#north america offshore support vessels market forecast

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Dynamic Positioning Systems Market Growth Analysis

Dynamic Positioning (DP) systems are crucial for maintaining a vessel's position and heading automatically using its own propellers and thrusters. These systems are widely used in various marine operations, including offshore drilling, cable laying, and survey operations, ensuring operational efficiency and safety. The DP systems market has been witnessing significant growth due to the increasing demand for advanced maritime navigation systems and the expansion of offshore exploration and production activities.

Market Trends

One of the major trends in the Dynamic Positioning (DP) Systems Market is the growing adoption of automation and digitalization in marine operations. The integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) in DP systems is enhancing their precision and reliability. Furthermore, the development of hybrid DP systems, which combine traditional and advanced positioning technologies, is gaining traction.

Another notable trend is the increasing focus on sustainability and environmental regulations. The maritime industry is under pressure to reduce emissions and improve fuel efficiency. DP systems help achieve these goals by optimizing vessel positioning and minimizing fuel consumption. Additionally, there is a rising demand for DP systems in the renewable energy sector, particularly in offshore wind farms, where they are used for the precise installation of wind turbines and maintenance operations.

Market Size and Share

Dynamic Positioning (DP) Systems Market Size was estimated at 7.49 (USD Billion) in 2023. The Dynamic Positioning (Dp) Systems Market Industry is expected to grow from 8.2(USD Billion) in 2024 to 17.0 (USD Billion) by 2032. The Dynamic Positioning (DP) Systems Market CAGR (growth rate) is expected to be around 9.54% during the forecast period (2024 - 2032). The market's growth is driven by the increasing offshore exploration and production activities, particularly in regions such as the North Sea, Gulf of Mexico, and the South China Sea.

In terms of market share, the offshore segment holds the largest share due to the extensive use of DP systems in offshore drilling, production, and support vessels. The commercial sector, which includes cargo ships and passenger vessels, is also witnessing significant growth due to the rising demand for advanced navigation and positioning systems to ensure safety and efficiency.

Market Segmentation

The DP systems market can be segmented based on type, equipment class, application, and region.

By Type:

Class 1

Class 2

Class 3

Class 3 DP systems are the most advanced and are primarily used in critical offshore operations where redundancy and high reliability are essential.

By Equipment Class:

Position Reference and Tracking Systems

Power Systems

Thruster Systems

Others

Position reference and tracking systems hold a significant share due to their importance in ensuring accurate vessel positioning.

By Application:

Commercial

Offshore

Defense

The offshore segment dominates the market due to the extensive use of DP systems in oil and gas exploration, production, and support activities.

Regional Analysis

North America: North America holds a significant share of the DP systems market due to the presence of major oil and gas exploration companies and extensive offshore activities in the Gulf of Mexico. The region is also witnessing growth in the renewable energy sector, particularly offshore wind energy, which is driving the demand for DP systems.

Europe: Europe is a major market for DP systems, with the North Sea being a key region for offshore oil and gas exploration. Additionally, Europe is leading in the development and installation of offshore wind farms, further driving the demand for DP systems.

Asia-Pacific: The Asia-Pacific region is expected to witness the highest growth rate during the forecast period. The increasing offshore exploration activities in countries such as China, India, and Australia, along with the rising investments in the renewable energy sector, are driving the market growth in this region.

Middle East and Africa: The Middle East and Africa region has significant offshore oil and gas reserves, particularly in the Persian Gulf and West Africa. The ongoing exploration and production activities in these regions are driving the demand for advanced DP systems.

Latin America: Latin America is also witnessing growth in the DP systems market, primarily driven by offshore exploration activities in Brazil. The country has extensive offshore oil and gas reserves, particularly in the pre-salt basin, which is a major driver for the market.

Conclusion

The dynamic positioning systems market is assured of significant growth in the coming years, driven by the increasing demand for advanced maritime navigation systems and the expansion of offshore exploration and production activities. The integration of advanced technologies such as AI, ML, and IoT in DP systems is enhancing their precision and reliability, while the focus on sustainability and environmental regulations is driving the adoption of these systems in the renewable energy sector. With ongoing advancements and increasing investments in offshore activities, the DP systems market is set to witness robust growth across various regions.

This article provides a comprehensive overview of the dynamic positioning systems market, covering key aspects such as trends, size, share, segmentation, and regional analysis. The market is set for significant growth, driven by advancements in technology and increasing offshore activities.

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Offshore Support Vessel Market| Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast, 2023 – 2027

Originally published on Technavio: Offshore Support Vessel Market - North America, Europe, EMEA, APAC : US, Canada, China, Germany, UK - Forecast 2023-2027

### **Offshore Support Vessel (OSV) Market Research Report**

#### **1. Executive Summary**

- Overview of the Offshore Support Vessel (OSV) market. - Key findings and market trends. - Growth prospects and emerging opportunities.

#### **2. Introduction**

- Definition and significance of Offshore Support Vessels. - Historical development and evolution of the OSV market.

#### **3. Market Size and Forecast**

- Historical market size and growth. - Current market size and trends. - Future projections and factors influencing growth.

#### **4. Market Segmentation**

- Types of Offshore Support Vessels (Anchor Handling Tug Supply vessels, Platform Supply Vessels, Multi-Purpose Support Vessels, etc.). - Key players and market share in each segment.

#### **5. Competitive Landscape**

- Major OSV manufacturers and suppliers. - SWOT analysis of key companies. - Innovations, partnerships, and technological advancements.

#### **6. Industry Applications**

- Trends in industry applications for OSVs (oil and gas exploration, offshore wind support, subsea construction, etc.). - Market share and growth in each application sector.

#### **7. Technology Trends**

- Trends in technology adoption in OSVs (automation, dynamic positioning systems, fuel efficiency, etc.). - Impact on efficiency, safety, and environmental sustainability.

#### **8. Regulatory Standards**

- Overview of regulatory standards for OSVs. - Compliance challenges and advancements.

#### **9. Global Market Trends**

- Overview of global OSV market trends. - Comparative analysis with other regions and regional considerations.

#### **10. Energy Market Dynamics**

- Drivers of market growth (increased offshore exploration, renewable energy projects, demand for deep-sea drilling). - Challenges and obstacles (fluctuating oil prices, regulatory uncertainties, market saturation). - Opportunities for market expansion (diversification of services, innovative vessel designs, regional market growth).

#### **11. Impact of COVID-19 on the OSV Market**

- Assessment of the impact of the COVID-19 pandemic on the market. - Trends in disrupted operations, delayed projects, and market recovery.

#### **12. Environmental and Sustainability Impact**

- Trends in environmentally friendly and sustainable OSV technologies. - Impact on resource conservation, emissions reduction, and corporate social responsibility.

#### **13. Customer Case Studies**

- Successful implementations of OSV solutions. - Challenges faced by users and lessons learned.

#### **14. Future Technologies in OSVs**

- Trends in emerging technologies impacting OSVs. - Impact on vessel design, propulsion systems, and remote operations.

#### **15. Future Outlook**

Anticipated trends in the OSV market. - Potential disruptions and areas for future growth.

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#### **16. Recommendations**

- Strategic recommendations for OSV manufacturers and operators. - Areas for further research, development, and collaboration.

#### **17. Conclusion**

- Summarize key findings. - Concluding thoughts on the future of the Offshore Support Vessel market.

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Navigating the Future: Floating Production, Storage, and Offloading Market Trends

Floating production storage and offloading market is an offshore production facility that consists of processing equipment and storage for produced hydrocarbons. In the storage facility, oil is stored and handled until it is moved to a big tanker for refining and transporting. It is a floating vessel that is a converted oil big hauler, which is similar to a ship, equipped with production and handling facilities onboard. Furthermore, oil & gas from FPSO is transported to onshore through a big hauler in vessels. These vessels are utilized to extricate or get crude hydrocarbons from ocean beds, which are then handled in locally available preparing facilities.

COVID-19 scenario analysis:

Transportation limitations and stringent government policies toward limited movement of vehicles cause a downturn in the FPSO market in the midst of the COVID-19 pandemic.

Oil companies face problems such as halting of production and decline in oil prices. The U.S. oil prices went negative for the first time in history of the oil industry. For instance, in May, 2020, traders were paying customers to buy oil in the U.S., which imbalanced the oil market, thereby negatively impacting the market growth.

Implementation of lockdown and social distancing norms are expected to delay many oil & gas projects, including complex deep-sea projects that rely on labor and material from across the globe to processing plant extension and pipe-laying.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

The FPSO market size is expected to observer vigorous development, owing to increase in focus on offshore exploration and production activities and rise in exploration in deep & ultra-deep-water. As per the International Energy Agency (IEA), yearly capital spending toward offshore oil & gas production exercises is estimated to grow significantly, thereby positively impacting the market growth. In addition, exhausting onshore oil reserves support the organizations of FPSOs. However, the adoption of FPSO systems has declined due to decrease in prices of oil & gas.

Increase in exploitation activities of marginal oil reserves at remote offshore areas combined with the capacity of FPSOs to work without a fixed structure support are anticipated to have a positive impact on the market development. For example, in 2018, an oil field was found in North Western Shelf of Australia. Furthermore, capability of such units to withstand extreme weather conditions is expected to boost the market growth.

Expansion analysis across various regions

North America and the Middle East are the major undiscovered areas, which have negligible quantities of FPSOs and are expected to offer remunerative opportunities for the expansion of the FPSO market in the coming years. North America and Europe hold considerable market share and are expected to witness steady growth in the next few years due to increase in number of oil & gas reserves.

Brazil is anticipated to serve as a lucrative market for FPSOs, owing to increase in oil & gas exploration activities along with adequate government support toward the development of upstream operations, including energy and power. Presence of shallow water oil & gas fields in China, Indonesia, & India and presence of ultra-deep ocean reserves in these areas are evaluated to offer lucrative opportunities over the forecast timeframe for new production storage and offloading market.

Key benefits of the report

This study presents the analytical depiction of the FPSO market along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the FPSO market share.

The current market is quantitatively analyzed to highlight the FPSO market growth scenario.

Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in coming years.

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Marine Engines Market Insights & Future Scope: 2028

Marine Engines Market by Power (<1, 1-5, 5-10, 10-20 & >20) 000 hp, Vessel (Commercial, Offshore), Fuel (Heavy, Intermediate, Marine Diesel and Gas Oil), Engine (Propulsion & Auxiliary), Type and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

Market Overview

The Marine Engines Market size is projected to reach a CAGR of 3.9% from 2022 to 2028.

Marine propulsion is the system or mechanism used to generate thrust that allows a small boat or even a ship to move across waterways. Modern ships are usually equipped with mechanical systems consisting of an electric motor turning a propeller, or even pump-jets or an impeller, and they use reciprocating engines as the main source of power.

Growth in international marine freight transport, growth in maritime tourism, and increasing adoption of smart engines for situational awareness and safety are some of the factors that have supported long-term expansion for Marine Engines Market.

The Outbreak of COVID-19 has hindered the growth of the marine propulsion engine market with continuous lockdowns and the subsequent economic slowdown across the world. The most significant near-term impact on marine engines will be felt through supply chains. However, post-pandemic as restrictions eased market expected to gain momentum during the forecast period.

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Regional Analysis

Asia Pacific is expected to be the largest marine engines market during the forecast period. Asia Pacific comprises China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific.

Competitive Landscape

Key Players

MAN Diesel & Turbo

Wartsila

Hyundai Heavy Industries Co. Ltd

Daihatsu Diesel Mfg. Co. Ltd

Caterpillar

Mitsubishi Heavy Industries

Volvo Penta

Rolls-Royce

Cummins

GE Transportation

Deutz AG

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Recent Developments

In August 2021, Yanmar Marine International commenced installations of its new high horsepower 6LF diesel engines, with outstanding results reported from the first project completed in Europe. In the milestone installation, certified Yanmar dealer Motonáutica Balear in Mallorca repowered Magnum 40 motorboat Adriana with two Yanmar 6LF530 models and upgraded the electronics and controls.

In February 2019, MAN Diesel & Turbo SE won the contract to supply the engines for a new harbor tug in Spain, which would be operated by P&O Reyser in the Port of Barcelona, which is expected to enter service from mid-2020.

Reasons to Acquire

Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors

Gain authentic and granular data access for Marine Engines Market so as to understand the trends and the factors involved behind changing market situations

Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future

In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

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Report Scope

Marine Engines Market is segmented into range, engine, vessel, type, fuel and region.

On the basis of Range

Up to 1000 hp

1001 – 5000 hp

5001 – 10000 hp

10001 – 20000 hp

Above 20000 hp

On the basis of Engine

Propulsion Engine

Auxiliary Engine

On the basis of Vessel

Commercial Vessel

Offshore Support Vessel

Others

On the basis of Type

Two-stroke

Four-stroke

On the basis of Fuel   

Heavy Fuel oil

Intermediate Fuel Oil

Marine Diesel Oil

Marine Gas Oil

Other

On the basis of Region

Asia Pacific

North America

Europe

South America

Middle East & Africa

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Offshore Support Vessels (OSV) Market 2021 Latest Insights, Growth Rate, Future Trends and Forecast

Detailed study and analysis of the Offshore Support Vessels (OSV) Market highlights new trends in the Offshore Support Vessels (OSV) industry and provides companies with trading insights. This study helps manufacturers, service providers, suppliers and investors, CEOs to identify opportunities and business optimization strategies to improve their value in the Offshore Support Vessels (OSV) market. Provides important information for well-known companies that are one of the top performing companies. The report provides comprehensive coverage of existing and potential markets as well as an assessment of competitiveness in changing market scenarios.

The report also presents data in the form of charts, tables and figures together with contact details and sales contact information for the major market players in the global market. There is a detailed overview of the competitive landscape of the Offshore Support Vessels (OSV) industry, with all the information gathered and deepened with the SWOT analysis. Opportunities for potential industrial growth have been discovered and the competition risks involved have also been structured.

Top Key Players Profiled in this report are:

Anchor-handling tug supply vessels.

Platform support vessels.

Multipurpose support vessels.

Emergency response/standby and rescue vessels.

Crew vessels.

Seismic vessels.

Report Details : https://cagrreports.com/manufacturing-machinery-equipments-market-research-report/global-offshore-support-vessels-osv-market-status-trends-and-covid-19-impact-report-2022/

The report is an assortment of direct information, subjective and quantitative assessment by industry specialists, contributions from industry examiners and Offshore Support Vessels (OSV) market industry members over the worth chain. The report offers a top to bottom investigation of parent market patterns, macroeconomic measures, and control components. Besides, the report likewise overviews the subjective effect of unmistakable market factors on Offshore Support Vessels (OSV) market sections and geologies.

 The Study Objectives are:

 ●      To analyze global Offshore Support Vessels (OSV) market status, future forecast, growth opportunity, key market and key players.

●      To present the Offshore Support Vessels (OSV) market development in North America, Europe, Asia Pacific, Latin America & Middle East and Africa.

●      To strategically profile the key players and comprehensively analyze their development plan and strategies.

●      To define, describe and forecast the market by product type, market applications and key regions.

 This report includes the estimation of market size for value (million USD) and volume (K Units). Both top-down and bottom-up approaches have been used to estimate and validate the market size of Offshore Support Vessels (OSV) market, to estimate the size of various other dependent submarkets in the overall market. Key players in the market have been identified through secondary research, and their market shares have been determined through primary and secondary research. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified primary sources.

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Electric Ships Market Size, Share, Trends, Latest Innovations, Drivers, Dynamics And Strategic Analysis, Challenges By 2028

According to the latest research report titled “Electric Ships Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Power, Range and Ship Type,” the market is expected to grow from US$ 3.82 billion in 2021 to US$ 7.76 billion by 2028; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.

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Several marine industry associations are focusing on reducing the gas emission from the shipping industry. As per a report published by the Norwegian Ministry of Climate and Environment, in April 2018, International Maritime Organization (IMO) adopted a plan to reduce greenhouse gas emissions from international shipping by ~50% compared with the level in 2008 by the end of 2050. Additionally, the IMO strategy aims to improve the energy efficiency of each ship and to reduce the carbon intensity of the whole marine industry by reducing emissions per unit of transport work done by ~40% by 2030, and further toward 70% by 2050, according to a report published by the Norwegian Ministry of Climate and Environment. Further, several governments are focusing on reducing the gas emission from the shipping industry. For instance, according to a report published by the Norwegian Ministry of Climate and Environment, in 2019, the Norway government’s focus is on reducing greenhouse gas emissions from domestic shipping and fishing ships by half by 2030 and promoting the development of zero- and low-emission solutions for all vessel categories. For this, the government had allocated NOK 7 million (US$ 0.77 million) to the Green Shipping Programme in the 2019 budget. Therefore, the increasing regulatory support from government authorities and industry associations for reducing greenhouse gas emissions in the shipping industry supports the growth of electric ships by adopting electric or hybrid propulsion systems.

Key Findings of Study:                                                          

The electric ships market has been segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In North America and Europe, the demand for electric ships increases due to its rising demand for fully electric passenger vessels, tugs, yachts, and cruise vessels. Norway, Finland, the US, and Denmark are replacing conventional passenger ferries with fully electric passenger ferries. Significant developments in autonomous electric vessels that use fuel cells and remotely controlled electric vessels are also driving the market growth.

In APAC, the demand for electric ships increases due to the rising sea trade activities and growing government focus on reducing gas emissions from the shipping industry. This has resulted in ship integrators and owners switching the existing diesel-driven engines with electric or hybrid propulsion systems. Therefore, these factors create a vast opportunity for the APAC electric ships market players to produce more electric ships. According to the UN Merchant Fleet 2020 statistics, ~93% of the global new shipbuilding occurred in China, Japan, and South Korea in 2019. The global shipping and offshore energy equipment industry has shifted unequivocally toward Asia. South Korea, Japan, and China now dominate with ~80% of orders. According to IHS Maritime, 134 liquefied natural gas (LNG) tankers built since 2009—133 were built in Asia, 100 in South Korea, 20 in China, and 13 in Japan. While domination by Asian manufacturers is expected to continue, it is important to recognize that each of Asia’s shipping giants has distinct strengths and challenges. Shipbuilding in Japan is going through a renaissance. Focus on shipbuilding and port development is driving the growth of the electric ships market in the region.

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North America Offshore Support Vessels Market is poised to grow at CAGR of 2 % by 2027. Factors driving North America Offshore Support Vessels Market are less period of investment return from offshore and upcoming offshore wind farm projects in countries such as the United States and Canada.

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Floating LNG Power Vessel Industry Value Share, Supply Demand 2022-2030

Market Research Future (MRFR), studied impact of corona pandemic on Floating LNG power vessel Market 2020 and the possible aftermath situation. As per MRFR findings, the floating LNG power vessel market can rise at 4.16% CAGR across the forecast period 2019 to 2025. The global Floating LNG power vessels market is set to generate revenue above USD 668.8 Mn by 2025.  The ease of availability of specialized offshore vessels that apply LNG for the generation of electricity through on board components, such as; gas turbines and steam generators can promote the expansion of the worldwide floating LNG power vessel market. Shortage in capital investments and lack of lack of power generation infrastructure are factors that are pressing the need for temporary power generation solutions, such as floating LNG power vessel. This can promote the expansion of the worldwide floating LNG power vessel market.

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Key Players

MRFR profiled some reputed companies functioning in the Global Floating LNG Power Vessel Market.

Mitsubishi Heavy Industries, Ltd (Japan)

IHI Corporation (Japan)

Wartsila (Finland)

Chiyoda Corporation (Japan)

Samsung Heavy Industries Co., Ltd (South Korea)

Siemens (Germany)

General Electric (US)

Man Diesel & Turbo SE (Germany)

Power Barge Corporation (US)

Hyundai Heavy Industries Co., Ltd. (South Korea)

Waller Marine Inc (US)

Caterpillar, Inc. (US).

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Segment Study

The segment study of the global floating LNG power vessel market is based on power output, vessel type, and component. The vessel type based segment of the global floating LNG power vessel market are power ship and power barge. The power ship segment can gain high traction across the forecast period. High sales of LNG power barges can impel the floating LNG power vessel market across the world. The power output based floating LNG power vessel market are 70 MW–350 MW, 70 MW, and above 350 MW. The 70 MW–350 MW segment can rise at the highest CAGR in the assessment period due to increase in use of liquid fuel or gas powered engines. The component based segments of the world floating LNG power vessel market are power distribution systems and power generation systems. The power generation system segment can bring considerable business for the global floating LNG power vessel market as the rise in the demand for gas turbine-powered vessels and integrated IC engine is observed.

Regional Study

The rise in application of temporary power generation solutions in the Asia Pacific region can promote the floating LNG power vessel in the region in the review period. APAC is reputed for rapid industrialization and the availability of cost effective labor and materials supporting globalization can drive the floating LNG power vessel market. The price of installation and rise of robust power generation infrastructure can bolster the growth of the floating LNG power vessel in APAC. In North America, the increase in floating LNG power vessels installations can prompt the regional market growth. Key players in the region and their expansion across the globe, plus the introduction of different products can boost the expansion of the floating LNG power vessel market in the region.

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In Europe, the floating LNG power vessel market can rise at a high pace in Germany, followed by the rest of EU. The high need for electricity in the region and the growing focus on the reduction of carbon emissions and increase in utility of temporary floating LNG power vessels are causes that are boosting their installation rate and are expected to impel the floating LNG power vessel market in Europe.

[nita-world]

Marine engines market Forecast Size Trend Growth Share, Growth, Regional Outlook And Forecast – 2027 As per the research by Market Research Future Reports (MRFR), the global marine engines market 2020 is majorly driven by the robust growth shipbuilding activities

Key Players

The forefront market competitors of the worldwide marine engine market are Caterpillar Inc. (U.S.), G.E. Transportation (U.S.), Cummins Inc. (U.S.), Man Diesel & Turbo Se (Germany), Rolls-Royce Power Systems AG (Germany), Wärtsilä Corp (Finland), Brunswick Corporation (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), A.B. Volvo (Sweden), Scania AB (Sweden), Yanmar Co., Ltd. (Japan), John Deere (U.S.), Dresser-Rand Group, Inc. (U.S.), Daihatsu Diesel MFG. Co. Ltd. (Japan), and Deutz AG (Germany) are among others.

Market Synopsis

As per the research by Market Research Future Reports (MRFR), the global marine engines market 2020 is majorly driven by the robust growth shipbuilding activities.  The increasing demand for luxuries like yachts, the cruise has magnified the market. Moreover, the increased disposable income amongst the individuals has resulted in the expansion of the market. Besides, there has been a surge in need for commercial vessels like gas carriers and bulk carriers, which has made an exclusive contribution to expanding the global marine engine market. Furthermore, attributes like uncomplicated maintenance, stability, resistance, quality performance, efficiency in fuel, low toxic emissions have made it the most appropriate for marine applications.

Also, the increasing growth in the number of marine travelers, the advent of technologically advanced, expansion of the worldwide seaborne transport sector, reliable engines, and the growing economic stability has resulted in the expansion of the worldwide marine engine market considerably. Besides, the constant evolution in technologies and manufacturing processes in the marine engine has acknowledged the environmental regulations pertaining to the emission of harmful gases. The market is estimated to witness exponential growth by the increasing activities by the globally well-established firms. However, the outbreak of COVID-19, the market has been analyzed again with new establishments. We will provide COVID-19 impact analysis with the report. 

Market Segmentation

The worldwide marine engines market can be classified on the grounds of application, power, fuel, and regions.

On the grounds of application, the worldwide marine engines market can be classified into commercial vessels, offshore support vehicles, and other vessels.

On the grounds of power, the worldwide marine engines market can be classified into Up to 1,000 HP, 1,001 HP to 5,000 HP, 5,001 HP to 10,000 HP, 10,001 HP to 20,000 HP and Above 20,000 HP.

On the grounds of fuel, the worldwide marine engines market can be classified into marine gas oil,  intermediate fuel oil, heavy fuel oil, marine diesel oil, and other fuels.

On the grounds of the region, the worldwide marine engines market can be classified into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

Regional Analysis

The regional analysis of  Asia-Pacific, North America, Europe, and the Rest of the World (RoW) has been conducted. As per the analysis by Market Research Future Reports (MRFR), the APAC region is projected to reign the worldwide market during the assessment period.  Countries such as South Korea, China, Singapore, Indonesia, Malaysia play a significant role in expanding the market. They are the most potent market for marine engine manufactures. As per the research, the second position is attained by Europe.

Countries such as Denmark, Croatia, Finland, Germany, France, Greece, and Italy play the most crucial role in expanding the market. The rising maritime activities and tourism in the European region have resulted in regional expansion. The third position is attained by North America. The region witnessed a stagnant expansion in previous years and is likely to expand during the forecast period. Among all nations, the U.S. contributed to the largest share in North America and is likely to maintain its position during the assessment period.

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Waves of Opportunity: Offshore Support Vessel Market Trends

Offshore support vessel market transport goods, supplies, and major equipment during exploration and production of offshore mineral resources. These vessels are operated by ship owners and are utilized to locate oil & gas bearing areas, towing rigs, and platforms, and positioning them. These vessels are also deployed in subsea operations such as inspection, diving support, and maintenance. Moreover, other facilities provided include transportation, standby capacity, anchor management, and platform support. It also enables in moving the crew members to offshore sites.

This report projects the trends and opportunities of the global offshore support vessel market. This research study includes a qualitative and quantitative analysis with comprehensive research methodologies and reliable projections to understand the present overview and predict the market behavior during the forecast period.

Rise in offshore exploration and production activities drive the offshore support vessel market. Moreover, increase in capital expenditure on offshore oil exploration further leads to offshore developments. The market is projected to grow at a higher rate during the analysis period owing to the rise in demand for oil & gas. However, high replacement and maintenance cost of these vessels hamper the market growth. In addition, lack of technical professionals in the offshore industry also restricts the growth.

The global offshore support vessel market is segmented based on type, depth, and geography. On the basis of type, it is divided into anchor handling tug supply, platform supply vessel, multipurpose support vessel, standby & rescue vessel, crew vessel, chase vessel, and seismic vessel. On the basis of depth, the market can be bifurcated into shallow water and deep water. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key market players in this sector include Rem Maritime As, Bass Marine Pty Ltd., Harvey Gulf, Island Offshore Management, Havila Shipping ASA, and Intermarine LLC, Grupo Coremar S.A., Delta Logistics Limited, Deep Sea Supply PLC, Bumi Armada Berhad, Topaz Energy, and Marine Limited.

Key Benefits for Stakeholders

This report provides a quantitative analysis of the current trends, estimations, and dynamics which assists to identify the prevailing market opportunities.

Major countries in each region are studied as per the key trends developments, and presence of industry players in the market.

Region-wise and country-wise market conditions are comprehensively analyzed in the report.

Key players of the market are also listed.

This study evaluates the value chain to understand the competitive environment across geographies.

An in-depth analysis of segmentation is provided to elucidate the prevailing market opportunities.

Key Market Players : Delta Logistics Limited, Island Offshore Management, Harvey Gulf, Havila Shipping ASA, Deep Sea Supply PLC, Rem Maritime As, Bumi Armada Berhad, Grupo Coremar S.A., Bass Marine Pty Ltd., Intermarine LLC

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Marine Gensets Market Trends Forecast and Industry Analysis to 2030

Global Marine Gensets Market: Snapshot

Providing enough power to all devices and equipment aboard a ship can be a challenging task today. The sheer amount of power consumption made on a daily basis on land or on sea is creating the need for supplementary power generation methods as well as power conservation methods. One of the way to provide the said supplementary power on a ship is through the use of a marine genset. The problem is further complicated on ships and other marine vehicles if they are away from land for long durations. While vessel operators commonly resort to running their main engines to constantly fuel the vessel’s AC and DC systems, this can be extremely taxing on their fuel economy, as well as create a lot of vibrations and noise. This is where marine gensets can become the perfect addition to a marine vessel. 

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One of the key advantages that modern marine gensets can provide is being highly compact. While larger capacity gensets can take up significant amount of deck space, the smaller ones do not need a lot of space. The appropriate marine genset can be purchased by calculating the total power requirement of all equipment on board and then selecting a genset that provides an output roughly 20 percent higher than that. Marine gensets can also be water cooled in order to enhance their peak performance efficiency which also drive the marine gensets market growth.

Marine Gensets Market: Overview 

Marine gensets are supplementary power units that supply electricity to ships. These gensets can be fueled by gas, diesel, hybrid fuel, and others and find application in offshore support vessels, commercial vessels, defense vessels, and pleasure vessels among others. Commercial vessels can include auto carriers, reefers, super tankers, cargo ships, bulk carriers, tankers, and tug boats. Please vessels are those that carry people for recreational or sports purposes and include ocean liners, catamarans, ferries, cruise vessels, and sports and sailing yachts. Defense vessels include guide missile cruisers, frigates, destroyers, police-patrolling and coast-guard vessels, aircraft carriers, mine sweepers, and mine hunters. 

The report offers a detailed overview of the marine gensets market and provides sharp insights on the workings of the global as well as regional market. Historical, present, and future trends impacting the performance of the marine gensets market have been discussed at length in the report. 

Marine Gensets Market: Key Trends 

Most marine gensets are fueled by diesel and this trend has been observed over the past decade or so. However, the introduction of alternative fuels and natural gas as fuel is likely to impact the diesel segment with marine gensets now turning to these newer power sources. Higher levels of air pollution causing restrictions on the usage of diesel has also hindered its application as a fuel for marine gensets. Nevertheless, marine gensets fueled by diesel offer a host of benefits such as safe storage of fuel, lower cost of maintenance, and longer lifespan of the engine. These advantages spell good news for diesel-fueled marine gensets. 

Marine gensets are most often used in commercial vessels owing to rising maritime trade. The growing demand for natural gas, especially in India, South Korea, China, and Japan, has also ensured the increase in gas carrier commercial vessels. 

Marine Gensets Market: Regional Outlook 

From a geographical point of view, the global marine gensets market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific has been a key contributor toward the overall market and is anticipated to continue doing so over the course of the forecast period. Rapid growth in this region can be attributed to the growth of the ship-building industry in countries such as South Korea, Japan, and China. A steady rise in investments has been observed in these industries and this will result in the demand for marine gensets. Moreover, there has been a rise in gas carrier vessels in these countries owing to the increasing demand for natural gas. It has also been noted that leading companies in the marine gensets market have been expanding their manufacturing units here, in the form of new licenses and plants. 

On account of being a mature market, Europe has been witnessing slow growth in the marine gensets market. Factors such as financial hurdles and recession have negatively impacted the demand for new vessels, thereby hitting the demand for marine generator sets. However, taking into consideration the region’s strength in ship building, experts anticipated that the market in Europe will gain momentum over the coming years, driven by a rise in oil and gas exploration activities. 

Companies mentioned in the report 

There are a number of global players operating in the marine genset market. These include Mitsubishi Heavy Industries (Japan), Wärtsilä (Finland), MAN Diesel & Turbo SE (Germany), Caterpillar Inc., (U.S.), and Cummins Inc. (U.S.). Recognizing the lucrative strength of developing economies across the globe, companies have been redirecting resources to expand operations into these countries and gain a larger share in the overall marine gensets market. 

The marine gensets market report takes into consideration the various strategies adopted by companies in the marine genset market. These include new product development and launch, regional expansions, contracts and agreements, joint ventures, and mergers and acquisitions.

  Key questions answered in this report

What are the diverse growth parameters influencing the market?

Which regions will contribute largely to the growth of the market

What are the recent innovations and technological advancements in the market?

What are the emerging trends across the market?

How has COVID-19 affected the market?

What will be the post-pandemic scenario of the market?

What are the major threats that will dent the growth prospects of the market?

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Trending now: Marine Gensets Market Size, Share, Industry Trends, Growth Insight, Share, Competitive Analysis, Statistics, Regional, And Industry Forecast | Cummins, Mitsubishi Heavy Industries, Caterpillar, etc.

Marine Gensets Market Growing Demand and Growth Opportunity 2027

Marine Gensets Market research is an intelligence report with Research Allied efforts undertaken to study the right and valuable information. The data which has been looked upon is done considering both, the existing top players and the upcoming competitors. Business strategies of the key players and the new entering market industries are studied in detail. Well explained SWOT analysis, revenue share and contact information are shared in this report analysis. “Marine Gensets Market is growing at a High CAGR during the forecast period 2020-2027. The increasing interest of the individuals in this industry is that the major reason for the expansion of this market”. Get the PDF Sample Copy of This Report @ https://www.researchallied.com/request-sample/5658-marine-gensets-market Top Key Players Profiled in this report: Cummins, Mitsubishi Heavy Industries, Caterpillar, Man Diesel & Turbo, Valley Power Systems, Volvo, Kohler, Deutz, Yanmar, ABB, Wartsila, Dresser Rand, Daihatsu Diesel MFG, Rolls-Royce Power System, Sole Diesel Detailed Segmentation: • Global Marine Gensets Market, By Product Type: • Diesel Fuel Marine Gensets, Gas Fuel Marine Gensets, Hybrid Fuel Marine Gensets, Others. • Global Marine Gensets Market, By End User: • Commercial Vessels, Offshore Support Vessels, Defense Vessels, Others.

North America held dominant position in the global Marine Gensets market in 2020, accounting for XX% share in terms of value, followed by Europe and Asia Pacific, respectively.

Key Influence of the Marine Gensets Market: • Comprehensive assessment of all opportunities and risk in the Marine Gensets Market.• Marine Gensets Market recent innovations and major events. • Detailed study of business strategies for growth of the Marine Gensets Market-leading players. • Conclusive study about the growth plot of Marine Gensets Market for forthcoming years.• In-depth understanding of Marine Gensets Market-particular drivers, constraints and major micro markets. • Favourable impression inside vital technological and market latest trends striking the Marine Gensets Market. • To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW). • To provide country level analysis of the market with respect to the current market size and future prospective. Various factors are responsible for the market’s growth trajectory, which are studied at length in the report. In addition, the report lists down the restraints that are posing threat to the global Marine Gensets market. It also gauges the bargaining power of suppliers and buyers, threat from new entrants and product substitute, and the degree of competition prevailing in the market. The influence of the latest government guidelines is also analyzed in detail in the report. It studies the Marine Gensets market’s trajectory between forecast periods.

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Marine Gensets Market

Table of Contents: Report Overview: It includes major players of the global Marine Gensets market covered in the research study, research scope, years considered for the research study, and objectives of the report. Global Growth Trends: It also provides growth rates of key producers operating in the global Marine Gensets market. Market Share by Manufacturers: Here, the Marine Gensets report provides detail about revenue by manufacturers, distribution, and market areas of key companies. Market Size by Type: This section concentrates on product type segments where production value market share by product type are discussed. Market Size by Application: Besides an overview of the global Marine Gensets market by application, it gives a study on the consumption in the global Marine Gensets market by application. Consumption by Region: This segment provides information on the spending in every regional market study in the report. Company Profiles: Almost all leading players of the global Marine Gensets market are profiled in this section. The analysts have provided information about their recent developments in the global Marine Gensets market, products, revenue, production, business, and company. Market Forecast by Production: The production and production value forecasts included in this section are for the global Marine Gensets market as well as for key regional markets. Value Chain and Sales Analysis: It deeply analyzes customers, distributors, sales channels, and value chain of the global Marine Gensets market. Want Full Report? Enquire Here @ https://www.researchallied.com/enquire-before/5658-marine-gensets-market If you have any special requirements, please let us know and we will offer you the report as you want. About Us We are a market research and consulting service provider which is supported by numerous groups of people having extensive experience in their respective domains. We have collaboration with the industry’s leading research providers who works continuously to meet the ever-growing demand for market research throughout the year. Having people from various industries in our team and extensive experience in market research enables our people to address, understand, and offer exact solutions to our clients and satisfy their needs and demands. We understand the value of data and authenticity and how any business needs to grow, thus we have collaborated with several brands and outsourcing companies who are a click ready to identify the gaps between any solution which is offered to you and lacks any insight. Contact: Research Allied Mangalam Chamber, Office No – 16, Paud Road Sankalp Society, Kothrud, Pune, Maharashtra 411038 Phone: +1 650-646-3808 Email: sales@researchallied.com Website: https://www.researchallied.com

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Electric Ships Market Trends and Future Growth Opportunities Analysis Report

According to the latest research report titled “Electric Ships Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Power, Range and Ship Type,” the market is expected to grow from US$ 3.82 billion in 2021 to US$ 7.76 billion by 2028; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.

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Several marine industry associations are focusing on reducing the gas emission from the shipping industry. As per a report published by the Norwegian Ministry of Climate and Environment, in April 2018, International Maritime Organization (IMO) adopted a plan to reduce greenhouse gas emissions from international shipping by ~50% compared with the level in 2008 by the end of 2050. Additionally, the IMO strategy aims to improve the energy efficiency of each ship and to reduce the carbon intensity of the whole marine industry by reducing emissions per unit of transport work done by ~40% by 2030, and further toward 70% by 2050, according to a report published by the Norwegian Ministry of Climate and Environment. Further, several governments are focusing on reducing the gas emission from the shipping industry. For instance, according to a report published by the Norwegian Ministry of Climate and Environment, in 2019, the Norway government’s focus is on reducing greenhouse gas emissions from domestic shipping and fishing ships by half by 2030 and promoting the development of zero- and low-emission solutions for all vessel categories. For this, the government had allocated NOK 7 million (US$ 0.77 million) to the Green Shipping Programme in the 2019 budget. Therefore, the increasing regulatory support from government authorities and industry associations for reducing greenhouse gas emissions in the shipping industry supports the growth of electric ships by adopting electric or hybrid propulsion systems.

Key Findings of Study:                                                          

The electric ships market has been segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In North America and Europe, the demand for electric ships increases due to its rising demand for fully electric passenger vessels, tugs, yachts, and cruise vessels. Norway, Finland, the US, and Denmark are replacing conventional passenger ferries with fully electric passenger ferries. Significant developments in autonomous electric vessels that use fuel cells and remotely controlled electric vessels are also driving the market growth.

In APAC, the demand for electric ships increases due to the rising sea trade activities and growing government focus on reducing gas emissions from the shipping industry. This has resulted in ship integrators and owners switching the existing diesel-driven engines with electric or hybrid propulsion systems. Therefore, these factors create a vast opportunity for the APAC electric ships market players to produce more electric ships. According to the UN Merchant Fleet 2020 statistics, ~93% of the global new shipbuilding occurred in China, Japan, and South Korea in 2019. The global shipping and offshore energy equipment industry has shifted unequivocally toward Asia. South Korea, Japan, and China now dominate with ~80% of orders. According to IHS Maritime, 134 liquefied natural gas (LNG) tankers built since 2009—133 were built in Asia, 100 in South Korea, 20 in China, and 13 in Japan. While domination by Asian manufacturers is expected to continue, it is important to recognize that each of Asia’s shipping giants has distinct strengths and challenges. Shipbuilding in Japan is going through a renaissance. Focus on shipbuilding and port development is driving the growth of the electric ships market in the region.

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Ship Repair and Maintenance Services Market Size, Key Players, Growth Factors, Regions and Applications, Industry Forecast by 2031

Ship repair and maintenance services market is set to be valued at US$ 44.3 Bn, expanding at 6.5% CAGR through 2031, according to latest research conducted by Future Market Insights (FMI).

As per Future Market Insight (FMI), the ship repair and maintenance services market is expected register year-on-year (YoY) growth of 5.9%, reaching US$ 23.6 Bn in 2021.

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Continuous rise in shipbuilding activities and increasing spending in research activities for the expansion of wireless seaborne trade is expected to create growth opportunities during the forecast period.

Demand for ship repair and maintenance services is surging owing to the growing usage of ships for diverse purposes. Governments in many countries are taking initiatives to strengthen the maritime industry.

Based on these factors, the market is anticipated to create incremental opportunities for the ship repair and maintenance services market players during the forecast period (2021-2031).

Sales are expected to surge due to increasing import-export activity and implementation of favorable regulations encouraging seaborne trade. Ship repair and maintenance play a supporting role in the marine industry. Because of the significant advantages of maritime transportation, ships transport approximately 90% of the world’s imported and exported goods.

The outbreak of COVID-19 however dampened the sales prospects owing to supply chain and market disruption. Nevertheless, with recovery of trade activities and relaxations in international trade, the market is expected to regain its pre-pandemic status.

Key Takeaways from Market Study

In the vessel type segment, bulk carrier is anticipated to grow at an impressive CAGR close to 8%.

In the service type segment, hull part holds nearly 30% of the global market share in 2031.

Demand for passenger ships and ferries are expected to increase at a high pace, encouraging the sales of ship repair and maintenance services.

The market in South Asia & Pacific is projected to create incremental $ opportunity worth US$ 9.6 Bn between 2021 and 2031.

India and Singapore are expected to emerge as the most lucrative market across South Asia & Pacific during the forecast period.

“Digital innovations, coupled with the inclination for seaborne trade activities, are expected to propel the growth of the market. In order to capitalize on this existing opportunities, key players are investing in research and development activities. Some are spending on the integration of wireless technology in ship repair. These developments will help the market gain momentum in the coming years,” says a Future Market Insights analyst.

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Key Market Segments Covered

By Vessel Type:

Oil and Chemical Tankers

Bulk Carriers

General Cargo

Container Ships

Gas Carriers

Offshore Vessels

Passenger Ships and Ferries

Mega Yachts and Other Vessels

By Service Type:

General Services

Dockage

Hull Part

Engine Parts

Electric Works

Auxiliary Services

By Region:

North America

Latin America

Europe

East Asia

South Asia & Pacific

Middle East and Africa (MEA)

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Competitive Landscape

The leading companies are implementing various strategies such as mergers and acquisitions and new product launches to venture into new markets. Some of the key players in this market are Damen Shipyards Group, Sembcorp Industries Ltd., Cochin Shipyard Limited, China Shipbuilding Industry Corporation, Fincantieri S.p.A., Dae Sun Shipbuilding & Engineering Co. Ltd., Hyundai Mipo Dockyards Co. Ltd., Arab Shipbuilding and Repair Yard Company, Keppel Corporation Limited, United Shipbuilding Corporation, Alexandria Shipyard, Dormac Ship repairs, Astican, HOSEI CO. LTD, TSUNEISHI SHIPBUILDING Co. Ltd and Dundee Marine & Industrial Services Pte Ltd.

Top Reports Related To Automotive Market Insights

Automotive Pump Market : The automotive pump market is expected to witness a significant growth in 2021, thanks to the implementation of various carbon emission norms across various countries. A study by Future Market Insights (FMI) on automotive pump market has forecast it to reach US$ 106.0 Mn by the end of 2031, growing at a CAGR of 6.1% over the forecast years (2021-2031).

Aircraft Cabin Interior Market : According to Future Market Insight’s (FMI), the global aircraft cabin interior market is forecast to grow at 2.70% in 2021, overcoming the uncertainty about market recovery and performance during a global pandemic. FMI also predicts that the aircraft cabin interior market will exceed the overall market valuation of US$ 14.5 Bn by the end of 2021.

About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact

Future Market Insights Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A, Jumeirah Lakes Towers, Dubai, United Arab Emirates MARKET ACCESS DMCC Initiative For Sales Enquiries: sales@futuremarketinsights.com For Media Enquiries: press@futuremarketinsights.com Website: https://www.futuremarketinsights.com Report: https://www.futuremarketinsights.com/reports/ship-repair-and-maintenance-services-Market Press Release Source: https://www.futuremarketinsights.com/press-release/ship-repair-and-maintenance-services-Market

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Offshore Support Vessels Market Current Trends, Comprehensive Analysis and Regional Forecast to 2030

Overview

The offshore support vessels market is projected to grow at a CAGR of over 5.0% during the forecast period. As per the offshore supply vessel market research report, the global market for offshore supply vessel is anticipated to grow rapidly by US$25.0 billion by 2023. As per analysts, exploration activities in Europe and the Middle East along with advancement of technology will drive the market growth throughout the forecast period. The offshore support vessel market research report provides an in-depth analysis of the global offshore supply vessel market and its applications and type segments. The lack of operational efficiency as well as underdeveloped technical infrastructure are the factors which could affect the offshore supply vessel market growth during the forecast period. The offshore supply vessel market research report by expert analysts is intended to help companies in the offshore support vessels market.

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Market Segmentation

The global offshore support vessel market has been segmented based on applications and type. On the basis of applications, the market for offshore supply vessel is segmented based on shallow water and deepwater. Additionally, the market on the basis of type, is segmented into multipurpose support, platform supply, seismic, standby & rescue, and anchor handling tug supply.

Key influences such as lack of awareness could obstruct the offshore support vessels market growth. However, as per the offshore support vessel market research report, the rapid development in Asian countries as well as increasing investment in oil and gas will drive growth during the forecast period. These key growth factors will help support the offshore supply vessel market growth at a high CAGR. The segmental analysis of applications and type segments as well as regional market analysis has been presented in the global offshore supply vessel market research report. Analysts studying the offshore supply vessel market have presented projections in the offshore support vessel market research report assisting offshore supply vessel market-based companies in numerous ways. The offshore supply vessel market research report offers crucial details about the offshore support vessel market based on the data and forecasts till 2023.

Regional Overview

North America, Europe, Asia Pacific and the rest of the world regional market for offshore support vessels are primarily covered in the global offshore supply support market research report. The report also covers country-level markets spread across North America – the United States, Canada, and Mexico. In South America – Brazil and other country-level offshore supply vessel markets are covered in the report. In Asia-Pacific (APAC) region, the country-level offshore supply vessel markets covered are China, India, Japan, and others. The offshore supply vessel market research report also covers the regional market for offshore supply vessel spread across European countries including the United Kingdom, France, Italy, Spain, and Germany, etc. The offshore support vessel market research report further explores other regional markets from the rest of the world including offshore support vessels markets of the Middle East and Africa. As per the global offshore supply vessel market research report.

Competitive Landscape

Introduction of better trade policies and growing LNG demand are expected to accelerate the offshore support vessels market growth worldwide. The global offshore supply vessel market is set to witness challenges including poor economic conditions in developing areas as well as unfavorable policies, however, companies in the offshore supply vessel market will sustain the growth rate. The offshore support vessel market research report also offers company profiles of key players operating in the offshore supply vessel market around the world. Additionally, the global offshore support vessel market report provides detailed analysis of the market based on primary and secondary research data collected from the offshore supply vessel market’s key decision makers as well as stakeholders. The offshore supply vessel market research report covers all such factors assisting companies in the offshore support vessel market to improve their plans and portfolio.

The major market players operating in the global market as identified by MRFR are Siem Offshore AS (Norway), Maersk (Denmark), SEACOR Marine (U.S.), Tidewater (U.S.), GulfMark Offshore Inc. (U.S.), and Vroon B.V. (Netherlands). Swire Pacific Offshore Operations (Pte) Ltd (Singapore), Havila Shipping (Norway), Abdon Callais Offshore LLC (U.S.), Edison Chouest Offshore (U.S.), Solstad Farstad (Norway), and Bourbon Offshore (France) are among others who are exceedingly capable to serve the best in the industry.

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Industry News

After the failure of its engine, the Offshore SETIA KILAS supply ship floated to breakwater throughout the port of Kuala, the eastern coast of Malaysia Peninsulas, the golf of Siam. Vessel had undergone naval exercises with 7 crew members and 3 consultants on board, all of which had left the vessel and were safe. SETIA KILAS shall be recommissioned as quickly as the weather permit and the bunker have been contracted.

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Floating LNG Power Vessel Industry Growth, Trends, Demand and Size by 2030

Floating LNG Power Vessel Market is projected to be valued at USD 668.8 Million by 2025, with 4.16% CAGR during the forecast period, 2019–2025. Floating LNG power vessels are specialized offshore vessels that use LNG to generate electricity through onboard components such as steam generators and gas turbines. The lack of power generation infrastructure and shortage of capital investments is the primary factor driving the demand for such temporary power generation solutions.

The global floating LNG power vessel market has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. Asia-Pacific is expected to hold the largest share of the market during the forecast period. This is because industrialization in the region is growing at a tremendous pace due to the lower cost of labor and materials in the region. However, the cost of installing land-based power generation infrastructure is high. Hence, countries in the region are increasing the installation of floating LNG power vessels. The key players in the region are increasing their presence in the market by introducing a new offering for the region. For instance, in July 2019, Kawasaki Heavy Industries (Japan) introduced a power barge with a generation capacity of 100,000 kW. The power barge has been developed targeting remote areas in South East Asia.

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The floating LNG power vessel market in Europe is expected to be dominated by Germany, owing to the increasing demand for electricity in the country. Furthermore, as the country is focused on reducing its carbon emissions, temporary floating LNG power vessels are expected to witness higher installations in the country to support the grid in Germany.

The Global Floating LNG Power Vessel Market has been segmented based on vessel type, power output, and component. Based on vessel type, the global market is divided into power barge and power ship. The power ship segment is expected to hold a larger share of the market during the forecast period. Based on power output, the global market is segmented into up to 70 MW, 70 MW–350 MW, and above 350 MW. The 70 MW–350 MW segment is expected to grow with the highest CAGR during the forecast period as the engines in this segment are mostly powered by liquid fuel or gas. Based on components, the global floating LNG power vessel market has been divided into power generation system and power distribution system. The power generation system segment is expected to hold a larger share of the market due to the increasing demand for integrated IC engines and gas turbine-powered vessels.

The Global Floating LNG Power Vessel Market is expected to grow at 4.16% CAGR during the forecast period.

Key Players

The Key Players operating in the Global Floating LNG Power Vessel Market are Wartsila (Finland), Mitsubishi Heavy Industries, Ltd (Japan), Samsung Heavy Industries Co., Ltd (South Korea), General Electric (US), Siemens (Germany), Man Diesel & Turbo SE (Germany), Waller Marine Inc (US), Power Barge Corporation (US), Chiyoda Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), IHI Corporation (Japan), and Caterpillar, Inc. (US).

Scope of the Report

This report provides an in-depth analysis of the global floating LNG power vessel market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global floating LNG power vessel market by vessel type, power output, component, and region.

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Vessel Type

Power Barge

Power Ship

Power Output

Up to 70 MW

70 MW–350 MW

Above 350 MW

Component

Power Generation System

Steam Turbine & Generator

Gas Turbine & IC Engine

Power Distribution System

By Region

North America

Asia-Pacific

Europe

Middle East & Africa

South America