Market Size of North Sea Offshore Support Vessels Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North Sea Offshore Support Vessels Market Analysis
The North Sea offshore support vessels market industry is expected to grow at a CAGR of over 2% during the forecast period of 2020-2025. Factors such as rising offshore exploration and production activities, growth in a number of offshore oil & gas fields, continuous development of offshore reserves (field development), MRI (Maintenance Repair and Inspection) and ever increasing demand for energy and petrochemicals are expected to drive the market over the forecast period. On the other hand, switching to dynamic positioning (DP) rigs from non-dynamic positioning rigs, and a higher number of laid-up vessels are anticipated to hinder the market growth.
- The Platform Supply Vessels (PSVs) held a significant market share in 2018, and it is likely to dominate the market during the forecast period.
- The increasing number of exploration activities in the North Sea from counties such as the United Kingdom, Norway, and Denmark, etc. are likely to create a good amount of opportunities for offshore support vessels market industry.
- The United Kingdom is expected to drive the market demand, owing to the number of ongoing projects during the forecast period.
North Sea Offshore Support Vessels Industry Segmentation
The North Sea offshore support vessels market report include:
North Sea Offshore Support Vessels Market Size Summary
The North Sea offshore support vessels market is poised for growth, driven by increasing offshore exploration and production activities, the expansion of oil and gas fields, and the ongoing development of offshore reserves. The demand for energy and petrochemicals further fuels this growth. However, the transition to dynamic positioning rigs and the presence of a significant number of laid-up vessels may pose challenges to market expansion. Platform Supply Vessels (PSVs) are expected to maintain a dominant position in the market, supported by the rising exploration activities in countries like the United Kingdom, Norway, and Denmark. The United Kingdom, in particular, is anticipated to be a key driver of market demand due to numerous ongoing projects.
The utilization of PSVs is expected to improve as offshore drilling activities increase, with further boosts anticipated as these wells enter production stages. Notable projects such as the Horns Rev offshore wind farm and the Johan Sverdrup mega-project highlight the region's active development. The conversion of PSVs for renewable energy projects and seismic activities also reflects the market's adaptability. The United Kingdom's offshore support vessel fleet and rig count indicate a robust market presence, with significant contracts and developments in offshore wind projects further supporting growth. The market remains fragmented, with key players including Gulfmark Offshore Inc, Tidewater Inc., SEACOR Marine LLC, Bourbon Corporation SA, and Siem Offshore Inc.
North Sea Offshore Support Vessels Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Force Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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North Sea Offshore Support Vessels Market Size FAQs
What is the current North Sea Offshore Support Vessels Market size?
The North Sea Offshore Support Vessels Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in North Sea Offshore Support Vessels Market?
Gulfmark Offshore Inc , Tidewater Inc, SEACOR Marine LLC , Bourbon Corporation SA and Siem Offshore Inc. are the major companies operating in the North Sea Offshore Support Vessels Market.
