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Platform Supply Vessels: Introduction

  • Platform supply vessels, also known as PSVs, are specially designed ships used for supplying offshore oil and gas platforms. These vessels range from 50 meters to 100 meters in length and are capable of carrying out a variety of tasks.
  • Platform supply vessels are employed specifically for logistics support for offshore locations. These vessels transport essential consumables between an onshore supply base and offshore work locations. For instance, PSVs supply drilling fluids, fuel, cement, water, and other supplies such as casing, food, and spare parts.
  • Platform supply vessels help meet the demands of construction and maintenance projects in deep offshore work locations. They are considered a vital necessity in the nature of operations and work at the high seas.
  • Platform supply vessels are also used in case of oil spillage in the high seas. They can also can be used as suitable handy vessels with fire control & instrumentation.

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Key Drivers of Global Platform Supply Vessels Market

  • Constant rise in number of operations in high seas and benefits of modern technologies are driving the construction of supply vessels. This, in turn, is likely to boost the platform supply vessels market.
  • Increase in demand for new vessels for various applications in the oil & gas sector and shipping business, dearth of supply chains in ship repair and maintenance services, and rise in number of oil & gas production vessels are also projected to augment the demand for platform supply vessels in the near future
  • Ambitious national targets, rapid technological advancements, and international agreements have prompted companies across the world to upgrade their shipping vessels. This, in turn, is expected to augment the global platform supply vessels market between 2020 and 2030.

Restraints of Global Platform Supply Vessels Market

  • The cost of operation and maintenance of platform supply vessel components is high and varies in accordance to the functionality requirements of a specific system being implemented. High operational cost of platform supply vessels is likely to restrain the market in the near future.

Major Developments

  • In September 2020, offshore vessel owner Harvey Gulf announced plans to offer a full service fuel carrying vessel solely dedicated to offshore fuel and water deliveries through the conversion of the 300-foot U.S. flagged platform supply vessel (PSV) named Harvey Hawk. Harvey Gulf, which owns two new million-gallon diesel bunkering facility in Port Fourchon, on the Gulf of Mexico, indicated that the converted vessel would be able to carry 800,000 gallons of fuel per trip offshore.
  • In February 2017, Greatship (India) Limited (GIL), a wholly owned subsidiary of The Great Eastern Shipping Company Limited, announced that it had sold and delivered the 1999 built Platform Supply Vessels (PSV) "Greatship Disha" to the buyers. With the delivery of the vessel to the buyers, GIL and its subsidiaries will own and operate four PSVs,  five R-Class supply vessels, and four jack-up rigs.

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Europe to Hold Major Share of Global Platform Supply Vessels Market

  • Based on region, the global platform supply vessels market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Europe is expected to be a key region of the global platform supply vessels market from 2020 to 2030. High investments in shipping infrastructure and government subsidies are likely to drive the market in the region between 2020 and 2030
  • The platform supply vessels market in Middle East & Africa is estimated to expand at a significant pace during the forecast period, owing to extensive export of oil and gas; and presence of large numbers of vessel companies in the region
  • Growth in oil exploration in deep seas and increase in oil and gas export business in North America, especially the U.S., is likely to boost the demand for vessel maintenance services in the region. This is estimated to drive the platform supply vessels market in North America.

COVID-19 Impact Analysis

  • The global economy has been hampered by the measures put in place to contain the COVID-19 pandemic. The oil & gas industry is estimated to face immediate challenges due to the COVID-19 pandemic such as difficulty in adhering to the social distancing norms, shortage of manpower, lack of parts & equipment, and discerning expenditure by end-users.
  • The rapid spread of coronavirus has adversely impacted the global shipping market, with the slump in demand for goods from China having a ripple effect on container ships and oil tankers

Key Players Operating in Global Market

Major players operating in the global platform supply vessels market are:

  • Tidewater Inc.
  • Solstad Offshore ASA.
  • Greatship (India) Limited
  • Siem Offshore Inc.
  • SEACOR Marine
  • Hornbeck Offshore
  • Galliano Marine Service

Global Platform Supply Vessels Market, by Size

  • Small (less than 600 sq. meter)
  • Medium (600 sq. meter – 900 sq. meter)
  • Large (Above 900 sq. meter)

Global Platform Supply Vessels Market, by Fuel Oil Capacity

  • Less than 500 cubic meter
  • 500 cubic meter – 1000 cubic meter
  • Above 1000 cubic meter

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Platform Supply Vessels Market

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