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 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).

Offshore support vessels are a type of maritime vessel that transports commodities, supplies, and equipment to and from undersea exploration and construction sites. Diving support, crane, and pipe laying vessels, seismic survey ships, and platform supply vessels are all examples of offshore support vessels (PSVs). These ships are generally used for locating and examining oil and gas-bearing areas, as well as hauling and positioning rigs and platforms and providing maintenance services. They have powerful small boats that respond to crises at offshore installations and also provide transportation, anchor management, and platform support, among other services.

One of the primary reasons driving the market's growth is the increase in oil and gas exploration activities. Furthermore, the growing demand for PSVs around the world is propelling the industry forward. PSVs are used to transport cement, casting and drilling pipes, and completion fluids during the production stage of offshore drilling. Another growth-inducing aspect is numerous technological improvements in the production processes of offshore support vessels and the integration of Dynamic Positioning (DP) systems in marine vessels. Manufacturers are focusing on creating computer-controlled vessels that can regulate their propellers and thrusters automatically to maintain a specific location.

US Offshore Support Vessels Market is poised to grow at a sustainable CAGR for the next forecast year.