Offshore Support Vessel Market Size Expected to Reach $31.4 Billion by 2028 | MarketsandMarkets™
Chicago, Jan. 31, 2024 (GLOBE NEWSWIRE) — The global Offshore Support Vessel Market size is projected to grow from USD 22.6 billion in 2023 to USD 31.4 billion by 2028, at a CAGR of 6.7% according to a new report by MarketsandMarkets™. An offshore support vessel (OSV) is specially designed to support offshore exploration, drilling, production, and construction activities in the oil & gas industry. These vessels provide a range of services, such as transportation of personnel, equipment and supplies, maintenance and repair, and oil spill response.
The offshore support Vessel market growth is driven by substantial investments in the offshore oil & gas and renewable sectors. The rise in deepwater activities and the decommissioning of aging offshore infrastructure present promising opportunities for the offshore support vessel market.
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Offshore Support Vessel Market Scope:
| Report Coverage | Details |
| Market Size | USD 31.4 billion by 2028 |
| Growth Rate | 6.7% of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offshore Support Vessel Market by Material, Fuel Type, Type, Application, End-User Industry, and Region. |
| Geographies Covered | Asia Pacific, North America, Europe, South America, and Middle East & Africa. |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Decommissioning and replacement of aging offshore infrastructure |
| Key Market Drivers | Increasing investments in offshore wind and oil & gas projects |
The offshore oil & gas industry is expected to be the largest segment in the offshore support Vessel market.
This report segments the offshore support Vessel market based on end-user industry into two segments: offshore oil & gas and offshore wind. The offshore oil & gas segment is expected to be the largest segment during the forecast period. Offshore support vessels are purposefully designed to provide essential support services for a wide range of oil and gas operations. They play a crucial role in supporting offshore drilling rigs and oil-producing assets, including production platforms and FPSO units. These vessels are instrumental in facilitating pipe laying activities and the decommissioning of offshore rigs. In the oil and gas sector, particularly in regions like the North Sea, where a significant number of platforms, pipelines, and wells are expected to undergo decommissioning by 2040, the demand for offshore support vessels is projected to be substantial.
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Offshore Support Vessel Market Dynamics:
Drivers:
- Increasing investments in offshore wind and oil & gas projects
Restraints:
- Constant fluctuations in oil prices and requirement for huge capital to launch offshore support vessels
- Supply–demand gap in offshore support vessels
Opportunities:
- Decommissioning and replacement of aging offshore infrastructure
- Increased ultra-deepwater exploration activities, especially in Arctic region
Challenges:
- High operational risks for OSVs due to extreme offshore climatic conditions
- Stringent regulations for offshore activities
Asia Pacific is expected to be the largest region in the Offshore Support Vessel Industry
Asia Pacific is expected to be the largest offshore support Vessel market during the forecast period. The Asia Pacific region, comprising major economies such as China, India, Indonesia, Malaysia, Vietnam, and Thailand, is witnessing a significant focus on expanding offshore exploration and production (E&P) capital expenditures (CAPEX). According to Scottish Development International, the region is expected to account for approximately 25% of global spending on new offshore developments, highlighting its crucial role in the offshore industry. Policymakers in Asia Pacific are placing emphasis on advancing offshore activities in deep and ultra-deep waters, marking a strategic shift in the region. Prominent offshore projects in the region include Australia’s Briseis, Scarborough, and Laverda projects, Malaysia’s Rotan, Gumusut-Kakap, and Petai projects, India’s KG-D6 complex, and Indonesia’s Gehem project. Furthermore, the region is witnessing an increase in the number of offshore support vessels, with a growing presence of vessel manufacturers, particularly from China and South Korea. In February 2021, China National Offshore Oil Corporation unveiled its business strategy for the year, outlining plans to enhance hydrocarbon production. The growth of the offshore support vessel market in the Asia Pacific region is driven by factors such as escalating deepwater activities, the development of new oil fields, and the expansion of offshore wind farms, signifying a positive outlook for the industry in this dynamic region.
Key Market Players:
Some of the major players in the Offshore Support Vessel Companies are DOF ASA (Norway), Solstad Offshore ASA (Norway), Tidewater Inc. (US), A.P. Moller – Maersk (Denmark), Siem Offshore (Norway), BOURBON (France), and Vroon (Netherlands).
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