Pune, India, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The global offshore support vessels market size is projected to reach USD 23.60 billion by the end of 2028. The worldwide increasing energy demand, exploration and production activities, and discoveries in offshore hydrocarbon assets are expected to boost the market’s growth. According to a report published by Fortune Business Insights, titled “Offshore Support Vessel (OSV) Market Size, Share & COVID-19 Impact Analysis, By Vessel Type (Anchor Handling Tug Supply Vessel (AHTS), Platform Supply Vessels (PSV), Crew Vessel, Others), By Water Depth (Shallow Water, Deepwater, Ultra-Deepwater), By Application (Oil & Gas, Offshore Wind, Patrolling, Research & Surveying, Others), and Regional Forecast, 2021-2028,” the market was worth USD 13.78 billion in 2020 and will exhibit a CAGR of 7.3% during the forecast period, 2021-2028.
Industry Developments-
July 2021: Seim Offshore received a contract from Seaway 7 for its subsea construction vessels. The 300-day contract is scheduled to commence during the fourth quarter of 2021. According to the company, it is the longest contract they have signed for their subsea construction vessels since 2018.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021 -2028 |
| Forecast Period 2020 to 2027 CAGR | 7.3% |
| 2027 Value Projection | USD 23.60 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 14.46 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 220 |
| Segments covered | By Technology, By Application and Regional Forecast |
| Growth Drivers | Worldwide Increasing Energy Demand to Foster Market Growth |
| Asia Pacific to Hold Dominance Due to Advantageous Clean Energy Outlook |
Drivers & Restraints-
Worldwide Increasing Energy Demand to Foster Market Growth
The worldwide increasing energy demand due to the increasing population is anticipated to foster market growth. The U.N. World Population Prospects estimates that the global population would reach approximately 9.8 billion by 2050. The growing investments in deploying renewable and non-renewable energy sources to meet the swiftly increasing energy demand are anticipated to bolster the global offshore support vessels market growth.
Moreover, the growing investments in offshore wind farm construction to tackle the augmenting energy demand are expected to amplify the market’s growth in the coming years.
Several global and regional organizations have introduced policies to boost low-carbon power generation technologies. Moreover, many nations have ambitious clean energy installations to control carbon emissions. The increasing measures for sustainable energy installations are likely to augment the growth of the market.
Lastly, the increasing exploration and production activities and discoveries in offshore hydrocarbon assets are expected to boost the market’s growth. However, high capital costs and fluctuations in global crude oil prices are expected to hinder the market growth.
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Regional Insights-
Asia Pacific to Hold Dominance Due to Advantageous Clean Energy Outlook
Asia Pacific is anticipated to hold dominance in the global offshore support vessels market share. The surging hydrocarbon activities and the advantageous clean energy outlook are anticipated to bolster the market growth. India, China, Japan, and other Southeast Asian countries are expected to be the key operating countries in the region.
Europe is expected to witness substantial growth due to the implementation of several clean energy initiatives and hydrocarbon reserves. The close national borders are likely to complement market growth.
North America is likely to gain considerable growth in the global market. The growing production from conventional and unconventional reservoirs is anticipated to be the key growth factor for the market. The rising investments to explore new high-volume reserves by various oil and gas companies are expected to stimulate the growth of the market.
Competitive Landscape-
Key Players Adopt Organic & Inorganic Developments to Accumulate Growth
The key players focus on launching new structures and designs of vessels to upscale their fleet integration across a new application range. They emphasize the fortification of vessel offerings to cater to specific global demands and endure harsh weather conditions. The key players emphasize inorganic and organic developments to strengthen their market positions. For instance, Wintermar received a contract from a multinational oil & gas company in July 2021. The five-year contract worth USD 22 million is aimed at two offshore support vessels of the company.
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Segmentation-
On the basis of vessel type, the market is categorized into crew vessel, platform supply vessels (PSV), anchor handling tug supply vessel (AHTS), and others. On the basis of water depth, the market is segmented into deepwater, ultra-deepwater, and shallow water. On the basis of application, the market is fragmented into research & surveying, patrolling, offshore wind, oil & gas, and others. Geographically, the market is classified into Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa.
Report Coverage-
- Highlights the key emerging trends for the market.
- Illustrates the latest technological advancements in the market.
- Provides valuable insights into the regulatory scenarios of the market.
- Highlights the impact of the COVID-19 pandemic.
- Highlights the regional analysis across five major geographies: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Key Players in the Global Offshore Support Vessels Market are:
- Wartsila (Finland)
- Damen Shipyards Group (Netherlands)
- Solstad Offshore ASA (Norway)
- Maersk Supply Service (Denmark)
- SEACOR Marine Holdings (U.S.)
- Tidewater Marine (U.S.)
- Siem Offshore (Norway)
- BOURBON (France)
- "K" line (Kawasaki Kisen Kaisha, Ltd) (Japan)
- MMA Offshore Limited (Australia)
- Havila Shipping ASA (Norway)
- Edison Chouest Offshore (U.S.)
- Nam Cheong Offshore Pte Ltd (Malaysia)
- Hornbeck Offshore (U.S.)
- Vroon (Netherlands)
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Scope of the Report:
- Introduction
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- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
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- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
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- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
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- Impact of COVID-19 on the Offshore Support Vessel (OSV) Industry
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Offshore Support Vessel (OSV) Market Analysis (USD Billion), Insights and Forecast, 2017-2028
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- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vessel Type
- Anchor Handling Tug Supply Vessel (AHTS)
- Platform Supply Vessels (PSV)
- Crew Vessel
- Others
- Market Analysis, Insights and Forecast – By Water Depth
- Shallow Water
- Deepwater
- Ultra-Deepwater
- Market Analysis, Insights and Forecast – By Application
- Oil & Gas
- Offshore Wind
- Patrolling
- Research & Surveying
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Frequently Asked Questions:
1. How big is the Offshore Support Vessel Market?
Offshore Support Vessel (OSV) market size was USD 13.78 billion in 2020. The market is projected to grow from USD 14.46 billion in 2021 to USD 23.60 billion by 2028
3. Which region held the highest share in the Offshore Support Vessel market?
Asia Pacific dominated the market share in 2020.
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