Press release
Offshore Support Vessel Market Report 2025-2034: Industry Overview, Trends, And Forecast Analysis
Offshore Support Vessel Market Size
How Big Is the Offshore Support Vessel Market Size Expected to Be by 2034?
The market size for offshore support vessels has seen a notable increase in the past few years. It is set to expand from $27.7 billion in 2024 to $29.98 billion in 2025, with a compound annual growth rate (CAGR) of 8.2%. The significant growth during the historic period can be associated with oil and gas exploration and production, the transfer and accommodation of the crew, support services for drilling, the transportation of supply and cargo, and towage and anchor handling.
In the upcoming years, the offshore support vessel market is projected to experience robust growth, expanding to $39.02 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 6.8%. The predicted expansion in the forecast period is due to factors such as increasing decommissioning operations, adherence to environmental mandates, escalating investments in offshore infrastructure, global energy demand, and fluctuations in oil prices. Key trends to be observed during the forecast period comprise advanced dynamic positioning systems, offshore wind energy development projects, designs that promote fuel efficiency and environmental sustainability, the integration of digitalization and automation technologies, features prioritizing crew safety and comfort, and the emergence of multipurpose and versatile vessels.
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What Are the Emerging Segments Within the 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 Long-Term Drivers Are Shaping Offshore Support Vessel Market Trends?
The offshore support vessel market's growth is projected to be fuelled by an upsurge in oil and gas exploration and production activities. The existence of vast proven oil reserves in different countries will likely enhance these production activities. The demand for well drilling and production activities stemming from these reserves is fostering innovations that in turn, fuel the expansion of the offshore support vessel market. Oil and gas exploration activities, especially in the golden triangle - encompassing the Gulf of Mexico, Brazil, and West Africa - are set to boost offshore E&P operations within this region. In March 2022, a survey report released by the US public corporation, S&P Global, indicated significant increases in production, capital outlays, employment, and general operating costs in Q1 within the oil and gas exploration industry. Furthermore, about 52% of the survey's respondents noted an oil production increase, while nearly 47% reported a rise in natural gas production during the 2022 quarter. Hence, the heightened activities related to the exploration and production of oil and gas are propelling the offshore support vessel market's growth.
Who Are the Top Competitors in Key Offshore Support Vessel Market Segments?
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 Are the Major Trends Shaping the Offshore Support Vessel Market?
Leading businesses in the offshore support vessel market are concentrating on creating innovative solutions, with an emphasis on hybrid offshore vessels. These vessels combine various sources of power or propulsion systems. For example, MHO-Co A/S, a company providing offshore transport equipment based in Denmark, released the '35m Hybrid Offshore Support Vessels' in March 2022. This comes equipped with green technology and two new 35m hybrid crafts, namely 'MHO Apollo' and 'MHO Asgard'. These latest crafts are lightweight and reduce space and emissions. Furthermore, each ship was required to use the Wave MiniBOSS IMO bilge filter system to ensure no oily bilge water traces are released during sea operations.
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Which Regions Are Becoming Hubs for Offshore Support Vessel Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Offshore Support Vessel Market?
2. What is the CAGR expected in the Offshore Support Vessel Market?
3. What Are the Key Innovations Transforming the Offshore Support Vessel Industry?
4. Which Region Is Leading the Offshore Support Vessel Market?
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