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Offshore Support Vessels Market Set for Steady Growth at 7.3% CAGR Through 2031, Led by Asia Pacific's Projected 35.2% Share by 2035 | DataM Intelligence
Offshore Support Vessels Market
Market growth is driven by increasing offshore oil & gas exploration and production activities, rising investments in deepwater and ultra-deepwater projects, and growing demand for logistics, maintenance, and crew transfer services. Additionally, expansion of offshore wind energy installations, fleet modernization initiatives, and adoption of fuel-efficient and low-emission vessels are further supporting market growth.
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United States: Key Industry Developments
✅ November 2025: Tidewater Inc. launched a new fleet of hybrid-electric platform supply vessels (PSVs) designed for deepwater operations in the Gulf of Mexico, enhancing fuel efficiency by 30% to support offshore wind projects.
✅ October 2025: Edison Chouest Offshore delivered two advanced anchor handling tug supply vessels (AHTS) equipped with dynamic positioning systems to major US oil operators, improving safety and response times in harsh weather conditions.
✅ September 2025: SEACOR Marine Holdings expanded its crewboat services with the introduction of high-speed aluminum vessels featuring zero-emission propulsion tech for Gulf Coast support, aligning with federal sustainability mandates.
Asia Pacific / Japan: Key Industry Developments
✅ November 2025: Swire Pacific Offshore introduced a series of multipurpose support vessels (MPSVs) for subsea construction in Australian waters, incorporating AI-driven automation for offshore gas field maintenance.
✅ October 2025: PACC Offshore Services Limited commissioned new anchor handlers in Singapore shipyards for Southeast Asian deepwater rigs, focusing on enhanced bollard pull capacity amid rising E&P activities.
✅ September 2025: In Japan, NYK Line unveiled eco-friendly offshore accommodation vessels with renewable energy integration for wind farm support, backed by government subsidies for green maritime tech.
Key Merges and Acquisitions(2025):
✅ Otto Candies - expanded its offshore fleet by acquiring four multi-purpose support vessels (MPSVs) from Harvey Gulf International Marine, including Harvey Blue-Sea, Harvey Sub-Sea, Harvey Deep-Sea, and Harvey Intervention, enhancing subsea capabilities and operational versatility in the energy sector.
✅ ESVAGT - strengthened its offshore wind leadership through the acquisition of two service operation vessels (SOVs), Breeze Enabler and Brint Enabler, from Edda Wind, supported by customers Vestas and Ocean Breeze to boost long-term SOV operations.
✅ MAG Offshore - consolidated its Middle East presence by purchasing a 20-vessel OSV fleet from Atlantic Navigation Holdings, creating a top-10 regional fleet spanning PSV, AHTS, utility, and accommodation barges across Saudi Arabia, UAE, and Qatar.
Market Segmentation Analysis:
-By Type: AHTS Leads with Strong Dominance
Anchor Handling Tug Vessels (AHT) command 29% market share in 2024, excelling in towing rigs, anchor handling, and heavy-lift operations critical for deepwater drilling.
Platform Supply Vessels (PSV) follow at around 25%, transporting supplies like fuel, water, and drilling fluids to offshore platforms.
Accommodation Ships hold 15%, providing onboard housing for rig crews during extended operations. Seismic Vessels capture 10%, specialized for geophysical surveys using air guns and streamers. Well Intervention Vessels take 8%, supporting maintenance and stimulation of subsea wells. Chase Vessels account for 7%, aiding seismic operations by protecting cables from marine hazards. Other types fill the rest.
-By Application: Shallow Water Dominates Operations
Shallow Water leads with 67% market share, favored for cost-effective access to mature fields and lower operational risks.
Deepwater holds 33%, driven by high-value reserves but requiring advanced vessels for extreme depths.
-By End-User: Oil & Gas Overshadows Renewables
Oil Exploration and Drilling seize 85% share, fueling demand via extensive rig support and exploration activities.
Offshore Wind claims 15%, growing rapidly with turbine installation and maintenance needs.
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Growth Drivers:
-Rising global energy demand fueling offshore oil and gas exploration and production activities in deepwater and ultra-deepwater regions.
-Expansion of offshore wind energy projects driven by the global shift toward renewable energy sources and sustainability goals.
-Increasing investments in offshore infrastructure development, including field expansions and new platform installations.
-Technological advancements in vessel designs, such as enhanced fuel efficiency, smart navigation systems, and multipurpose capabilities for diverse operations.
-Modernization and replacement of aging fleets to meet stricter safety, environmental regulations, and operational demands in remote areas.
Regional Insights:
-Asia Pacific leads the Offshore Support Vessels market with the largest regional share, projected at around 35.2% by 2035, driven by robust offshore energy exploration, oil and gas production, and expanding renewable projects like offshore wind in countries such as China and India.
-North America follows as a major player, holding approximately 43.3% of the market in 2024 according to some estimates, fueled by strong offshore oil and gas activities in the Gulf of Mexico and growing investments in offshore wind, positioning it for the fastest growth.
-Europe maintains a significant presence, supported by established offshore wind farms and oil exploration in the North Sea, though exact share figures vary; it trails Asia Pacific and North America amid steady demand from Norway and the UK.
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Key Players:
Swire Pacific Offshore Operations Ltd. | Solstad Offshore ASA | BOURBON | MMA Offshore Limited | Grupo CBO | Seacor Marine Holdings Inc. | Tidewater Inc. | Siem Offshore | Havila Shipping ASA | Maersk
Key Highlights (Top 5 Key Players) for Offshore Support Vessels Market:
-Solstad Offshore ASA reported approximately USD 1.2 billion in revenue for 2024, driven by strong demand for platform supply vessels and subsea operations amid rising offshore energy projects.
-Tidewater Inc. generated USD 1.1 billion in annual revenue, bolstered by fleet expansion and contracts in key regions like the Gulf of Mexico and North Sea.
-BOURBON achieved around USD 900 million in revenue, focusing on anchor handling tug supply vessels with emphasis on operational efficiency and sustainability initiatives.
-Swire Pacific Offshore Operations Ltd. recorded USD 3.1 billion in revenue, supported by a diverse fleet serving global oil and gas exploration needs.
-Seacor Marine Holdings Inc. posted USD 350 million in revenue, leveraging specialized vessels for offshore logistics and maintenance in competitive markets.
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