Offshore Support Vessels Market Size, Share, Growth Analysis, By Vessel Type(anchor handling tug/anchor handling towing supply vessels (AHT/AHTSS), platform supply vessels (PSV), others.), By Water depth(Shallow water, deep water), By End Users(Oil & Gas, Offshore applications), By Region - Industry Forecast 2024-2031

Offshore Support Vessels Market Driver

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

• 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.

Rise in energy Demands is expected to drive the market growth

• The rise of the human population is one of the most important variables impacting global energy demand. According to the United Nations' World Population Prospects, the global population will grow from 7.6 billion to 9.8 billion in 2050. This increase in energy demand must be addressed by a variety of energy sources, including oil and gas, renewables, thermal, and nuclear power. The discovery of such deposits has resulted in an increase in demand for well drilling and production activities, which has aided the expansion of the offshore support vessel industry.

Offshore Support Vessels Market Restraint 

• The price of oil plays a significant role in determining OSVS demand. The high cost of offshore installations has an impact on oil and gas firms' profitability. Offshore support vessel day rates are linked to unpredictable oil and gas prices, and ordering/launching new boats requires a significant capital investment. Changes in crude demand, as well as increased production from OPEC and non-OPEC countries, account for the cyclic nature of oil and gas prices.