Offshore Supply Vessel Market to Grow 6% by 2021
The global offshore supply vessel market is forecasted to grow at a CAGR of 6.03 percent during 2016 – 2021, according to Azoth Analytics research report.
The growth in offshore supply vessels is expectect to be driven by rise in demand for oil and gas globally, increase in offshore drilling activities and growth in production and exploration activities.
Moreover, companies operating in this market are focusing on investments in R&D for continuous innovation and strengthening their positions in the market by targeted acquisitions and product expansions.
Bourbon, Tidewater Inc., Maersk Supply Services, Edison Chouest Offshore, SIEM offshore Inc., Farstad Shipping ASA are the major players in the market.
Demand for AHTS vessels is projected to display a faster growth than PSV and other vessels. The surging demand for floating production systems coupled with movement towards deeper water basins are some of the major trends affecting the growth of the said market in the near future.
Among the regions, the South American region is predicted to advance at the highest rate, mainly driven by the rich unexplored hydrocarbon reserves as well as rise in the offshore drilling activities.
