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Offshore Support Vessel Market: In-Depth Analysis of Market Size, Segments, Growth Forecast, and Demand Drivers
Offshore Support Vessel Market
Offshore Support Vessel Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $37.01 billion In 2028 At A CAGR Of 7.3% :
The offshore support vessel market size has grown strongly in recent years. It will grow from $25.8 billion in 2023 to $27.91 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to oil and gas exploration and production, crew transfer and accommodation, drilling support services, supply and cargo transportation, towage and anchor handling.
The offshore support vessel market size is expected to see strong growth in the next few years. It will grow to $37.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to focus on decommissioning activities, environmental regulations and compliance, increasing offshore infrastructure investment, global energy demand, oil price dynamics. Major trends in the forecast period include advanced dynamic positioning systems, offshore wind energy projects, fuel-efficient and eco-friendly designs, digitalization and automation technologies, crew safety and comfort features, multi-purpose and versatile vessels.
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Offshore Support Vessel Market Major Segments
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
Key Driver - Offshore Support Vessel Market Surges With Increased Oil And Gas Activities
Increasing exploration and production activities for oil and gas are expected to propel the growth of the offshore support vessel market. A substantial presence of proven oil reserves in various countries is set to increase production activities. Innovations from such reserves are transforming into demand for well drilling and production activities, which, in turn, are maintaining the offshore support vessel market growth. Increasing oil and gas exploratory activities in the golden triangle, including the Gulf of Mexico, Brazil, and West Africa, are anticipated to drive offshore E&P activities in the region. For instance, in March 2022, according to a survey report published by S&P Global, a US-based publicly traded corporation, production, capital expenditures, employment, and overall operating costs all increased dramatically in Q1 in the oil and gas exploration industry. In addition, nearly 52% of respondents reported an increase in oil production, along with 47% reporting an increase in natural gas production during the quarter of 2022. Therefore, increasing exploration and production activities for oil and gas are driving the growth of the offshore support vessel market.
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Prominent Trend - Offshore Support Vessel Leaders Embrace Innovation With Hybrids
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.
Offshore Support Vessel Market Players
Major companies operating in the offshore support vessel market report are 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
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the offshore support vessel market in 2023. 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Offshore Support Vessel Market Report Structure
3. Offshore Support Vessel Market Trends And Strategies
4. Offshore Support Vessel Market - Macro Economic Scenario
5. Offshore Support Vessel Market Size And Growth
…..
27. Offshore Support Vessel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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