Anchor Handling Tug Supply Vessels

Anchor Handling Tug Supply Vessels

Global Anchor Handling Tug Supply Vessels Market to Reach US$12.3 Billion by 2030

The global market for Anchor Handling Tug Supply Vessels estimated at US$10.0 Billion in the year 2023, is expected to reach US$12.3 Billion by 2030, growing at a CAGR of 3.1% over the analysis period 2023-2030. Oil & Gas Application, one of the segments analyzed in the report, is expected to record a 4.0% CAGR and reach US$6.2 Billion by the end of the analysis period. Growth in the Industrial Application segment is estimated at 2.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.7 Billion While China is Forecast to Grow at 6.1% CAGR

The Anchor Handling Tug Supply Vessels market in the U.S. is estimated at US$2.7 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.5 Billion by the year 2030 trailing a CAGR of 6.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 0.9% and 2.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.6% CAGR.

Global Anchor Handling Tug Supply Vessels Market - Key Trends and Drivers Summarized

Anchor Handling Tug Supply (AHTS) vessels play a critical role in the offshore oil and gas industry, performing a range of essential functions from towing and positioning drilling rigs to transporting supplies and equipment. These vessels are specifically designed to handle the heavy and complex tasks associated with offshore drilling operations, including the deployment and retrieval of anchors, as well as towing rigs and other structures to new locations. AHTS vessels are equipped with powerful winches, robust towing equipment, and dynamic positioning systems that ensure precision and stability in challenging maritime conditions. Their versatility and strength make them indispensable in the logistical operations of offshore projects, supporting both exploration and production activities.

Technological advancements have significantly enhanced the capabilities of AHTS vessels in recent years. Modern vessels are now equipped with advanced dynamic positioning systems (DPS), which use GPS and thruster technology to maintain the vessel`s position with high accuracy. This is crucial for safely managing anchor handling operations in rough seas. Additionally, improvements in winch and crane technology have increased the lifting capacity and operational efficiency of these vessels. The integration of automation and remote monitoring systems has also improved safety and reduced the need for manual intervention in hazardous conditions. Furthermore, innovations in hull design and propulsion systems have enhanced the fuel efficiency and maneuverability of AHTS vessels, addressing both economic and environmental concerns.

The growth in the AHTS vessel market is driven by several factors, including the increasing demand for offshore oil and gas exploration and production activities, which propels the need for specialized support vessels. The advancement of deepwater and ultra-deepwater drilling technologies expands the addressable market for AHTS vessels, as these environments require robust and reliable support. Technological innovations in dynamic positioning and automation systems strengthen the business case for modernizing fleets, leading to increased adoption. Additionally, regulatory trends emphasizing safety and environmental sustainability drive the development and deployment of more efficient and eco-friendly vessels. The rise in offshore wind energy projects also generates new opportunities for AHTS vessels, diversifying their utility beyond oil and gas. Consumer behavior trends, such as the growing preference for renewable energy sources, indirectly sustain the market by encouraging the expansion of offshore wind farms, which in turn require robust maritime support. Furthermore, international collaborations and investments in maritime infrastructure enhance the operational capabilities and global reach of AHTS operators, fostering market growth.

Select Competitors (Total 86 Featured) -

• AfrikDelta Marine Limited (ADML)
• Bhagwan Marine
• Boskalis
• BOURBON Corporation SA
• Falcon Energy Group Ltd.
• Icon Offshore Berhad
• Maersk Supply Service A/S
• MMA Offshore Limited.
• Nam Cheong Dockyard Sdn Bhd
• PACC Offshore Services Holdings Ltd (POSH)
• Royal IHC
• Sea1 Offshore Inc.
• Tidewater Inc.
• Ulstein Group ASA
• VARD Marine Inc.

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