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 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

Q: Who are the key vendors in the Global Offshore Support Vessels Market?

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). '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.'

Report ID: SQSG10B2005 | Region: Global | Published Date: July, 2001
Pages: 270 | Tables: 88 | Figures: 76

Offshore Support Vessels Market News

In March 2022, Island Offshore, situated in Norway, was granted new support vessel contracts for NOK 500 million. Platform supply vessels, anchor handling tug supply (AHTS) vessels, and light well intervention vessels are among the contracts. The contract will only be completed this year.
In March 2022, Nexans Norway awarded Havila Shipping a contract for the offshore construction vessel Havila Phoenix. Until the end of October 2022, the vessel will be in service.
In March 2021, Edda Wind awarded Ostensjo Rederi a contract for two additional commissioning service operation vessels (CSOV) in addition to the four vessels it is already building. These vessels are specifically intended for service operations at offshore wind farms during commissioning and operation. Each of the six vessels in development is powered by zero-emission technology.

Offshore Support Vessels Market Report Snapshots

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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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What is the market size of Offshore Support Vessels Market?

Who are the key vendors in the Offshore Support Vessels Market?

What is the key driver of Offshore Support Vessels Market?

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