Offshore Support Vessels Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 18.95 Billion |
| Market Size (2029) | USD 27.76 Billion |
| CAGR (2024 - 2029) | 7.94 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Offshore Support Vessels Market Analysis
The Offshore Support Vessels Market size is estimated at USD 18.95 billion in 2024, and is expected to reach USD 27.76 billion by 2029, at a CAGR of 7.94% during the forecast period (2024-2029).
- Over the medium term, growing investments, offshore oil and gas exploration and production activities, and rising offshore wind energy installations are expected to drive the market demand.
- On the other hand, the volatility in the prices of extracted commodities is expected to restrain the market growth.
- Nevertheless, new technologies that help offshore vessels deal with environmental problems open up many opportunities for the market. For example, Maersk Supply Service has started its Stillstrom offshore vessel-charging business to reduce carbon emissions in the shipping industry by eliminating emissions from non-moving ships. In the long run, it will steadily phase out fossil-fuel-based vessels.
- North America is predicted to dominate the market during the forecast period due to major offshore oil and gas discoveries that happened in the region recently.
Offshore Support Vessels Market Trends
Platform Supply Vessels (PSVs) Expected to Dominate the Market
- PSVs (Platform Supply Vessels) are essential for delivering equipment, supplies, and drilling consumables to offshore drilling rigs and production platforms. These consumables include dry powders like cement, baryte, and bentonite, drill water, oil or water-based liquid mud, methanol, and specialized chemicals.
- PSVs begin their operations by loading at a shore base. They transport liquid cargo in double-bottom tanks, dry bulk cargoes in specialized pneumatic pressure tanks, and carry equipment and drill pipes on the open deck aft. Upon reaching the rig or platform, liquid and powder cargoes are pumped or transferred pneumatically while the rig crane manages the deck cargo.
- The increase in oil and gas demand at the global level in many countries has prompted producers to explore more petroleum sources, such as deepwater oil and gas exploitation. In the United States, crude oil production from the Gulf of Mexico (GoM) Federal Offshore region reached around 1865 thousand barrels per day in 2023. Such growing trends indicate the demand for offshore petroleum production and related services.
- Platform Supply Vessels (PSV) has witnessed a significant growth globally, driven by the increasing demand for offshore logistics support in the oil, gas, and renewable energy sectors. PSVs are specialized vessels designed to transport supplies like drilling equipment, fuel, water, and other materials to offshore platforms. These vessels are critical in ensuring continuous operations for offshore installations and supporting the growing need for sustainable and efficient supply chains.
- The market globally is moving towards greener solutions as companies aim to reduce emissions and optimize operational efficiency. A notable example is SEACOR Marine Holdings Inc. which, in January 2024, announced the acquisition of four advanced energy storage systems from Kongsberg Maritime. This initiative will integrate hybrid power solutions into four SEACOR PSVs—SEACOR Ohio, SEACOR Alps, SEACOR Andes, and SEACOR Atlas—with installation expected to start in December 2024 and complete by mid-2025. These upgrades align with industry goals to minimize emissions and enhance energy efficiency on board.
- Additionally, expanding fleet capacities has been a strategic focus for some companies. In March 2023, US-based Tidewater acquired 37 PSVs from Solstad Offshore in a USD 577 million deal, significantly boosting its fleet to 228 vessels, which includes 199 PSVs and anchor handling tug supply (AHTS) vessels. Tidewater’s fleet is considered one of the youngest globally, with an average age of 11.3 years, positioning it to meet the sector's growing operational needs and sustainability standards.
- Overall, the demand for platform supply vessels is expected to witness significant growth during the forecast period.
North America Expected to Dominate the Market
- The United States is a prominent player in the Offshore Support Vessels (OSVs) market, largely due to its well-established oil and gas industry and growing offshore renewable energy projects.
- With significant offshore activities, particularly in the Gulf of Mexico, the United States OSV market remains essential for supporting traditional fossil fuel exploration and emerging clean energy sources. This diverse market reflects the United States’ commitment to maintaining energy security while gradually shifting towards sustainable alternatives.
- The Gulf of Mexico remains a significant offshore oil and gas hub. For instance, in September 2024, Talos Energy announced a significant discovery of commercial oil and natural gas quantities in a block in the United States Gulf of Mexico.
- These activities require a continuous demand for OSVs to support exploration, drilling, and production. OSVs are critical in transporting supplies, stabilizing rigs, and assisting with subsea inspections, making them essential for ongoing oil and gas operations.
- Several companies in the country supported the continuous demand for OSVs for offshore activities. For instance, in August 2024, DOF secured a subsea contract in the US Gulf of Mexico. The contract encompasses engineering, procurement, construction, and offshore installation of a water injection flowline, hull piping, and related subsea infrastructure.
- The government’s push to expand offshore wind capacity has fueled demand for specialized vessels like Service Operation Vessels (SOVs) and other OSVs for construction, crew transfers, and maintenance.
- For instance, in July 2024, Hornbeck Offshore Services contracted Eastern Shipbuilding Group to transform a 280-foot offshore supply vessel (OSV) into a service operation vessel (SOV), addressing the surging demand in the United States offshore wind market.
- The country is expanding its offshore wind capacity with numerous wind farms established along its coasts. For instance, in September 2024, Iberdrola's US subsidiary, Avangrid, secured a contract to develop the 791 MW New England Wind 1 offshore wind farm in the United States. As new wind farms are developed along the coasts, OSVs are increasingly needed to support these renewable energy projects.
- For instance, in September 2024, Maersk Supply Service from Denmark ordered a DP3-class, battery-hybrid propulsion multipurpose offshore support vessel (OSV) with Poland's CRIST. The 110-meter OSV, set to be built to ABS class standards, is designed on the 995L SBC hull blueprint by MMC Ship Design & Marine Consulting under the project Sea Dragon for the White Rose oilfield. Maersk plans to deploy this vessel for long-term service at the White Rose oilfield, located offshore Newfoundland and Labrador in eastern Canada, catering to field operator Cenovus Energy.
- Thus, owing to above points, North Amrica is expected to dominate the offshore support vessels market during the forecast period.
Offshore Support Vessels Industry Overview
The offshore support vessel market is semi-fragmented. Some of the major players in the market (in no particular order) include Tidewater Inc., Bourbon Corporation SA, Seacor Marine Holdings Inc., Maersk Supply Service A/S, and Solstad Offshore ASA.
Offshore Support Vessels Market Leaders
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Tidewater Inc.
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Maersk Supply Service A/S
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Bourbon Corporation SA
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Seacor Marine Holdings Inc.
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Solstad Offshore ASA
*Disclaimer: Major Players sorted in no particular order
Offshore Support Vessels Market News
- November 2024: N-Sea inked a long-term charter deal with Mainport Shipping for the vessel Geo Master. Neptune Construction in Hardinxveld-Giessendam, the Netherlands, is set to build the vessel. N-Sea highlighted that the new vessel mirrors the design and equipment of the Geo Ranger, which is already managed and controlled by the N-Sea Group. N-Sea will exercise full commercial management and control over the vessel. The delivery is slated for the first quarter of 2026, with operational status anticipated by mid-March 2026.
- November 2024: Sea1 Offshore is poised for expansion, placing an order for two next-generation offshore energy support vessels from Cosco Shipping (Qidong) Offshore. Each of the newly ordered vessels will span 120 meters in length and boast a cargo deck area of 1,400 square meters. Equipped with a 250-tonne deck crane, each ship will also accommodate up to 120 personnel. Furthermore, both vessels will feature an ROV hangar and a moonpool. Designed with future sustainability in mind, the vessels will be methanol-ready, and their generators will operate on 100% biofuel. With the anticipated delivery of these new builds in 2027, Sea1's fleet will expand to 19 modern offshore vessels.
Offshore Support Vessels Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Rising Offshore Wind Energy Installations
4.5.1.2 Growing Investments In Offshore Oil & Gas Exploration And Production
4.5.2 Restraints
4.5.2.1 High Volatility Of Crude Oil Prices
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
4.8 Investment Analysis
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Anchor Handling Tug/Anchor Handling Towing Supply Vessels (AHT/AHTSs)
5.1.2 Platform Supply Vessels (PSVs)
5.1.3 Other Types
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Rest of North America
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 France
5.2.2.3 Russia
5.2.2.4 Norway
5.2.2.5 Italy
5.2.2.6 Germany
5.2.2.7 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 South Korea
5.2.3.4 ASEAN Countries
5.2.3.5 Rest of Asia-Pacific
5.2.4 South-America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle-East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 Qatar
5.2.5.3 United Arab Emirates
5.2.5.4 Nigeria
5.2.5.5 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Bourbon Corporation SA
6.3.2 Maersk Supply Service AS
6.3.3 Seacor Marine Holdings Inc.
6.3.4 Edison Chouest Offshore LLC
6.3.5 Swire Pacific Limited
6.3.6 Tidewater Inc.
6.3.7 Harvey Gulf International Marine LLC
6.3.8 Solstad Offshore ASA
6.3.9 Hornbeck Offshore Services Inc.
6.3.10 PACC Offshore Services Holdings Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 New Technologies that Help Offshore Vessels Deal with Environmental Problems
Offshore Support Vessels Industry Segmentation
Offshore Support Vessels, commonly referred to as Offshore Supply Vessels, are specialized ships tailored for oceanic operations. These vessels play many roles, including platform support, anchor handling, construction, and maintenance. They are crucial for transporting supplies and materials and constructing and repairing offshore equipment. Their adaptability allows them to be customized for various projects, from oil and gas to offshore wind initiatives.
The offshore support vessel market is segmented by type and geography. By type, the market is segmented into anchor-handling tugs and anchor-handling towing supply vessels, platform supply vessels, and other types. The report also covers the market size and forecasts for the offshore support vessel market across the major regions. For each segment, market sizing and forecasts have been done based on revenue (USD).
| Type | |
| Anchor Handling Tug/Anchor Handling Towing Supply Vessels (AHT/AHTSs) | |
| Platform Supply Vessels (PSVs) | |
| Other Types |
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Offshore Support Vessels Market Research FAQs
How big is the Offshore Support Vessels Market?
The Offshore Support Vessels Market size is expected to reach USD 18.95 billion in 2024 and grow at a CAGR of 7.94% to reach USD 27.76 billion by 2029.
What is the current Offshore Support Vessels Market size?
In 2024, the Offshore Support Vessels Market size is expected to reach USD 18.95 billion.
Who are the key players in Offshore Support Vessels Market?
Tidewater Inc., Maersk Supply Service A/S, Bourbon Corporation SA, Seacor Marine Holdings Inc. and Solstad Offshore ASA are the major companies operating in the Offshore Support Vessels Market.
Which is the fastest growing region in Offshore Support Vessels Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Offshore Support Vessels Market?
In 2024, the North America accounts for the largest market share in Offshore Support Vessels Market.
What years does this Offshore Support Vessels Market cover, and what was the market size in 2023?
In 2023, the Offshore Support Vessels Market size was estimated at USD 17.45 billion. The report covers the Offshore Support Vessels Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Offshore Support Vessels Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the opportunities in the OSV Market?
The opportunities in the OSV Market are a) Growth in the decommissioning of offshore oil and gas infrastructure b) Increasing focus on shallow water operations for oil and gas and wind farm development (lower cost than deepwater)
What are the opportunities in the OSV Market?
The opportunities in the OSV Market are a) Growth in the decommissioning of offshore oil and gas infrastructure b) Increasing focus on shallow water operations for oil and gas and wind farm development (lower cost than deepwater)
What are the opportunities in the OSV Market?
The opportunities in the OSV Market are a) Growth in the decommissioning of offshore oil and gas infrastructure b) Increasing focus on shallow water operations for oil and gas and wind farm development (lower cost than deepwater)
Offshore Support Vessels Industry Report
The offshore support vessel (OSV) market is experiencing significant growth driven by increased exploration and production activities in offshore areas, particularly in deepwater and shallow water segments. The market is poised to benefit from rising investments in offshore wind and oil & gas projects, which are essential to meet the growing global energy demand. However, the market faces challenges such as a supply-demand gap, intense competition, and stringent regulations. The market is segmented by vessel types, including anchor-handling tug supply vessels, platform supply vessels, and others, with the shallow water segment expected to grow rapidly due to lower operational costs. North America is anticipated to be the fastest-growing region, driven by new offshore projects and increased oil production. The market is moderately fragmented, with key players focusing on technological advancements and strategic partnerships to capture larger market shares. Offshore supply vessel companies and offshore fleet companies are actively participating in this growth, leveraging the latest technologies and strategic collaborations. Statistics for the Offshore Support Vessels market share, size, and revenue growth rate are created by Mordor Intelligence™ Industry Reports. Offshore Support Vessels analysis includes a market forecast outlook and historical overview. For more detailed insights and a sample of this industry refer to the offshore supply vessel market report PDF.
Offshore Support Vessels Market Report Snapshots
