Offshore Support Vessel Market in Asia Pacific to witness robust expansion through 2026

Asia Pacific offshore support vessel market will grow as surging number of offshore rigs and thriving oil and gas exploration activities. Industry players have furthered their investments in the exploration of yet-to-be-penetrated offshore hydrocarbon reserves, fueling the demand for logistics and operational support vessels. Additionally, the rising deep-water activities and decommissioning of aging infrastructure will drive the demand for offshore support vessels (OSVs) across the region.

With the demand to repair offshore wind turbines gaining momentum, OSVs have become of particular interest amid reducing oil and gas reserves and spurting energy demand. In terms of revenue, offshore support vessel market in Asia Pacific could expand at a notable rate by 2026. Robust government policies and the quest for new oil and gas reserves will boost the revenue graph, reinforcing the business projection.

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The demand for platform supply vessels (PSVs) has become pronounced in recent years with heightened demand for transportation and logistics services. Manufacturers are designing PSVs to boost the supply of offshore drilling rigs and production platforms. This comes on the back of the advancements in drilling technologies to bolster oil well production capacity.  The platform supply vessel segment is forecast to represent a considerable share of the APAC market through 2026.

End-users have exhibited an increased inclination for anchor handling tug supply (AHTS) vessels following the penetration of remote deep-water E&P locations. Considering that AHTS demands a high board pull, companies are likely to focus on stability. These vessels are expected to remain a catalyst as a rescue vessel, rendering services such as anchoring and towing of the offshore infrastructure.

The trend for offshore support vessels will be pronounced in the deep-water domain with depleting onshore reserves and investment in ultra-deep and deep oilfield exploration. Tax incentives have also augured well for the growth of offshore oil production facilities. Amid a surge in oil & gas demand, manufacturers are likely to focus on technologically advanced vessels. The deep-water offshore support vessel segment could expand at a healthy growth rate through 2026.

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China has gradually emerged as a lucrative destination with escalating investments in subsea oil production and exploration activities. The penetration of fast support vessels and the multi-purpose vessel will encourage investments in the regional market. China offshore support vessel market outlook will be strong with strong government policies to reduce oil import dependency.

Major vendors such as Havila Shipping, Seacor Marine, Bourbon, Vroon, Solstad, Siem Offshore, Gulfmark Offshore, Farstad, Maerisk and Swire have intensified the competitive landscape of the Asia Pacific offshore support vessel market. Offshore wind operators are expected to join hands with oil and gas companies to keep up with the energy demand. Leading companies are likely to prioritize new offshore activities in deep water and ultra-deep portfolios. Prominently, surging exploration activities will add fillip to Asia Pacific offshore support vessel market forecast.

Table of Contents (ToC) of the report:

Chapter 5.       Asia Pacific Offshore Support Vessel Market, By Water Depth

5.1.           Asia Pacific offshore support vessel industry share by water depth, 2019 & 2026

5.2.           Shallow water

5.2.1.        Asia Pacific market from shallow water, 2015 – 2026

5.2.2.        Asia Pacific market from shallow water, by country, 2015 – 2026

5.3.           Deep water

5.3.1.        Asia Pacific market from deep water, 2015 – 2026

5.3.2.        Asia Pacific market from deep water, by country, 2015 – 2026

Chapter 6.       Asia Pacific Offshore Support Vessel Market, By Fuel

6.1.           Asia Pacific offshore support vessel industry by fuel, 2019 & 2026

6.2.           Fuel oil

6.2.1.        Asia Pacific market from Fuel oil, 2015 – 2026

6.2.2.        Asia Pacific market from Fuel oil, by country, 2015 – 2026

6.3.           LNG

6.3.1.        Asia Pacific market from LNG, 2015 – 2026

6.3.2.        Asia Pacific market from LNG, by country, 2015 – 2026

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