What Has Been The Historical And Current Growth Of The Offshore Support Vessel Market?
The offshore support vessel market has seen considerable growth due to a variety of factors.
• The market size for offshore support vessels has seen robust growth in the past few years. The market value, which stood at $27.7 billion in 2024, is expected to increase to $29.98 billion in 2025, representing a compound annual growth rate (CAGR) of 8.2%.
The significant growth recorded in the past is primarily due to factors like oil and gas exploration and production, crew transfer and accommodation, drilling support services, and supply and cargo transportation, as well as towage and anchor handling.
What Is the Forecasted Market Size and Growth Rate for The Offshore Support Vessel Market?
The offshore support vessel market is expected to maintain its strong growth trajectory in upcoming years.
• The market for offshore support vessels is predicted to experience notable growth in the coming years, projecting a rise to $39.02 billion by 2029 with an annual compound growth rate (CAGR) of 6.8%.
This anticipated growth during the forecast period can be related to several factors such as the focus on decommissioning activities, compliance with environmental regulations, augmented offshore infrastructure spending, the worldwide energy demand, and volatility in oil prices. Key trends in this forecast period are advanced dynamic positioning systems, projects on offshore wind energy, designs that are fuel-efficient and environmentally friendly, digital and automated technology, improved safety and comfort features for the crew, and vessels that have multiple uses and versatility.
What Key Factors and Trends are Driving the Growth of the Offshore Support Vessel Market?
The growth of the offshore support vessel market is forecasted to be fueled by increased oil and gas exploration and production activities. The large existence of proven oil reserves in diverse countries is poised to amplify production efforts. These reserves are fostering innovative practices that are turning into a demand for well drilling and production actions, thereby sustaining the expansion of the offshore support vessel market. The surge in oil and gas exploration endeavors in the golden triangle, which encompasses the Gulf of Mexico, Brazil, and West Africa, is predicted to spur offshore E&P activities in the area. For instance, a survey report by S&P Global, a US public company, issued in March 2022 revealed significant increases in production, capital expenditures, employment, and overall operating expenses in the oil and gas exploration sector during the first quarter. Furthermore, approximately 52% of the participants noted an upswing in oil production, with 47% indicating a rise in natural gas production during the initial quarter of 2022. Hence, the escalating exploration and production operations for oil and gas are propelling the growth of the offshore support vessel market.
What Are The Main Segments Of The Global Offshore Support Vessel Market?
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
Subsegments:
1) By Anchor-Handling Tug Supply Vessels (AHTS): AHTS With Dynamic Positioning, AHTS For Deepwater Operations
2) By Platform Support Vessels (PSV): Supply Vessels For Offshore Platforms, PSV With Deck Cargo Capacity
3) By Multipurpose Support Vessels: Vessels Capable Of Various Offshore Operations, Hybrid Vessels For Different Functions
4) By Emergency Response Or Standby And Rescue Vessels: Standby Vessels For Emergency Situations, Rescue And Evacuation Vessels
5) By Crew Vessels: Crew Change Vessels, Accommodation And Support Vessels For Personnel
6) By Seismic Vessels: Vessels For Seismic Survey Operations, Research Vessels For Geological Exploration
7) By Chase Vessels: Vessels For Safety And Security Operations, Support For Survey And Exploration Missions
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What Emerging Trends Are Influencing The Growth Of The Offshore Support Vessel Market Landscape?
Primarily, businesses in the offshore support vessel market are concentrating their efforts on creating innovative solutions, including hybrid offshore vessels. This refers to a maritime vessel that harnesses an amalgamation of various power resources or propulsion systems. Take, for instance, MHO-Co A/S, a Danish company that supplies offshore transport equipment, introduced its '35m Hybrid Offshore Support Vessels' in March 2022. These are equipped with green technology and feature two new 35m hybrid crafts dubbed the 'MHO Apollo' and 'MHO Asgard.' These novel crafts are space-saving and lightweight, and also reduce emissions. Furthermore, it was compulsory for each vessel to use the Wave MiniBOSS IMO bilge filter system, thereby ensuring no oily bilge water is discharged during seafaring operations.
Who Are the Key Players in the Offshore Support Vessel Market?
Major companies operating in the offshore support vessel market include:
• 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.
• 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
• SINOPACIFIC Shipbuilding Group
• Gulf Offshore N.S. Ltd.
• Qingdao Euchuan
• Rem Maritime AS
What Is The Most Dominant Region In The Offshore Support Vessel Market?
Asia-Pacific was the largest region in the offshore support vessel market in 2024. North America is expected to be the fastest growing market in the forecast period. The regions covered in the offshore support vessel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
