Albany, New York (PRWEB) February 08, 2014
The primary function of offshore support vessels is transportation of goods and personnel to and from offshore oil platforms and other offshore structures. Increased offshore activities and rising investments in modernizing infrastructure of oil wells and platforms are expected to bolster the global offshore support vessel market. Oil and gas are the primary ingredients which help in making secondary products that provide energy for all activities. Offshore support vessel market can be segmented on the basis of types which include platform supply vessels (PSV), anchor handling, towing and supply vessel (AHTS), multi-purpose service vessel (MPSV), standby and rescue vessels and crew boats. High cost of replacement and maintenance of offshore support vessels hinders growth of offshore support vessels market.
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Rising gas and oil demand globally, increase in number of offshore platforms and growing production and exploration activities are the key factors driving the growth of offshore support vessels market. It is the backbone of offshore industry as there aren’t any substitutes available to offshore support vessel market. Developing economies of North America and South America are expected to witness high revenue growth in this sector. Asia Pacific dominates the market in terms of demand. Middle East and ROW are expected to be leading markets for offshore support vessels industry over the forecast period. The key players in offshore support vessel market include Tidewater, Edison Chouest, Bourbon, Seacor marine, and Maersk supply service among others.
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