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, By End-User, By Region, Competition Forecast & Opportunities, 2027

Report
87 Pages
December 2022
Region: Europe
TechSci Research
ID: 5646393

Decommissioning of aging offshore infrastructure, increasing investments in developing the renewable energy sector, and the rise in deep-water activities are the major factors driving the growth of the Europe offshore support vessel market

Europe offshore support vessel market is expected to grow at a steady CAGR during the forecast period, 2023-2027. Decommissioning of aging offshore infrastructure, increasing investments in developing the renewable energy sector, and the rise in deep-water activities are the major factors driving the growth of the Europe offshore support vessel market.

Offshore support vessel is specifically used for oil exploration and construction work at the high seas. These provide the necessary support in the form of manpower, technical equipment, and other supplies to assist the continuance of operations on high seas smoothly and without interruptions. Offshore support vessel transports the crucial structural components and the required assistance to supply freight. Various offshore support vessels include anchor handling towing supply vessels, power supply vessels, fast supply intervention vessels, and multi-purpose service vessels.

High-End Investments in Renewable Sector and Oil & Gas Industry Supports Market Growth

The population around the globe is growing at an exponential rate are fueling the demand for more energy generation to live a quality life. The growing expenditure capacity of consumers enables them to afford consumer electronic devices, automobiles, and others that require energy as a power source. The flourishing automotive industry and the high sales of vehicles owing to change in preference of consumers for private vehicle ownership and growing disposable income are bolstering the demand for oil & gas reserves. The high energy demands have to be met by thermal, nuclear, oil & gas, geothermal and other conventional and non-conventional sources. Leading authorities are making investments to explore oil & gas reserves and find new unexplored resources. The discovery of new reserves leads to the creation of demand for well drilling and production activities, which is expected to fuel the Europe offshore support vessel market. Installation of offshore wind farms, which is a type of power plant by the leading authorities to capture the wind power by using the facilities to transform it into electricity and then supply it to the main supply network, is projected to accelerate the growth of Europe offshore support vessel market.

Technological Advancements Holds Potential for Market Growth

The existing reserves are gradually maturing due to high oil and gas exploration activities, creating the need for deep and ultra-deep-water exploration to meet the surging energy demand in the region. Market players are increasing investments in offshore and subsea activities. Shallow water exploration holds the largest market share. Still, the offshore support vessels cannot work properly in deep and ultra-deep water due to extreme conditions that may adversely affect the oil exploration activities. Market players are indulging in research and development activities to find innovative solutions and advance the existing infrastructure to develop technology-equipped vessels facing harsh weather conditions. The dynamic positioning system is a new invention for marine vessels. It is gaining momentum across the globe as it provides the necessary support to offshore vessels to work even in fluctuating weather conditions.

Market Segmentation

The Europe offshore support vessel market is segmented on the basis of type, application, end-user, competitional landscape, and regional distribution. Based on the type, the market is divided into anchor handling towing supply vessels, power supply vessels, fast supply intervention vessel, multi-purpose service vessel and others. Based on the application, the market is divided into shallow water and deep water. Based on the end-user, the market is divided into oil & gas and offshore wind. The market analysis also studies the country analysis segmentation to devise country-based share segmentation analyzing, Germany, United Kingdom, France, Italy, Spain, Poland, Netherlands, Norway, Russia, Sweden, and Denmark.

Market Players

DOF Group, Solstad Shipping, Havila Shipping, Maersk, Siem Offshore, DEME, Northern Offshore Services AB, Vroon, Glomar Offshore B.V., Fletcher Group are among the major market players in the Europe region leading the growth of the Europe offshore support vessel market.

Report Scope:

In this report, Europe offshore support vessel market has been segmented into following categories, in addition to the industry trends which have also been detailed below: