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The anchor handling tug supply (AHTS) vessels market size is forecast to increase by USD 2.61 billion and grow at a CAGR of 4.67% between 2023 and 2028. Several factors play a crucial role in the market's growth, such as the rise in global demand for oil and natural gas, the rise in deep-water and ultra-deep-water E&P activities, and the increase in global offshore oil and gas exploration activities.
The report includes a comprehensive outlook on the Anchor Handling Tug Supply Vessels Market, offering forecasts for the industry segmented by Application, which comprises oil and gas, industrial, and others. Additionally, it categorizes Engine Capacity into 5000-9999 HP, <5000 HP, and >10000 HP, and covers Regions, including APAC, Europe, North America, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in global demand for oil and natural gas is the key factor driving the market growth. ATHS are used as multipurpose work boats in the oil and gas offshore field. The ATHS vessels are widely used in performing towing operations, rig moves, and executing general supply duties by carrying dry and liquid cargo such as fuel oil and others for offshore installations. Such factors make the ATHS vessels critical for sub-sea mooring operations in the offshore oil and gas fields, surging the demand for ATHS vessels.
Furthermore, the increasing demand for oil and natural gas will drive the growth of E&P activities. Though the costs involved in the production of oil and gas from offshore locations are higher than those of onshore locations, the proven reserves in offshore wells are far higher compared with those of onshore wells. These vast reserves are likely to attract upstream companies to exploit and produce oil and gas. The rise in demand for oil and gas will drive the demand for AHTS vessels and the growth of the market during the forecast period.
The increase in investment in port infrastructure is the primary trend shaping market growth. An increase in port infrastructure development, such as the construction of offshore installations, including oil rigs and renewable energy structures, directly correlates with an increase in demand for AHTS vessels. Furthermore, to meet the challenge faced by port operators in managing the cascading effect of vessel sizes, highly advanced gantry cranes and berthing space are required. In addition, several public-private partnership (PPP) projects are encouraged across different countries of the world to increase the flow of money in the development of new ports.
For example, the Government of India is planning to develop four new major projects in Tamil Nadu, Maharashtra, and West Bengal at an investment of USD 5 billion under the PPP model. Construction of a rail link between Addis Ababa and Djibouti will reduce the draft in the Port of Durban. Investment in port infrastructure will require manpower to support various activities. This will also create job opportunities in APAC. Thus, such investments will propel the growth of the global anchor-handling tug supply vessels market during the forecast period.
Volatility in oil prices is a challenge that affects market growth. High volatility in the oil prices reduces exploration activities and production spending and delayed or canceled projects. Such factors result in a decline in the demand for AHTS vessels. For example, a steep decline in the price of crude oil was observed from over USD 100/barrel in 2014 to below USD 35/barrel in May 2020. This indicates the volatile nature of the global crude oil industry. The prices of crude oil influence the demand for AHTS.
Additionally, heavy taxes imposed on the sales of fuel can result in fluctuations in the prices of fuel. Some taxes imposed on fuel across the world include goods and services tax, gross receipts tax, oil inspection fees, and emission trading levies. Thus, such factors may impede the growth of the market in focus during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Anchor Handling Tug Supply Vessels Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The oil and gas segment is estimated to witness significant growth during the forecast period. The demand for offshore support vessels in the oil and gas segment is expected to increase mainly due to the rising demand for oil and gas E and P projects. The growth is because of the shift in oil and gas operations from onshore activities to locations such as deep-water zones, which are farther away from end consumers. The rise in the demand for liquid fuels is attributed to the increase in demand from developing Asian nations, such as China and India
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Engine Capacity
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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