The global anchor handling tug supply (AHTS) vessels market to grow at a CAGR of 13.88% during the period 2016-2020.
According to Technavio’s “Global Anchor Handling Tug Supply Vessels Market 2016-2020” report, one trend that is boosting this market’s growth is the rise in operations of subsea vessels, which are used for deep-sea works by the offshore wind power and offshore oil and gas industries.
Commenting on the report, an analyst from the research team said: “The AHTS subsea vessel segment is a niche segment, and over the next five years, it is expected to experience a rapid growth in the market.”
According to the report, a key growth driver is the increase in E&P activities. The vessel operators and owners of oil and gas fields work with contractors such as engineering, procurement, and construction (EPC) contractors and oil rig companies for the procurement of underwater natural resources.
Further, the report states that one challenge that could restrict market growth is an ageing fleet. As the AHTS fleet ages, it requires greater investment for its maintenance and repair. The average age of the global AHTS fleet is between 25 and 30 years. Old AHTS vehicles will operate slowly, which could lead to a rise in expenditure regarding the maintenance of vessels.