The offshore support vessel market is projected to grow from an estimated USD 22.0 billion in 2021 to USD 26.8 billion by 2026, at a CAGR of 4.0%, from 2021 to 2026

The growth of the market is also attributed to the increase in exploration activities in ultra-deepwaters and the Arctic region, in countries such as the US, Canada, and Norway. Also, a growing focus on the European Union’s (EU) renewable energy targets would result in increasing the demand for offshore wind energy in Europe.


New York, June 25, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Offshore Support Vessel Market by Type, Application, End-User And Region - Global Forecast to 2026" -
Thus, the growth in deployment of offshore wind farms would be the opportunity for the offshore support vessel market during the forecast period. Oversupply of offshore vessels act as restrain for the growth of the market during the forecast year.

The AHTS segment is expected to hold the largest share of the offshore support vessel market, by type, during the forecast period.
Anchor-handling tug supply (AHTS) vessels constitute the largest segment of the offshore support vessel market, by type, in terms of volume as well as value.AHTS vessels are designed to provide anchor-handling and towage services and are also used for supplying deck cargo, water, fuel, dry bulk, and mud-to-oil rigs and platforms.

These vessels can also be used for emergencies and are well equipped for firefighting, rescue, and oil recovery operations.The demand from Asia Pacific and Europe is projected to drive the market for AHTS vessels during the forecast period.

Countries such as Vietnam, Malaysia, Thailand, and Australia increased their E&P activities in offshore areas in the recent past.Malaysia is the largest contributor to the short-term oil & gas production growth mainly due to the Kebabangan Gas Project.

The global AHTS market dominated the global offshore support vessel market owing to increasing shallow-water activities in the Asia Pacific region.

North America: The fastest market for offshore support vessels.

The North American market is projected to be the fastest-growing market, during the forecast period, owing to the continued production and exploration activities, particularly in the US and the Gulf of Mexico.As oil prices remain stable, the North American market will grow at the highest pace, as it will witness the fastest rise in exploration and production spending in response to any future recovery in oil prices, with its well-developed offshore industry.

Moreover, significant reserves and a comparatively stable political environment have further supported the growth of the offshore support vessel market in the region.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 55%, Tier 2- 25%, and Tier 3- 20%
• By Designation: C-Level- 35%, D Level- 30%, and Others- 35%

By Region: North America- 20%, Asia Pacific- 25%, Europe- 20%, Middle East- 15%,, Africa – 10%, , and South America-10%
*Others includes sales managers, engineers, and regional managers.
The tiers of the companies are defined based on their total revenue as of 2019. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3:
Key players in the offshore support vessel market DOF group (Norway), Solstad Offshore (Norway), Tidewater(US), Maersk(Denmark), and Siem Offshore (Norway).

Study Coverage:
The report defines, describes, and forecasts the offshore support vessel market, by type, application, end user, and region.It also offers a detailed qualitative and quantitative analysis of the market.

The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the offshore support vessel market.

Key Benefits of Buying the Report
1. The report identifies and addresses key markets for the deployment of offshore support vessel in various industries, which would help OSV providers review the growth in demand.
2. The report helps solution providers understand the pulse of the market and provide insights into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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