(MENAFN- Ameliorate Digital Consultancy)
Offshore Support Vessel Market in Asia Pacific to grow at a significant rate by 2026. The growing penetration of urbanization has led to a spiraling demand for energy in the region. In order to meet these massive requirements of private and public sector for energy, several government initiatives aim to tap the potential of oil & gas reserves at offshore sites.
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Industry share from deep water segment to spiral upward
In terms of water depth, the Offshore Support Vessel Market in Asia Pacific outlook has been bifurcated into deep water OSVs and shallow water OSVs. The former segment is expected to rise at a high CAGR through 2026, pushed by the growing number of explorations of ultra-deep and deep fields.
These projects are receiving tax incentives and other benefits from the government, with the aim to develop offshore oil production to the next level. For instance, during 2019, the Indian state-run Oil and Natural Gas Corporation Ltd (ONGC) announced the drilling of 24 new deep-water sites for extending its footprint.
AHTS to witness high deployment
The Anchor Handling Tug Supply vertical of the APAC offshore support vessel market has been faring well on account of the rising number of remote deep-water E&P sites across the region. AHTS play a vital role in the naval industry owing to its function as a rescue vessel.
It is also responsible for catering to requirements such as anchoring and towing of offshore infrastructure. All these benefits of the AHTS for naval applications have been contributing toward the segmental expansion, aiding the Offshore Support Vessel Market in Asia Pacific share.
Platform supply vessel demand to register high revenue
Also known as 'sea trucks', platform supply vessels or PSVs are primarily utilized in the transportation of fuel and other materials to oil & gas field development rigs. Featuring a high deadweight capacity and vast spaces, these vessels have been witnessing increasing demand which can be accredited to the need for an efficient logistics and transportation across high seas, creating more demand in APAC offshore support vessel industry forecast.
The necessity of highly advanced tools, machinery, and equipment across numerous oil & gas plants in offshore settings has also been responsible for the expansion of the segment. The Offshore Support Vessel Market in Asia Pacific forecast expected to gain a considerable share from this segment, thanks to the spiraling requirement for powerful posting fleets with high flexibility across deep water and ultra-deep water operations in the region.
Indian industry to exhibit conducive opportunities
India offshore support vessel industry has been registering a high growth rate over the past few years as several new oil-reserve discoveries are being made by the Oil and Natural Gas Corporation Limited (ONGC). For instance, during FY20, as many as seven new offshore oil-reserve discoveries were announced by the ONGC.
With several new initiatives in prospect, the region is likely to represent a major share of the overall Asia Pacific OSV market outlook. Maersk, Farstad, Havila Shipping, Vroon, Tidewater, Swire, Bourbon Seacor Marine, Solstad, Siem Offshore, and Gulfmark Offshore are some leading industry players in the APAC offshore support vessel industry.
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Table of Contents (ToC) of the report:
Chapter 5. Offshore Support Vessel Market in Asia Pacific, By Water Depth
5.1. Offshore Support Vessel Market in Asia Pacific 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. Offshore Support Vessel Market in Asia Pacific, By Fuel
6.1. Offshore Support Vessel Market in Asia Pacific 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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