Global Offshore Support Vessels Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Offshore Support Vessels Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Offshore Support Vessels, also known as Offshore Supply Vessels, are specialty ships designed for operating on the ocean, serving multiple purposes. They can serve as platform support, anchor handling, construction, maintenance, and more.

Market Overview:

The latest research study on the global Offshore Support Vessels market finds that the global Offshore Support Vessels market reached a value of USD 7092.24 million in 2022. It’s expected that the market will achieve USD 9396.18 million by 2028, exhibiting a CAGR of 4.8% during the forecast period.

Transport impact

Affected by COVID-19, most companies selling offshore support vessels have changed their working hours or services. As the epidemic worsens, North American cross-border logistics services and flights have been affected to a certain extent, so transportation has become a major issue. Therefore, in the short term, the offshore support vessels industry will be affected by COVID-19.

Labor impact

This epidemic will directly affect the manufacture of offshore support vessels, that is, a large number of workers cannot return to work on time, especially for small and medium-sized manufacturing companies, the situation is even worse. The leaders of offshore support vessels will inevitably pay more attention to smart manufacturing, less manpower and flexible production to deal with labor fluctuations.

Impacts from the long-term

The reduction in transactions caused by COVID-19 has also been extended to distribution and service channels. To mitigate these risks, offshore support vessels suppliers should work closely with major raw material suppliers and service providers to ensure high quality and consistency. In the long run, as offshore support vessels suppliers strengthen their supply chains, end-user needs will shift to high reliability, timeliness and convenient maintenance to reduce future risks in the construction and maintenance industry. Therefore, there are still many opportunities for offshore support vessels industry.

The discovery of new reserves adds momentum to the market

Increasing production and exploration activities as well as the recently discovered offshore hydrocarbon assets are considered to be key drivers of the growth of the offshore support vessels market. In addition, the existence of large oil and natural gas reserves also promotes the market. For example, Eni announced that it had discovered a new reserve called the Sureste Basin off Mexico in February 2020. This undeveloped reserve is estimated to be able to store 20 to 300 million barrels of oil somewhere in deep water, with a daily output of more than 10,000 barrels of oil. In the next few years, the discovery of such precious reserves may bode well for the offshore support vessels market.

High operational risk

Working in the offshore industry involves high operational risks, especially in the operation of offshore support vessels. Offshore support vessels contain a limited number of hazardous and toxic liquids in bulk. Therefore, there may be environmental risks, so the offshore support vessels market must comply with certain policies of Safety of Life at Sea (SOLAS) and Prevention of Pollution from Ships (MARPOL). Due to imperfect operations, human error and natural disasters, errors may still occur. Working in offshore support vessels requires a lot of effort to perform tasks such as anchor lifting, platform support, search and rescue. All these tasks are risky and prone to technical failure. These factors limit the development of offshore support vessels market.

Region Overview:

In global comparison, a significant portion of the revenue was generated in Europe (56.18% in 2021).

Company Overview

DSME is one of the major players operating in the Offshore Support Vessels market, holding a share of 5.81% in 2022.

DSME

DSME builds special-purpose ships, repairs ships, and constructs plants. A contractor to major oil companies, DSME constructs various vessels, offshore platforms, drilling rigs, floating oil production units, submarines, and destroyers. It specializes in liquefied natural gas carriers and oil rigs.

Ulstein Group ASA

Ulstein Group ASA builds ships. The company produces offshore support, construction, supply and research ships. Ulstein Group is a group of companies that focus on various marine-related industries, but is mainly known for its ship building and ship design activities.

Segmentation Overview:

By type, Anchor Handling Tug/Anchor Handling Towing Supply Vessels (AHT/AHTSS) segment accounted for the largest share of market in 2021.

Anchor Handling Tug/Anchor Handling Towing Supply Vessels (AHT/AHTSS)

The anchor handling tug/anchor handling towing supply vessels (AHT/AHTSS) is a naval vessel that is solely concerned with the objective of either tugging or towing an oil-rig or a ship. When it comes to oil rigs, these tugs form the most important necessity as without their help, it would be impossible to place oil rigs in the required sea and oceanic areas.

Platform Supply Vessels (PSV)

A platform supply vessel (PSV) is a ship specially designed to supply offshore oil and gas platforms. These ships range from 50 to 100 meters (160 to 330 ft) in length and accomplish a variety of tasks.

Application Overview:

The market's largest segment by application is the segment Oil & Gas, with a market share of 49.94% in 2021.

Key Companies in the global Offshore Support Vessels market covered in Chapter 3:

Niestern Sander BVAresa ShipyardDSMEBarreras ShipyardEdison Chouest Offshore, LLCHyundai Mipo DockyardUlstein Group ASARemontowaZamakona YardsRoyal IHCCemre ShipyardDamen Shipyards

In Chapter 4 and Chapter 14.2, on the basis of types, the Offshore Support Vessels market from 2018 to 2029 is primarily split into:

Anchor Handling Tug/Anchor Handling Towing Supply Vessels (AHT/AHTSS)Platform Supply Vessels (PSV)

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Offshore Support Vessels market from 2018 to 2029 covers:

Oil & GasOffshore WindMilitaryOthers

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)Latin America (Brazil, Mexico, Argentina)Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)