Press release
Offshore Support Vessel Market Expansion Continues, with Forecast Valuation of $39.02 Billion by 2029
Offshore Support Vessel
How Large Will the Offshore Support Vessel Market Size By 2025?
In recent years, the offshore support vessel market has seen robust growth. The market, which is worth $27.7 billion in 2024, is set to expand to $29.98 billion in 2025, equating to a compound annual growth rate (CAGR) of 8.2%. The significant growth during the historic period has been driven by factors including oil and gas exploration and production, the transportation and housing of crews, the offering of drilling support services, the provision of supply and cargo transport, and the operation of towing and anchor handling.
How Big Is the Offshore Support Vessel Market Size Expected to Grow by 2029?
The market size of offshore support vessels is predicted to experience robust expansion in the coming years, soaring to $39.02 billion by 2029 with a compound annual growth rate (CAGR) of 6.8%. Factors contributing to this growth during the forecast period include an emphasis on decommissioning initiatives, adherence to environmental regulations, rising investment in offshore infrastructure, global energy necessities, and the fluctuation of oil prices. Key trends for the period of forecast encompass sophisticated dynamic positioning systems, offshore wind energy initiatives, designs that prioritize fuel-efficiency and environmental friendliness, advancements in digitalization and automation technologies, focus on crew safety and wellbeing, as well as multipurpose and highly adaptive vessels.
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Which Key Market Drivers Powering Offshore Support Vessel Market Expansion and Growth?
The offshore support vessel market's growth is expected to be boosted by the rising exploration and production activities for oil and gas. The large quantity of proven oil reserves in many nations contributes to the expansion of production activities. Such reserves' innovations are turning into demand for well drilling and production activities, contributing to the continuous growth of the offshore support vessel market. The forecasted increase of offshore E&P activities in the golden triangle, which includes the Gulf of Mexico, Brazil, and West Africa, is a result of escalating oil and gas exploration activities in this region. S&P Global, a publicly traded corporation in the US, published a survey report in March 2022 which highlighted a significant rise in the oil and gas exploration industry's production, capital expenditures, employment, and overall operating costs in Q1. Additionally, approximately 52% of survey participants noted an uptick in oil production and nearly 47% recorded a surge in natural gas production in the first quarter of 2022. As a result, the upswing in exploration and production activities for oil and gas is triggering the expansion of the offshore support vessel market.
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Which Fast-Growing Trends Are Poised to Disrupt the Offshore Support Vessel Market?
Leading businesses in the offshore support vessel market are investing in the creation of novel solutions like hybrid offshore vessels. These vessels incorporate a variety of power sources or propulsion systems. For example, MHO-Co A/S, an offshore transport equipment provider based in Denmark, unveiled the '35m Hybrid Offshore Support Vessels' in March 2022. They have embedded green technology into new 35m hybrid crafts named 'MHO Apollo' and 'MHO Asgard'. The novel crafts are lightweight, space-efficient, and contribute to emission reduction. Moreover, each ship is required to use the Wave MiniBOSS IMO bilge filter system, which helps prevent any oil bilge water from being discharged during marine operations.
What Are the Emerging Segments in 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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the Offshore Support Vessel Industry?
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.
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