Platform support vessels or offshore support ships are designed to deliver resources to offshore oil platforms. Ranging from 20 meters to 100 meters in length, these ships are known for their multitasking abilities. However, transportation of goods and staff from offshore oil reserves to oil platform is their prime duty. Line of large scale of developments is the biggest driver for the global offshore support vessel market. Rising demands for energy sources such as oil and gas are encouraging many new businesses to enter this market for better business opportunities and profitable expansions across various geographical regions.
Reasons for Growing Platform Support Vessels Market
As mentioned before, there is a huge rise in the demand for the energy sources like oil and gas on global level. Increasing demand for these resources is the prime reason for growing investment and increased activities in onshore and offshore oil and gas explorations. In order to attain the desired amount of exploration, modernization of equipment and infrastructure are required. Both oil platforms and wells require great connectivity for easy transport of goods and resource personnel. Efforts for achievement of these requirements are driving the global offshore support vessel market.
In order to fill the difference between rising demand and supply chain of natural oil and gas, the exploration activities have increased in various geographical regions of the world. Apart from existing oil reserves, businesses are in search of new offshore reserves and untouched wells. These factors play a crucial role in increasing demand for the platform support ships for safe transportation. Growing exploration and production activities in offshore region are supported by growing market for platform support vessels.
Segmentation in this market is interestingly based on the types of vessels and geographical demand and supply pattern for these ships. Based on the types, the global offshore support vessel market is segmented into AHTS (anchor handling towing supply vessel), platform supply vessels (PSV), crew boats, standby and rescue vessels and multi-purpose service vessels or MPSV. Based on all these types, the global market is expected to rise at an estimated CAGR of 5.7% from 2013 to 2018. At this rate, the market will reach past $91.2 billion.
United Stated Gulf of Mexico (US-GOM) and Asia Pacific are the leading regions in terms of market shares and increasing activities in the offshore oil and gas market, which triggers revenue channels in the support vehicles market as well. Anchor Handling, Towing and Supply Vessel (AHTS) is the dominating segment, which is forecasted to grow ahead of its counterparts in the years to come.
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