AHTS vessels: Key market research findings
- Rise in oil prices to drive market growth
- Increase in subsea vessel operations
- Key vendors – BOURBON, Farstad Shipping, Havila Shipping, SEACOR Holdings, Swire Pacific Offshore Operations, and Tidewater
Technavio’s market research analysts predict the global AHTS vessels market to grow at a CAGR of around 14% between 2016 and 2020. The recent rise in oil prices is the primary driving force behind the growth of this market. Due to the recent increase in oil prices, both exporters and importers of oil have been compelled to look for more oil resources in the ocean. This increase in oil exploration activities is projected to result in the greater use of marine support vessels, which will subsequently augment the demand for anchor handling tug supply (AHTS) vessels globally. During 2015, APAC accounted for more than 45% of the market share. Factors such as the higher offshore CAPEX, increasing number of oil rigs, and new oil platform installation projects in the region are expected to boost growth in the AHTS vessels market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the AHTS vessels segments based on the type of engine.
“The increase in subsea vessel operations is an ongoing trend in the global AHTS vessels market as they are used for deep-sea operations for underwater mining by the offshore wind power and off shore oil and gas industries. The increasing significance of underwater mining to locate oil fields for many firms is also expected to positively affect this market’s growth potential by 2020,” says Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research.
Among all the market segments, AHTS vessels with <5,000 HP engines accounted for more than 32% of the overall market share. Small-sized AHTS vessels are generally too small to support the new and larger jackups. Furthermore, these vessels face increased competition from platform supply vessel (PSVs).
The key vendors in the market include BOURBON, Farstad Shipping, Havila Shipping, SEACOR Holdings, Swire Pacific Offshore Operations, and Tidewater. The global AHTS vessels market is highly competitive due to the presence of several well-established vendors. The market is characterized by its capital-intensive nature, which requires vessels to adopt hi-tech technologies. The major challenges in this market are the expenses incurred for the maintenance of vessels and the depreciation in the value of sea vessels.
A more detailed analysis is available in the Technavio report, Global AHTS vessels market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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