This site uses cookies, including third-party cookies, that help us to provide and improve our services. Privacy Policy

Professionals 226 Users Online

Offshore Support Vessel Services Market

Market Study on Offshore Support Vessel Services: Rising Digitalization to Enhance Market Growth in Future

Global Offshore support vessel services Market by Vessel Type - Platform Supply Vessel (PSV) | Multirole field & ROV Support Vessel (MRSV) | Offshore Subsea Construction Vessel (OSCV) | Anchor Handling Tug Supply (AHTS) | Emergency Response and Rescue Vessels (ERRSV) | Chase & Seismic Vessels | Standby Crew Vessels

Offshore support vessel services Market Snapshot

[340 Pages] According to Persistence Market Research, the offshore support vessel services market is estimated to generate revenue of US$ 13,371.5 million by end of 2023. Between 2023 and 2033, the global market for offshore support vessel services is expected grow at 7.2% CAGR and reach US$ 26,799.6 million by end of 2033.

Attributes Key Insights

Global Offshore Support Vessel Services Market Size (2022A)

US$ 12,493.8 Mn

Global Offshore Support Vessel Services Market Size (2023E)

US$ 13,371.5 Mn

Projected Offshore Support Vessel Services Market Value (2033F)

US$ 26,799.6 Mn

Value CAGR (2023-2033)

7.2%

Collective Value Share: Top 3 Countries (2022)

59%

The demand for offshore support vessel services will accelerate, with the top companies moving forward with possible acquisitions to renew their fleets, adopting their Tier 1 OSV market standard, and taking advantage of their worldwide fleet coverage as they maintain their aggressive scrapping of non-core tonnage and remove specific vessels from their fleets.

Sample Report

FREE Report Sample is Available

In-depth report coverage is now just a few seconds away

Download PDF Get FREE Report Sample

Demand Analysis of Offshore support vessel services from 2017 to 2022 Vs Market Outlook for 2023 to 2033

As per Persistence Market Research, historically, from 2017 to 2022, the use of offshore support vessel services increased at around 3.8% CAGR, where countries such as the U.S., Nordics, Brazil, China, and Canada held significant share in the global market.

In the world of offshore and offshore renewables, 2020 was a year of stark differences. The traditional offshore market, which is mostly centred on the oil and gas industry, had a disappointing year, with a considerable drop in activity, utilization, and day rates. The offshore renewables (wind) business, on the other hand, has continued to grow strongly, with solid revenues and a record number of new projects sanctioned. Several governments have initiated large-scale programmes with the anticipations of stimulating and cultivating indigenous industry and, in certain cases, establishing market-leading positions. Following the COVID-19 outbreak, increased demand for oil will enhance activity in the oil and gas industries, requiring more vessels to service rigs in the North Sea and other offshore energy hotspots.

Increasing investments in offshore wind farm construction projects are expected to offer optimistic opportunities to the global offshore support vessel services market, which is then expected to grow with a CAGR of 7.2% during the forecast period of 2023 to 2033.

Custom Report Cover

Make This Report Your Own

Take Advantage of Intelligence Tailored to your Business Objective

> Get a Customized Version

What are the Key Opportunities for the growth of the targeted market?

The world population will increase to 9.8 billion by 2050, as per the UN World Population Prospects. The growth in the human population is the primary factor influencing the demand for energy globally. This rising demand for energy has to be met with various energy sources, such as renewables, oil and gas, nuclear, and thermal. As per the BP Statistical Review of 2019, the world still had not explored 1,729.7 billion barrels of oil reserves as of 2018. The discovery of such unexplored reserves is supporting the offshore support vessel market’s growth, in turn driving the global offshore support vessel service market.

Moreover, Asia-Pacific region has high energy demand and are planning to expand their offshore production. In western Africa, major discoveries are being made in the offshore sector. Over the last few decades, the Arctic region has seen a massive increase in oil and gas exploration which is expected to present significant opportunities for market growth.

Market Research Methodology

Market Research Methodology

-Perfect through Years of Diligence

Check Research Methodology

What factors are impeding the market expansion?

Despite expectations for a recovery in demand after 2020, the worldwide offshore support vessel (OSV) market continues to struggle with utilization. It has been observed that the offshore industry comes with a high risk of operations, as offshore support vessels carry hazardous and toxic liquids that can be harmful to humans as well as other animals. Therefore, the manufacturers in the OSV market must adhere to certain policies for the safety of life at sea (SOLAS) and the prevention of pollution from ships (MARPOL).

The risks associated with the offshore field are heavily dependent on the season and time. The human element also comes into play in the form of risk criteria, safety culture, and the availability and reliability of data. Such issues play a vital part in the framework for the assessment of offshore and marine risk. Hence, high operational risks with offshore support vessels may restrain the growth of the offshore support vessel services market.

Sales Team

Sales Team
Client Partner

Let's Connect

Connect me to identify winning opportunities

Ask An Expert
I'm Available

Country-wise Analysis

Where will U.S. stands in the global Offshore Support Vessel Services Market?

The COVID-19 pandemic had a huge negative effect on the market in the U.S. It led to the cancellation of OSVs and a sharp decline in offshore activity. Falling drilling costs and rising OPEC crude oil prices are what driving the market for OSV services in the U.S. As a result, offshore oil installations and the number of offshore rigs have both grown significantly in recent years. Additionally, expanding patterns in exploration and development activities to maintain offshore production are having a favourable impact on the business. As a result, the United States is expected to generate an absolute dollar opportunity of US$ 1,930.4 million between 2023 and 2033.

What will be the growth scenario for NORDICS market?

By the end of the projection period, the NORDICS market is projected to hold a market share of more than 75% in Europe on a volume and value basis. This market is expected to experience considerable expansion over the assessment period.

Norway has the most modern offshore fleet and accounts for the significant portion of the global OSV service market. To increase the market share in the global market, companies are participating in the seismic surveys, petroleum and other activities. The OSV industry in NORDICS has grown significantly during the last ten years, and as a result, it has become a significant part of the Norwegian maritime sector. Rising offshore wind energy installations will also contribute to the market's expansion during the predicted period.

Will Offshore Support Vessel Services Manufacturers Find Profit in China?

One of the largest economies in the Asia-Pacific region is China. The nation is actively involved in the oil and gas sector and is transitioning to renewable energy sources, such as offshore wind farms.

China actively explores and produces oil and gas in various blocks in the South China Sea and has active oil and gas interests. China National Offshore Oil Corporation announced the discovery of an oilfield in the Bohai Sea with more than 100 million metric tonnes of crude oil in reserve in September 2021.The market for offshore support vessels will be driven by similar operations because these vessels are necessary for a basin's exploration and production phases.

In addition to the oil and gas industry China is quickly incorporating renewable energy to reduce emissions. In china, offshore wind farms have a huge installed capacity, and several others are under construction. Hence, China is expected to dominate the East Asia market throughout the forecast period and will be a lucrative market for the key market participants.

Category-wise Insights

Which Vessel Type are surging the most demand?

Platform Supply Vessel (PSV) and Anchor Handling Tig Supply Vessel (AHTS) PSV are expected to account for over 80% of the volume share in the global market by the end of the assessment period. Platform Supply Vessels transport supplies to the oil platform and return other cargoes to shore. Because they have large decks, they can transport all kinds of vital equipment for the offshore oil industry. Anchor Handling Tag Supply Vessel also provides anchor handling and towing services and can transport water, oil, dry bulk, fuel, deck cargo, and so on. AHTS is suitable for emergency situations, hence it is expected to grow at the highest rate of 7.5% over the forecast period.

Which End User Holds Lucrative Opportunities for Offshore Support Vessel Service Market?

The offshore wind segment is estimated to dominate the overall market during the projection period, accounting for an estimated 30% of the market's value by the end of 2033. Offshore vessels like AHTS and PSV can assist in installing, erecting, and maintaining the turbines, which is increasing the demand for these vessels over the assessment period.

The Offshore Wind sector accounted for more than 29% of the value share in 2023. Increasing awareness regarding renewable energy has been the key driver for the offshore wind market. With the rise of offshore wind power around the world, vessel owners and operators have more opportunities than ever to maximise revenues and expand their businesses in this industry.

Competitive Landscape

The global offshore support vessel services market is significantly consolidated among leading manufacturers. The leading player's share accounts for approximately 18% to 22% of the market. The market participants are strategically focusing on the introduction of advanced and highly efficient services to complement their revenue growth and attain higher market shares. Some of the key developments are:

  • In February 2022, the company Netherlands-based Vroon, operator of a fleet of 120 deepsea and offshore-support vessels, has announced its partnership with Navarino, as it offers an easy to deploy and cost-effective way to design, acquire, manage and support a vessel’s complete IT infrastructure
  • In 2021, Seacor Holdings Inc purchased its competitor, U.S. Shipping Corporation (USSC). U.S. Shipping is a privately-held Jones Act product tanker owner, and it operates primarily on the U.S. East Coast, Gulf Coast and Puerto Rico trade lanes.

Market Report Scope

Attribute Details

Forecast Period

2023-2033

Historical Data Available for

2017-2022

Market Analysis

  • US$ Mn for Value
  • Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • MEA

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • NORDICS
  • South Africa
  • GCC Countries
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • ANZ

Key Market Segments Covered

  • Vessel Type
  • Service Type
  • End Use
  • Region

Key Companies Profiled

  • Bourbon Corporation
  • Tidewater Inc
  • Edison Chouest Offshore(Offshore Service Vessels L.L.C. )
  • SolstadFarstad ASA
  • A.P. Møller – Mærsk A/S
  • Swire Pacific Limited
  • Seacor Holdings Inc.
  • Bumi Armada Berhad
  • VroonOffshore Services PteLtd
  • Falcon Energy Group

Pricing

Available upon Request

Key Market Segments Covered

By Vessel Type

  • Platform Supply Vessel (PSV)
  • Multirole field & ROV Supply Vessel (MRSV)
  • Offshore Subsea Construction Vessel (OSCV)
  • Anchor Handling Tig Supply Vessel (AHTS)
  • Emergency Response and Rescue Vessel (ERRSV)
  • Chase & Seismic Vessel
  • Standby Crew Vessels
  • Others

By Service Type

  • Financial Services
    • Chartering & Brokerage
    • Consulting
  • Technical Services
    • Repair & Maintenance
    • Technical Support
  • Inspection & Survey
  • Building & Design
  • Crew Management
    • Manpower Supply
    • Training & Support
  • Logistic & Cargo Management
  • Anchor Handling towage & offshore positioning
  • Seismic Support
  • Assistance, Salvage & Pollution Remediation
  • Subsea Services

By End Use Industry

  • Offshore Oil & Gas
  • Military
  • Civil & Commercial
  • Offshore Wind
  • Others

- Companies Covered in This Report -

  • BOURBON Corporation
  • A.P. Møller – Mærsk A/S
  • Falcon Energy Group
  • Delta marine Industries Inc
  • Swire Pacific Limited
  • Edison ChouestOffshore(Offshore Service Vessels L.L.C. )
  • Greatship (India) Limited
  • VroonOffshore Services PteLtd
  • Vallianz Holdings. Limited
  • Bumi Armada Berhad
  • SolstadFarstad ASA
  • Seacor Holdings Inc.
  • GulfMarkOffshore, Inc
  • Tidewater Inc
  • Pacific Radiance Ltd
  • Hornbeck
  • M3 Marine Group Pte. Ltd

- Frequently Asked Questions -

The global offshore support vessel services market will be valued at close to US$ 13,371.5 Mn.

Demand for offshore support vessel services is slated to expand at 7.2% CAGR to reach a market valuation of US$ 26,799.6 Mn by 2033.

The market for offshore support vessel services expanded at 3.8% CAGR from 2017 to 2022.

Growing Seaborne Trade, growth in the ship building industry and increased offshore oil and gas exploration activities are key trends being observed in the market.

Surge in global sea trade is expected to drive the market, offshore wind market has a remarkable potential to augment the market growth, vast prospects for offshore oil and gas exploration activities and others will generate continued demand for offshore support vessel services.

Top 5 players are Bourbon Corporation, Tidewater Inc., Edison Chouest Offshore, SolstadFarstad ASA, A.P. Møller – Maersk A/S, who together account for around  18%-22% market share.

The NORDICS, U.S., China, Canada, and Brazil are driving most demand for offshore support vessel services.

The market for offshore support vessel services in Germany is projected to expand at over 8% CAGR through 2033.

The U.S., NORDICS, Brazil, China, and India are key Offshore Support Vessel producing countries.

Google translate