Offshore Support Vessels Market to witness increasing growth
The global offshore support vessel (OSV) market size is projected to grow to USD 64.48 billion by 2021, at a CAGR of more than 5% over the forecast period. Based on vessel type, the report by Technavio categorises the global offshore support vessel market into the following segments: Anchor handling tug supply (AHTS) vessel, Platform supply vessel (PSV), Fast supply intervention vessel (FSIV), Multi-purpose service vessel (MPSV) and Other OSVs. The first three are top revenue-generating vessel types in the global offshore support vessel market. “Anchor handling tug supply vessels are the most widely adopted type of offshore support vessel, generating close to 39% of the overall revenue in the global market. These vessels are mainly used for tugging or towing a ship or an oil rig platform,” says Sharan Raj, a lead analyst at Technavio for transportation and distribution research. AHTS vessels are used by offshore companies for the placement and installation of oil rigs at locations in the sea, and for towing and assistance-related services for tanker loading and deep-water anchor handling. This market segment is forecast to be worth USD 28.47 billion by 2021. Platform supply vessels or PSVs are designed specifically for moving cargo and transporting marine equipment and personnel to and from offshore oil rigs. Modern PSVs are equipped with dynamic positioning systems, which aid offshore companies to navigate the vessels digitally. “Fast supply intervention vessels are small, rapid, and flexible offshore vessels deployed when fast transportation across the sea is needed. These vessels can act as safety standby vessels and crew supply boats, and perform a wide range of offshore and inshore maritime support services,” says Sharan. The market for FSIV in the offshore support vessel industry is expected to witness relatively lower growth rates over the forecast period because FSIV fleet constructions and operations are a capital-intensive business. This market segment is forecast to be worth over USD 8.3 billion by 2021.