Asia-Pacific Offshore Support Vessels Market Size (2024 - 2029)

The Asia-Pacific offshore support vessels market is poised for growth, driven by the increasing installation of offshore wind farms and rising deepwater development activities. Despite the negative impact of the COVID-19 pandemic, the market is expected to expand, although challenges such as the demand for dynamic positioning drilling rigs and pressure on day rates may pose constraints. The region's shift towards renewable energy, particularly wind energy, presents significant opportunities, with China anticipated to lead the market due to its heightened activity in both renewables and oil and gas sectors.

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Market Size of Asia-Pacific Offshore Support Vessels Industry

Asia-Pacific Offshore Support Vessels - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 7.00 %

Major Players

Asia-Pacific Offshore Support Vessels Market Major Players

*Disclaimer: Major Players sorted in no particular order

Asia Pacific Offshore Support Vessel Market Analysis

The Asia-Pacific offshore support vessels market is expected to record a CAGR of more than 7% during the forecast period (2022-2027). The COVID-19 pandemic affected the market negatively, leading to the downsizing of offshore oil and gas and offshore wind farm projects due to a decline in demand, which affected the offshore support vessel market. The increasing installation of offshore wind farms and rising deepwater development activities driven by the declining production from the mature fields are likely to drive the offshore support vessels market. However, rising demand for dynamic positioning drilling rigs and increasing pressure on the day rate are expected to restrain the market during the forecast period.

  • AHT/AHTS are likely to dominate the market during the forecast period due to their significant advantages over other types.
  • The region is witnessing an increasing adoption of renewable energy sources, such as wind energy. Asia-Pacific has a significant potential for wind energy in offshore, which is likely to present significant opportunities to the players involved in the market. Also, rising oil and gas activities, ranging from exploration and production to decommissioning of rigs, are expected to present opportunities.
  • China is expected to dominate the market during the forecast period due to increased activity in the renewables and oil and gas sectors.

Asia Pacific Offshore Support Vessel Industry Segmentation

The scope of the Asia-Pacific offshore support vessels market report includes:

Type
Anchor Handling Tug/Anchor Handling Tower Supply Vessels (AHT/AHTS)
Platform Supply Vessels
Other Types
Geography
China
India
Japan
South Korea
Australia
Singapore
Indonesia
Rest of Asia-Pacific
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Asia-Pacific Offshore Support Vessels Market Size Summary

The Asia-Pacific offshore support vessels market is poised for significant growth, driven by the increasing installation of offshore wind farms and deepwater development activities. Despite the initial setbacks caused by the COVID-19 pandemic, which led to a temporary decline in offshore oil and gas and wind farm projects, the market is expected to recover and expand. The demand for dynamic positioning drilling rigs and the pressure on day rates present challenges, but the region's shift towards renewable energy sources, particularly wind energy, offers substantial opportunities. The AHT/AHTS vessels are anticipated to dominate the market due to their advantages in towing and anchor handling, with increased manufacturing and deployment expected.

China is projected to lead the market, bolstered by its active engagement in the oil and gas sector and a strong push towards renewable energy, including offshore wind farms. The country's exploration and production activities in the South China Sea, along with its expanding offshore wind capacity, are key factors driving the demand for offshore support vessels. The market is characterized by partial fragmentation, with major players like Kawasaki Kisen Kaisha Ltd, Solstad Offshore ASA, and Tidewater Inc. actively participating. Recent developments, such as the completion of sea trials for the TSS Pioneer vessel and the operation of Taiwan's first walk-to-work vessel, highlight the ongoing advancements and investments in the region's offshore support vessel market.

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Asia-Pacific Offshore Support Vessels Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, untill 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Consumers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Anchor Handling Tug/Anchor Handling Tower Supply Vessels (AHT/AHTS)

      2. 2.1.2 Platform Supply Vessels

      3. 2.1.3 Other Types

    2. 2.2 Geography

      1. 2.2.1 China

      2. 2.2.2 India

      3. 2.2.3 Japan

      4. 2.2.4 South Korea

      5. 2.2.5 Australia

      6. 2.2.6 Singapore

      7. 2.2.7 Indonesia

      8. 2.2.8 Rest of Asia-Pacific

Asia-Pacific Offshore Support Vessels Market Size FAQs

The Asia-Pacific Offshore Support Vessels Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)

Tidewater Inc., Seacor Marine Holdings Inc., PACC Offshore Services Holdings Ltd, Solstad Offshore ASA and Kawasaki Kisen Kaisha Ltd are the major companies operating in the Asia-Pacific Offshore Support Vessels Market.

Asia Pacific Offshore Support Vessel Market Report Snapshots

Asia Pacific Offshore Support Vessel Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)