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Global offshore support vessel market: $91 billion industry by 2018

Press Release   •   Jul 16, 2013 15:30 BST

The global offshore support vessel market is suggested to have reached a value of around $69.3 billion at the beginning of 2013, and is forecast to grow to a total of $91.2 billion by 2018. This suggests a CAGR growth rate of 5.7% between 2013 and 2018. The industry will be driven by a number of key factors, including increased demand for oil & gas and other offshore activities, and growth in investment in modernization of oil platform infrastructure.

The U S Gulf of Mexico (GOM), with its thriving economies and rapidly expanding manufacturing bases, is expected to experience highest revenue growth during the next five years. In terms of vessel count (demand), APAC is dominating the market.

The key factors which are driving growth in the offshore support vessel market are global oil & gas demand, growing exploration and production activities and increase in the number or offshore platforms. Offshore support vessel is a moderately developing market with no other substitutes available currently which makes it backbone of offshore industry. Consequently, the market is expected to continue the steady growth rate in future.

Offshore support vessel manufacturers are focusing on R&D in order to develop new and improved vessels for offshore platforms, which offer more distinguished and revolutionary features such as Dynamic positioning (DP) with better efficiency and navigational ability. Expansion and mergers & acquisitions into new and emerging markets such as APAC, North-West Europe, and South America has been and will be the key for success for offshore support vessel manufacturers and managers to increase their overall sales and revenue.

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