GLOBAL SEMI-SUBMERSIBLE VESSEL MARKET SIZE (2023 – 2030)

The Global Semi-Submersible Vessel Market is estimated to be worth USD 8.73 Billion in 2023 and is projected to reach a value of USD 16.52 Billion by 2030, growing at a Compound annual growth rate (CAGR) of 8.3% during the forecast period (2023-2030).

The market for vessels with a partially submerged hull, which provides for increased stability and buoyancy in troubled seas, is referred to as the semi-submersible vessel market. Semi-submersible boats are frequently used for the transportation of heavy freight and equipment, offshore oil and gas exploration, and production. These vessels can be used for a range of duties, such as drilling, surveying, and support operations. They are made to be stable in inclement weather. The desire for offshore oil and gas exploration as well as the expansion of renewable energy sources like offshore wind farms are what is driving demand for semi-submersible vessels. Over the coming years, it is estimated that factors including rising global energy consumption, rising gas, and oil demand, and the need for alternative energy sources would drive the growth of the semi-submersible vessel market.

Global Semi-Submersible Vessel Market Drivers:

Growing offshore activities and expanding offshore wind industry are driving demand for semi-submersible vessels:

The increase in offshore exploration and production activities is the primary reason for the increased need for semi-submersible vessels. For drilling, production, and maintenance tasks in deep regions where traditional fixed platforms are impractical, these vessels are crucial. Semi-submersible vessels are used to construct and repair offshore wind turbines in this industry, which is growing rapidly. The demand for these ships is likely to go up as the offshore wind industry keeps on growing.

Growing demand for advanced semi-submersible vessels in naval defense due to geopolitical tensions and technological advancements are fuelling the market demand:

In the area of naval defense, semi-submersible vessels are used for surveillance, underwater exploration, and research. The need for these ships in the naval defense sector is likely to grow as geopolitical tensions rise. Technological advancements are producing more sophisticated and effective semi-submersible vessels, boosting their attractiveness for a wider range of applications.

Global Semi-Submersible Vessel Market Challenges:

Semi-submersible vessels require a sizable initial investment, which might be difficult for small companies or those operating in a competitive industry. Semi-submersible vessel design and operation are extremely complicated and call for specialized training and expertise. The complexity of technologies may lead to higher maintenance and operating costs. The market for semi-submersible vessels is heavily regulated, and following the rules can be time-consuming and costly. Semi-submersible vessels and the offshore industry can have a significant adverse impact on the natural world. It can be difficult to comply with environmental standards, and doing so might result in fines and reputational harm. The demand for semi-submersible ships is highly cyclical and closely correlated with both oil prices and general economic health. Demand changes have been brought on by market volatility might have an effect on profitability.

Global Semi-Submersible Vessel Market Opportunities:

Semi-submersible vessels have such a possibility due to the rising demand for renewable energy, particularly offshore wind. Offshore wind turbines are set up and maintained using these vessels. Deepwater drilling is growing increasingly as shallow water supplies are depleted. Deepwater drilling tends to be done with semi-submersible boats, which presents an opportunity for companies in this market. Business owners in the semi-submersible vessel industry can diversify their revenue streams by entering new markets including naval defense and underwater exploration.

COVID-19 Impact on Global Semi-Submersible Vessel Market:

The pandemic has led to delays and shortages in the manufacture of critical materials and equipment required for the development and maintenance of semi-submersible boats. The pandemic-induced economic slump has reduced demand for oil and gas, which has an effect on the offshore industry, a major market for semi-submersible boats. Due to quarantine requirements and travel restrictions brought on by the pandemic, crews have trouble getting to and from offshore locations, which caused delays and disruptions. Due to the pandemic, many offshore projects have been delayed or cancelled, which reduced demand for semi-submersible vessels.

Global Semi-Submersible Vessel Market Recent Developments:

• In January 2021, an Italian oilfield services company announced the successful installation of a subsea production system in the Gulf of Mexico using its semi-submersible vessel, Saipem 7000.

• In February 2022, a marine robotics company, announced the expansion of its fleet of autonomous underwater vehicles (AUVs) with the addition of a new hybrid AUV/ROV (remotely operated vehicle) called Armada. The vessel is capable of both long-range, high-resolution seafloor mapping and inspection tasks.

• In August 2022, Samsung Heavy Industries (SHI) signed a memorandum of understanding with Sempra Energy and Total S.A. for the construction of two LNG-powered semi-submersible drilling rigs.

GLOBAL SEMI-SUBMERSIBLE VESSEL  MARKET REPORT COVERAGE:

Global Semi-Submersible Vessel Market Segmentation:

Global Semi-Submersible Vessel Market Segmentation: By Type

• Self-Propelled Semi-Submersible Vessels

• Non-Self-Propelled Semi-Submersible Vessels

• Others

Self-Propelled Semi-Submersible Vessels can act freely from one location to another due to their own propulsion system. Offshore drilling, production, and installation are the typical applications for them. These boats rely on tugs or other ships to move them from one place to another because they lack an independent propulsion system. They are frequently utilized for installation work, such as storage facilities, or as platforms for accommodation. This segment includes specialized vessels such as seismic survey vessels or heavy-lift vessels that can be configured as semi-submersibles, as well as hybrid vessels that have both self-propulsion and towing capabilities. Due to their wide-scale applications, this segment held the highest market share in 2022 and is anticipated to be the fastest-growing segment during the forecast period.

Global Semi-Submersible Vessel Market Segmentation: By Application

• Offshore Oil and Gas Exploration

• Naval Defense

• Underwater Research

• Others

These vessels are used for pipeline construction and maintenance as well as offshore drilling and production operations. Offshore wind turbine installation and maintenance also use semi-submersible vessels. In the field of naval defense, semi-submersible vessels are employed for surveillance, underwater exploration, and research. Oceanography, marine biology, and geology research and exploration are all performed underwater using semi-submersible vessels. Other applications addressed in this segment include subsea cable laying, heavy lift transportation, and salvage operations.

Global Semi-Submersible Vessel Market Segmentation: By End-User

• Oil and Gas Companies

• Offshore Wind Farm Operators

• Naval Defense Agencies

• Research Institutes

These companies undertake exploration, drilling, production, and maintenance tasks in offshore oil and gas fields using semi-submersible vessels. Offshore wind turbines are a major source of renewable energy in Europe and are installed and maintained using semi-submersible vessels. Naval Defense Groups Naval defense businesses utilize semi-submersible boats for surveillance, reconnaissance, and research missions in aquatic environments. Oceanography, marine biology, and geology research are all performed by scientific research facilities utilizing semi-submersible vessels.

Global Semi-Submersible Vessel Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• Middle East

• Latin America

The demand for semi-submersible vessels in the North American region, mainly the United States and Canada, is driven by offshore oil and gas exploration and production as well as the growing offshore wind industry. Countries in the region that are important players in the offshore oil and gas business as well as the offshore wind industry include the United Kingdom, Norway, and the Netherlands. The Asia-Pacific region is home to nations like China, Japan, and Australia, which have large offshore oil and gas reserves and are investing heavily in offshore wind energy.

Global Semi-Submersible Vessel Market Key Players:

1. Keppel Offshore & Marine

2. China Merchants Industry Holdings Co., Ltd.

3. Jurong Shipyard Pte Ltd.

4. Sembcorp Marine Ltd.

5. Hyundai Heavy Industries Co., Ltd.

6. COSCO Shipping Heavy Industry Co., Ltd.

7. Samsung Heavy Industries Co., Ltd.

8. DSME Co., Ltd.

9. National Oilwell Varco, Inc.

10. Maersk Drilling