regions, analysts forecast the global market for anchor handling tug supply (AHTS) vessels will grow at a compound annual growth rate (CAGR) of 13.88 percent during the period 2016-2020.
“One trend which is boosting market growth is the rise in subsea vessel operations,” said an analyst from the research team. “One of the major trends in the market is an increase in subsea vessel operations. Subsea vessels are used in deep-sea operations for underwater mining by the offshore wind power and offshore oil and gas industries. The AHTS subsea vessel segment is a niche segment, and over the next five years, it is expected to experience a rapid growth in the market.”
Another key growth driver is the increase in exploration and production (E&P) activities, the report found. E&P activity is an upstream process in the oil and gas industry, which includes searching for oil and petrochemical products, locating oil rigs
, underwater drilling for crude oil
and natural gas fields and operating subsea vessels. The vessel operators and owners of oil and gas fields work with contractors such as engineering, procurement and construction (EPC
) contractors and oil rig companies for the procurement of underwater natural resources.
Further, the report states that one challenge that could restrict market growth is an ageing fleet. As the AHTS fleet ages, it requires greater investment for its maintenance and repair. The average age of the global AHTS fleet is between 25 and 30 years. Old AHTS vehicles will operate slowly, which could lead to a rise in expenditure regarding the maintenance of vessels.