Press release
Offshore Support Vessel Market Growth, Demand, Share And Analysis 2025 - 2034
Offshore Support Vessel
The growth of the offshore support vessel market is projected to be fueled by heightened exploration and production activities for oil and gas. The large amount of proven oil reserves in numerous countries is likely to escalate production activities. Developments in such reserves are creating a demand for well drilling and production activities, thereby supporting the growth of the offshore support vessel market. It is expected that the rise in oil and gas exploration activities in the golden triangle, encompassing the regions of the Gulf of Mexico, Brazil, and West Africa, will stimulate offshore E&P operations. For instance, data published by S&P Global in March 2022 indicated a significant rise in Q1 production, capital expenditures, employment, and overall operating costs in the oil and gas exploration industry. Furthermore, around 52% of surveyed individuals noted a rise in oil production, and 47% identified an increase in natural gas production during the quarter of 2022. Thus, the escalating exploration and production activities for oil and gas are propelling the expansion of the offshore support vessel market.
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How will the growth rate of the offshore support vessel market shape industry trends by 2034?
The market size of the offshore support vessel has seen robust growth in the past years. The market's value which stands at $27.7 billion in 2024, is predicted to hit $29.98 billion in 2025, signifying a compound annual growth rate (CAGR) of 8.2%. The notable expansion during the historic period can be credited to factors such as oil and gas exploration and production, crew transfer and accommodation, drilling support services, supply and cargo transportation, along with towage and anchor handling.
In the forthcoming years, the offshore support vessel market is predicted to experience substantial growth, culminating in a value of $39.02 billion by 2029, reflecting a compound annual growth rate (CAGR) of 6.8%. This growth during the projection period is attributed to factors such as increased decommissioning activities, environmental regulations and compliance, heightened investment in offshore infrastructure, global energy needs, and the fluctuating prices of oil. Additionally, the forecast period is expected to see trends such as the use of advanced dynamic positioning systems, offshore wind energy initiatives, fuel-efficient and environmentally-friendly designs, as well as developments in digitalisation and automation technologies. The inclusion of features that prioritize crew safety and comfort in multi-purpose and adaptable vessels will also be prominent.
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What are the emerging trends shaping the future of the offshore support vessel market?
Leading players in the offshore support vessel market are concentrating on creating new solutions including hybrid offshore vessels. Hybrid offshore vessels are a kind of marine vessel that relies on various power sources or propulsion systems. As an example, MHO-Co A/S, an offshore transport equipment provider based in Denmark, introduced the '35m Hybrid Offshore Support Vessels' in March 2022. This innovation includes green technology and two new 35m hybrid crafts named 'MHO Apollo' and 'MHO Asgard'. These crafts are both lightweight and designed to minimize space consumption and emissions. Moreover, every vessel was compelled to use the Wave MiniBOSS IMO bilge filter system, guaranteeing no oily bilge water is discharged during sea operations.
Which growth-oriented segments of the offshore support vessel market are leading the industry's development?
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 regions are leading the charge 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.
What companies are at the forefront of innovation 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
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What Is Covered In The Offshore Support Vessel Global Market Report?
•Market Size Forecast: Examine the offshore support vessel market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the offshore support vessel market for a structured understanding.
•Key Players Overview: Analyze major players in the offshore support vessel market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the offshore support vessel market.
•Segment Contributions: Evaluate how different segments drive overall growth in the offshore support vessel market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the offshore support vessel market.
•Industry Challenges: Identify potential risks and obstacles affecting the offshore support vessel market.
•Competitive Landscape: Review strategic developments in the offshore support vessel market, including expansions, agreements, and new product launches.
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