The offshore support vessel market has exhibited strong growth, rising from $25.8 billion in 2023 to $27.91 billion in 2024, at a CAGR of 8.2%. This growth is driven by oil and gas exploration, crew transfer services, and offshore infrastructure investments. By 2028, the market is expected to reach $37.01 billion at a CAGR of 7.3%. The focus on decommissioning activities, environmental compliance, and digitalization are key drivers. Trends include advanced dynamic positioning systems, eco-friendly vessel designs, and crew safety enhancements.
Major Driver In The Offshore Support Vessel Market
The offshore support vessel market is poised for growth driven by increasing exploration and production activities in the oil and gas sector. Proven oil reserves in various regions are spurring production activities, translating into higher demand for well drilling and production operations, thereby fueling the offshore support vessel market. Notably, regions like the Gulf of Mexico, Brazil, and West Africa are witnessing a surge in oil and gas exploratory endeavors, contributing to offshore exploration and production activities. As indicated in a March 2022 survey by S&P Global, the oil and gas exploration industry experienced significant growth in production, capital expenditures, and overall operating costs in the first quarter of 2022. With approximately 52% of respondents reporting an increase in oil production and 47% reporting an increase in natural gas production during the same period, the offshore support vessel market is set to benefit from escalating exploration and production ventures in the oil and gas sector.
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Offshore Support Vessel Market Competitive Landscape
A.P. Moller – Maersk, Swire Pacific Offshore, Wartsila, Kawasaki Kisen Kaisha Ltd., Damen Shipyards Group, McDermott International Inc., Topaz Energy and Marine, K Line Offshore AS, Solstad Offshore ASA, Vroon Offshore Services B.V., DOF ASA, Keppel Corporation, Tidewater Inc., Bourbon Corporation SA, IHC Offshore Marine B.V., Hornbeck Offshore Services Inc., Maersk Supply Service A/S, PACC Offshore Services Holdings Ltd., Seacor Marine Holdings, Harvey Gulf International Marine LLC, Siem Offshore, Havila Shipping ASA, Simon Møkster Shipping AS, Sanko Steamship Co Ltd., Island Offshore Management AS, Farstad Shipping ASA, SINOPACIFIC Shipbuilding Group, Gulf Offshore N.S. Ltd., Qingdao Euchuan, Rem Maritime AS
Key Offshore Support Vessel Market Trend
Major companies operating in the offshore support vessel market are focused on developing innovative solutions such as hybrid offshore vessels. A hybrid offshore vessel refers to a type of maritime vessel that utilizes a combination of different power sources or propulsion systems. For instance, in March 2022, MHO-Co A/S, a Denmark-based offshore transport equipment providing company launched the ‘35m Hybrid Offshore Support Vessels’. It is integrated with green technology and two new 35m hybrid crafts such as ‘MHO Apollo’ and ‘MHO Asgard’. These new crafts are lightweight and save on space and emissions. Additionally, each vessel was mandated to utilize the Wave MiniBOSS IMO bilge filter system, ensuring that there are no traces of oily bilge water discharged during sea operations.
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Offshore Support Vessel Market Segmentation
The offshore support vessel market covered in this report is segmented –
1) By Type: Anchor-handling tug supply vessels, Platform Support Vessels, Multipurpose Support Vessels, Emergency Response or Standby and Rescue Vessels, Crew Vessels, Seismic Vessels, Chase Vessels
2) By Service: Technical Services, Inspection and Survey, Other Services
3) By Water Depth: Shallow water, Deepwater, Ultra-Deepwater
4) By Application: Oil and Gas Applications, Offshore Applications
By Geography:The regions covered in the offshore support vessel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the offshore support vessel market in 2023.
The Offshore Support Vessel Global Market Report 2024 furnishes information about the global offshore support vessel market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
