Market Size of Offshore Support Vessels Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 13.41 Billion |
| Market Size (2029) | USD 20.57 Billion |
| CAGR (2024 - 2029) | 5.95 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Offshore Support Vessel Market Analysis
The Offshore Support Vessels Market size is estimated at USD 13.41 billion in 2024, and is expected to reach USD 20.57 billion by 2029, at a CAGR of 5.95% during the forecast period (2024-2029).
Over the medium term, the offshore support vessel market's growth is likely to accelerate in the near future due to the increasing demand for deepwater oil and gas drilling operations and the improved viability of offshore oil and gas projects.
- On the other hand, the volatility in the prices of commodities extracted makes the path to growth a bit cumbersome for the market.
- Nevertheless, new technologies that help offshore vessels deal with environmental problems open up a lot of 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 getting rid of emissions from ships that aren't moving. It will steadily phase out fossil-fuel-based vessels in the long run.
- 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 Vessel Industry Segmentation
Offshore vessels are ships that are used to do work on the high seas, like looking for oil or building things. The vessels can be used for platform support, anchor handling, construction, maintenance, and more.
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 countries. 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 Size Summary
The offshore support vessel market is poised for significant growth over the next five years, driven by the increasing demand for deepwater oil and gas drilling operations and the enhanced viability of offshore projects. Despite challenges posed by commodity price volatility, advancements in technology aimed at addressing environmental concerns present substantial opportunities for market expansion. Notably, initiatives like Maersk Supply Service's Stillstrom project, which focuses on reducing carbon emissions from stationary vessels, exemplify the industry's commitment to sustainability. North America is expected to lead the market, bolstered by recent offshore oil and gas discoveries, which are anticipated to fuel demand for platform supply vessels and other support ships essential for offshore drilling and production activities.
The global demand for oil and gas has prompted a shift towards deepwater exploration, particularly in regions like the Gulf of Mexico, where shallow-water drilling has declined. This transition is expected to drive the offshore support vessel market, as exploration and development companies seek to capitalize on new petroleum sources. Recent discoveries by companies such as Hess Corporation and Talos Energy in the Gulf of Mexico underscore the potential for increased production and, consequently, a higher demand for offshore vessels. The market is moderately fragmented, with key players including Tidewater Inc., Bourbon Corporation SA, and Maersk Supply Service A/S, all of which are actively securing contracts to support the growing offshore activities.
Offshore Support Vessels Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2029
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Increasing Demand for Deepwater Oil and Gas Drilling Operations
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1.5.1.2 The Improved Viability of Offshore Oil and Gas Projects
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1.5.2 Restraints
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1.5.2.1 The Volatility in the Prices of Commodities Extracted
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Anchor Handling Tug/Anchor Handling Towing Supply Vessels (AHT/AHTSs)
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2.1.2 Platform Supply Vessels (PSVs)
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2.1.3 Other Types
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Rest of North America
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2.2.2 Europe
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2.2.2.1 United Kingdom
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2.2.2.2 France
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2.2.2.3 Russia
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2.2.2.4 Norway
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2.2.2.5 Italy
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2.2.2.6 Germany
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2.2.2.7 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 India
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2.2.3.3 South Korea
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2.2.3.4 Rest of Asia-Pacific
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2.2.4 South-America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 Qatar
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2.2.5.3 United Arab Emirates
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2.2.5.4 Rest of Middle-East and Africa
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Offshore Support Vessels Market Size FAQs
How big is the Offshore Support Vessels Market?
The Offshore Support Vessels Market size is expected to reach USD 13.41 billion in 2024 and grow at a CAGR of 5.95% to reach USD 20.57 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 13.41 billion.
