What is the global market size of Offshore Support Vessels Market?

Offshore Support Vessels Market size was valued at USD 9.8 billion in 2021 and is poised to grow from USD 10.3 billion in 2022 to USD 14.6 billion by 2030, growing at a CAGR of 5.11% in the forecast period (2023-2030).

What is the key driver of Global Offshore Support Vessels Market?

Improvements in trade policies is shifting the market trend towards offshore support vessels market

Offshore Support Vessels Companies

Offshore Support Vessels Market Competitive Landscape

The Global Offshore Support Vessel Market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Various industry players are focusing on introducing new vessel designs and structures to improve fleet integration across a wider range of applications. For instance, in August 2021, Pacific Hornbill, an Offshore platform supply vessel (PSV) from Swire Pacific, was deployed to support the existing construction activities on the Greater Changhua 1 & 2a offshore wind plan in Taiwan. Pacific Hornbill is one of four H Class assets in Swire Pacific Offshore's fleet and was built by Japan Marine United (JMU).

Offshore Support Vessels Market Top Players Company Profiles

Bourbon Offshore
Swire Pacific Offshore
Tidewater Inc.
GulfMark Offshore, Inc.
Hornbeck Offshore Services
Edison Chouest Offshore
SEACOR Marine
Harvey Gulf International Marine
Solstad Offshore ASA
Farstad Shipping ASA
Siem Offshore
DOF ASA
PACC Offshore Services Holdings Ltd.
Vroon Offshore Services
MMA Offshore Limited
Topaz Energy and Marine
Wintermar Offshore Marine Group
Abdon Callais Offshore LLC
Miclyn Express Offshore
Bass Marine Pty Ltd.

Offshore Support Vessels Market

FAQs

Offshore Support Vessels Market size was valued at USD 9.8 billion in 2019 and is poised to grow from USD 10.3 billion in 2023 to USD 14.6 billion by 2031, growing at a CAGR of 5.11% in the forecast period (2024-2031).

The Offshore Support Vessel Market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Various industry players are focusing on introducing new vessel designs and structures to improve fleet integration across a wider range of applications. For instance, in August 2021, Pacific Hornbill, an Offshore platform supply vessel (PSV) from Swire Pacific, was deployed to support the existing construction activities on the Greater Changhua 1 & 2a offshore wind plan in Taiwan. Pacific Hornbill is one of four H Class assets in Swire Pacific Offshore's fleet and was built by Japan Marine United (JMU). 'Bourbon Offshore', 'Swire Pacific Offshore', 'Tidewater Inc.', 'GulfMark Offshore, Inc.', 'Hornbeck Offshore Services', 'Edison Chouest Offshore', 'SEACOR Marine', 'Harvey Gulf International Marine', 'Solstad Offshore ASA', 'Farstad Shipping ASA', 'Siem Offshore', 'DOF ASA', 'PACC Offshore Services Holdings Ltd.', 'Vroon Offshore Services', 'MMA Offshore Limited', 'Topaz Energy and Marine', 'Wintermar Offshore Marine Group', 'Abdon Callais Offshore LLC', 'Miclyn Express Offshore', 'Bass Marine Pty Ltd.'

Across many regions, the policies related to less carbon emission have been strictly introduced. Also, ambitions of using clean energy installations are set by many organizations so as to ensure regulation on carbon discharges. The Government of UK also declared funds of around US$ 200 Million to invest in offshore wind manufacturing. This will continue to prosper the segment and drive its growth.

Offshore vessels used to transfer equipment, other commodities, and rig staff to offshore drilling and production platforms are known as platform supply vessels. A platform support vessel is a vital piece of equipment. Platform supply vessels, also known as Offshore Supply Vessels (OSVs), assist in meeting the demands of development and maintenance projects.

The North American region is dominating the market and expected to grow during the forecast period. Higher oil prices and lower drilling costs have resulted in a considerable increase in offshore oil and gas production in the North American region. In consequence, the region's strong offshore drilling activity is likely to be a major driver for the offshore support vessel industry. Shallow-water drilling activity in the Gulf of Mexico has been declining due to lower production rates in the same fields where the operators operate and a lack of shallow-water discoveries in the recent picture.

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Offshore Support Vessels Market Competitive Landscape

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Offshore Support Vessels Market Competitive Landscape

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What is the market size of Offshore Support Vessels Market?

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