Offshore Support Vessels Market Regional Analysis

Global Offshore Support Vessels Market size was valued at USD 15.3 billion in 2023 and is poised to grow from USD 16.16 billion in 2024 to USD 24.98 billion by 2032, growing at a CAGR of 5.6% during the forecast period (2025-2032).

The Global Offshore Support Vessel Market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Various industry players are focusing on introducing new vessel designs and structures to improve fleet integration across a wider range of applications. For instance, in August 2021, Pacific Hornbill, an Offshore platform supply vessel (PSV) from Swire Pacific, was deployed to support the existing construction activities on the Greater Changhua 1 & 2a offshore wind plan in Taiwan. Pacific Hornbill is one of four H Class assets in Swire Pacific Offshore's fleet and was built by Japan Marine United (JMU). 'Tidewater Inc. (USA) ', 'Edison Chouest Offshore (USA) ', 'Bourbon Corporation (France) ', 'Maersk Supply Service A/S (Denmark) ', 'SEACOR Marine Holdings Inc. (USA) ', 'Solstad Offshore ASA (Norway) ', 'DOF Subsea AS (Norway) ', 'Hornbeck Offshore Services (USA) ', 'Harvey Gulf International Marine (USA) ', 'Swire Pacific Offshore (Singapore) ', 'Damen Shipyards Group (Netherlands) ', 'VARD (Norway) (part of Fincantieri) ', 'Keppel Corporation (Singapore) ', 'Sembcorp Marine Ltd (Singapore) ', 'China Oilfield Services Limited (COSL) (China) ', 'McDermott International, Ltd (USA) ', 'Vroon Offshore Services B.V. (Netherlands) ', 'Bernhard Schulte Shipmanagement (Germany) ', 'Havila Shipping ASA (Norway) ', 'Siem Offshore AS (Norway)'

Across many regions, the policies related to less carbon emission have been strictly introduced. Also, ambitions of using clean energy installations are set by many organizations so as to ensure regulation on carbon discharges. The Government of UK also declared funds of around US$ 200 Million to invest in offshore wind manufacturing. This will continue to prosper the segment and drive its growth.

Offshore vessels used to transfer equipment, other commodities, and rig staff to offshore drilling and production platforms are known as platform supply vessels. A platform support vessel is a vital piece of equipment. Platform supply vessels, also known as Offshore Supply Vessels (OSVs), assist in meeting the demands of development and maintenance projects.

The North American region is dominating the market and expected to grow during the forecast period. Higher oil prices and lower drilling costs have resulted in a considerable increase in offshore oil and gas production in the North American region. In consequence, the region's strong offshore drilling activity is likely to be a major driver for the offshore support vessel industry. Shallow-water drilling activity in the Gulf of Mexico has been declining due to lower production rates in the same fields where the operators operate and a lack of shallow-water discoveries in the recent picture.