What is the global market size of Offshore Support Vessels Market?

Offshore Support Vessels Market size was valued at USD 9.8 billion in 2021 and is poised to grow from USD 10.3 billion in 2022 to USD 14.6 billion by 2030, growing at a CAGR of 5.11% in the forecast period (2023-2030).

What is the key driver of Global Offshore Support Vessels Market?

Improvements in trade policies is shifting the market trend towards offshore support vessels market

Offshore Support Vessels Market Size

Offshore Support Vessels Market Insights

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).

Offshore support vessels are a type of maritime vessel that transports commodities, supplies, and equipment to and from undersea exploration and construction sites. Diving support, crane, and pipe laying vessels, seismic survey ships, and platform supply vessels are all examples of offshore support vessels (PSVs). These ships are generally used for locating and examining oil and gas-bearing areas, as well as hauling and positioning rigs and platforms and providing maintenance services. They have powerful small boats that respond to crises at offshore installations and also provide transportation, anchor management, and platform support, among other services.

One of the primary reasons driving the market's growth is the increase in oil and gas exploration activities. Furthermore, the growing demand for PSVs around the world is propelling the industry forward. PSVs are used to transport cement, casting and drilling pipes, and completion fluids during the production stage of offshore drilling. Another growth-inducing aspect is numerous technological improvements in the production processes of offshore support vessels and the integration of Dynamic Positioning (DP) systems in marine vessels. Manufacturers are focusing on creating computer-controlled vessels that can regulate their propellers and thrusters automatically to maintain a specific location.

US Offshore Support Vessels Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

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.