Global Deep-water Support Vessel Market – Introduction
- Deep-water support vessels are required for cleaning activities in the sea and shores, while diving into the sea for oil & gas exploration, and for offshore drilling inside deep and ultra-deep water surfaces. The vessels used sometimes in ultra-deep-water need to be technologically upgraded according to the harsh environment conditions. Toward this end, new technology such as Dynamic Positioning (DP) systems for marine vessels have been introduced. Deep-water support vessels carry a limited quantity of hazardous substances, because of the risk and possibility of toxic liquid leaking from the vessel. A typical support vessel is a platform supply vessel in a ship, specially designed to supply offshore substances, having a length of 50-100 meters. The main function of the vessel is to help transport goods, tools, equipment, and personnel from one offshore oil platform to another offshore structure. Another commonly used vessel is anchor handling tug supply vessel.
Increase in oil & gas exploration, expansion of the shipping industry, water drilling, and passenger safeguard mechanisms
- Extensive utilization of deep-water support vessels in the oil & gas industry in deep drilling activities for crude oil, and transportation of petroleum to big barrels for use in electricity generation, asphalt and road oil, etc., has created huge demand for these vessels. Shipping of heavy equipment which are semi-submersible and are required to be lifted from underneath the water entail the use of deep-water support vessels to reach the remotest locations. Water drilling activities such as exploration of minerals from water, and creating renewable forms of energy (geothermal energy) necessitates deep-sea exploration, wherein water support vessels perform deep boring activities. Divers are required to carry out inspections or survey jobs, installations and configurations of sub-sea equipment, and monitoring the operations, for which they go deep inside the sea. A deep-water support vessel carries out such activities. These factors have increased the demand for deep-water support vessels.
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Rise in clean energy initiatives fuels demand
- Huge unexplored reservoirs are found beneath the water. Many Gulf countries have invested heavily to explore oil & gas potential in deep seas to extract oil seeps, natural gas seeps, and pockmarks, to use the natural resources and convert them to usable forms such as petroleum and LPG. Significant hydrocarbon reserves which serve as fuels and lubricants have been discovered by deep-water support vessels while going upstream and downstream in water. Projects are undertaken to install new offshore wind farms. Rising production from conventional and unconventional reservoirs such as rocks beneath the sea, tight-gas sands, gas & oil shales, coal bed methane, and heavy oil and tar sands have been initiated. These clean energy initiatives have propelled the demand for deep-water support vessels.
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Asia Pacific Considered the Dominant Market for Deep-water Support Vessels
- In terms of geography, the global deep-water support vessel market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Markets in North America and Europe are projected to grow at a considerable rate during the forecast period due to rise in investments by companies in the oil & gas sector, exploration of high volume reserves by investors, and creation of more energy forms by utilizing significant offshore reservoirs in the U.S., Canada, Mexico, U.K., Norway, Netherlands etc. These factors are projected to surge the sale of deep-water support vessels.
- Asia Pacific is the leading market in oil & gas refineries, and in the shipping industry, consequently dominating the deep-water support vessel market. High volumes of oil & gas extraction and storage of oil takes place in the Gulf and the Middle East in countries such as Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, Iran, and Iraq. Installation of technologically advanced FPSO vessels to produce bulk volumes from different offshores is set to drive the regional landscape further.
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