High demand for logistic support for growing offshore structures and availability of untapped hydrocarbon reserves are driving the growth of Europe offshore support vessel market in the forecast period, 2023-2027.
According to TechSci Research report, “Europe Offshore Support Vessel Market By Region, Competition Forecast & Opportunities, 2027”, the Europe offshore support vessel market is anticipated to grow at a steady rate in the forecast period, 2023-2027. Offshore support vessels refer to the marine vessels mostly used to transport supplies and equipment, goods during construction, and subsea exploration activities. They also locate and inspect oil and gas bearing areas, offering maintenance facilities, positioning, and towering platforms and rigs. Surging oil and gas exploration activities and the high demand for power supply vessels in the region are expected to bolster market growth. The rise in the efforts made by the government authorities to encourage the deployment of low carbon power generation technologies in a different location is influencing the market demand. Market players use advanced technologies and equipment to manufacture computer-controlled vessels that can automatically control their controller and thruster to maintain the desired position.
However, high initial capital requirements and the fluctuation in oil prices may restrain the growth of the Europe offshore support vessel market in the forecast period.
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The Europe offshore support vessel market is segmented on the basis of type, application, end-user, competitional landscape, and regional distribution.
On the basis of type, the Europe offshore support vessel market is divided into anchor handling towing supply vessels, power supply vessels, fast supply intervention vessels, multi-purpose service vessels, and others. The anchor handling towing supply vessels segment is expected to hold the largest market share in the forecast period, 2023-2027. They are specifically designed for anchor handling and towage services and can also supply water, fuel, mud-to-oil rigs, deck cargo according to the requirements. These vessels are well equipped to operate under challenging conditions and emergencies and firefighting, oil recovery, and rescue operations. Deep-water oil & gas reserves in the region have accelerated the demand for large anchor handling towing supply vessels.
On the basis of application, the Europe offshore support vessel market is bifurcated into shallow water and deep water. The shallow water segment is expected to account for a significant market share in the forecast period. The high demand for petroleum products drives shallow-water exploration and drilling activities. Advancements to improve the drilling efficiency and increase investments to expand ultra-deep and deepwater activities to boost oil exploration are expected to propel the market demand.
On the basis of end-user, the Europe offshore support vessel market is divided into oil & gas and offshore wind. Offshore wind is expected to be the fastest-growing segment in the forecast period. Offshore winds are preferred for power generation over onshore winds as they fly more uniformly. Offshore support vessels are used for transportation purposes as they assist operators in transporting turbines at offshore locations in the offshore wind farm industry. Offshore support vessels assist in erecting, installing, maintaining turbines, and dismantling offshore wind farms, and they can transform goods from land to offshore wind farms. Deepwater exploration and the deployment of large turbines boost the demand for anchor handling towing supply vessels and power supply vessels. The high demand for energy generation makes the major oil & gas companies collaborate with offshore wind operators.
Major market players operating in the Europe offshore support vessel market are :
- DOF Group
- Solstad Shipping
- Havila Shipping
- Siem Offshore
- Northern Offshore Services AB
- Glomar Offshore B.V.`
- Fletcher Group
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“On the basis of country analysis, Norway is anticipated to hold a major market share in the forecast period. It boasts a modern offshore fleet and high investments for offshore wind farm construction, which is expected to create lucrative opportunities for market growth. Key players participate in seismic, and petroleum surveys for substantial revenue generation, and the rise in investments in the construction of offshore wind farms to support maritime support services is expected to propel the Europe offshore support vessel market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Europe Offshore Support Vessel Market By Type (Anchor Handling Towing Supply Vessels, Power Supply Vessels, Fast Supply Intervention Vessel, Multi-Purpose Service Vessel, Others), By Application (Shallow water and Deepwater), By End-User (Oil & Gas and Offshore Wind), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of Europe offshore support vessel and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Europe offshore support vessel market.
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