Offshore Support Vessels Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Offshore Support Vessels Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Offshore Support Vessel Market

The offshore support vessel market size was valued at USD 16.37 billion in 2022, and the market is now projected to grow from USD 17.41 billion in 2023 to USD 28.23 billion by 2030, exhibiting a CAGR of 7.1% during the forecast period of 2023-2030.

A moderate impact from COVID-19 led to a rise in the installation of offshore support vessel market during projected period. The COVID-19 pandemic is having a negative influence on people all around the world, and because of the abrupt lockdown, it has also ultimately disrupted production at manufacturing facilities. As a result, the market saw only minor effects from the pandemic and is expected to quickly rebound during the forecast period. Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the offshore support vessel market growth.

Expanding efforts to establish additional sustainable energy infrastructure to boost OSV Market Development will augment offshore support vessel market growth during projected period. Both established markets and those that are new to offshore wind benefit from the favorable outlook brought about by rapidly expanding government commitments and cutting-edge technologies. The majority of businesses keep tabs on offshore wind projects, which can provide dangers and obstacles as well as commercial demands from regulatory bodies, difficult project economics, and the need to develop or bolster capabilities. Installing and maintaining offshore wind turbines is a necessary part of building this infrastructure, and it calls on OSVs to move workers, supplies, and equipment to and from the new installation locations.

Developments in deepwater and ultra-deepwater offshore support vessel technology will augment offshore support vessel market growth during projected period. Current models of deepwater and ultra-deepwater OSVs are outfitted with sophisticated subsea intervention systems. These technologies make it possible to send out remotely operated vehicles and submersible tools for deepwater OSV maintenance, inspection, and repair. Without anchors, OSVs can maintain their positions and directions thanks to dynamic positioning system technology. To resist external pressures like wind and currents, these systems combine thrusters, sensors, and computer algorithms to provide exact positioning even in challenging circumstances. More sophisticated DPS systems are more accurate, redundant, and capable of functioning in deeper water.

Comprehensive Analysis of Offshore Support Vessel Market

The offshore support vessel market and power & energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the power & energy benefit management industry. These segmentations are methodically segregated by vessel types and by water depth and by application. The vessel types segmentations include, Anchor Handling Tug Supply Vessel, Platform Supply Vessels, Crew Vessel, and Others, by Water Depth segmentations include Shallow Water, Deepwater, and Ultra-Deepwater, by Application segmentations include Oil & Gas, Offshore Wind, Patrolling, Research & Surveying, and others.

The Asia Pacific America region lead the offshore support vessel market by benefitting a market size of USD 4.21 billion in 2022 due to the region's increasing offshore energy production and exploration operations, such as the search for and production of oil, gas, and renewable energy, are linked to the rising demand for these vessels.

The top players in the market play a crucial role in the power & energy industry assuring industrial prospectus growth and setting market standards. These players include, Wartsila (Finland), Damen Shipyards Group (Netherlands), Solstad Offshore ASA (Norway), Maersk Supply Service (Denmark), SEACOR Marine Holdings (U.S.), Tidewater Marine (U.S.), Siem Offshore (Norway), BOURBON (France), ""K"" line (Kawasaki Kisen Kaisha, Ltd) (Japan), MMA Offshore Limited (Australia), Havila Shipping ASA (Norway), Edison Chouest Offshore (U.S.), Nam Cheong Offshore Pte. Ltd (Malaysia), Hornbeck Offshore (U.S.), Vroon (Netherlands) these market players provide a level-playing competitive landscape.

In February 2023, The FLOW-SV vessel concept, which can expedite the extension of vessel concepts and accelerate the development of this maritime segment, was modified by Damen Shipyards Group. The primary purpose of the Damen FLOW-SV is to install ground assaults for offshore turbine floaters. Furthermore, the ship has the capacity to load a massive quantity of chain, which is needed to set up and fasten nine suction piles or anchors.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 7.1% from 2023 to 2030

Unit Value (USD Billion)

Segmentation By Vessel Type

Anchor Handling Tug Supply Vessel

Platform Supply Vessels

Crew Vessel

Others

By Water Depth

Shallow Water

Deepwater

Ultra-Deepwater

By Application

Oil & Gas

Offshore Wind

Patrolling

Research & Surveying

Others

By Region

North America (By Vessel Type, By Water Depth, By Application, and By Country)

U.S. (By Application)

Canada (By Application)

Europe (By Vessel Type, By Water Depth, By Application, and By Country)

Germany (By Application)

UK (By Application)

Netherland (By Application)

Norway (By Application)

Russia (By Application)

Rest of Europe (By Application)

Asia Pacific (By Vessel Type, By Water Depth By Application, and By Country)

China (By Application)

India (By Application)

Japan (By Application)

Australia (By Application)

Southeast Asia (By Application)

Rest of Asia Pacific (By Application)

Latin America (By Vessel Type, By Water Depth By Application, and By Country)

Brazil (By Application)

Mexico (By Application)

Rest of Latin America (By Application)

Middle East & Africa (By Vessel Type, By Water Depth By Application, and By Country)

Saudi Arabia (By Application)

UAE (By Application)

Qatar (By Application)

Nigeria (By Application)

Rest of MEA (By Application)

Please Note: It will take 5-6 business days to complete the report upon order confirmation.