Growing demand for oil & gas is expected to drive the offshore support vessel market at a CAGR of 5.8% during the forecast period. Meanwhile, the recent decline in the global crude oil price has negatively affected E&P activities, which is prominently visible with the sharp decline in the global rig count, affecting drilling activities. This has further affected the market of offshore support vessels. Discovery of new offshore oil & gas fields and growing demand for oil & gas are the major driving factors of the market.

Deepwater offshore support vessels are expected to witness the highest growth in the market. With maturing onshore oilfields, subsea and offshore markets are expected to grow significantly over the next few years, with West Africa, North America, South America, and Europe leading in total expenditures. As a result, deep-water offshore support vessels are estimated to grow at the highest rate and are slightly ahead of shallow water offshore support vessels.

Asia-Pacific to lead the global offshore support vessel market in terms of growth rate Asia-Pacific has taken the lead with the fastest growth rate among all other regions followed by South America.

The data have been collected through several primary and secondary sources. A comprehensive discussion guide was sent to several experts in the field of offshore support vessels for the verification of market findings. 45% of the participants belonged to Tier 1 companies, 30% Tier 2, and 25% Tier 3. 20% of the participants belonged to C level category, 25% managerial level, and rest other designations. Maximum participation was seen from Asia-Pacific, followed by the North America and South America. Asia-Pacific held nearly32% of global offshore vessel market share in 2014, followed by the North America at 25% and South America at 20%.
 

Source: http://www.mynewsdesk.com/us/pressreleases/offshore-support-vessel-market-complete-analysis-to-2020-1300031