Offshore Support Vessel (OSV) Market Size & Share, by Vessel Type (PSV, MRSV, OSCV, AHTS, ERRSV); Application (Deepwater, Shallow Water); End-user (Oil & Gas, Offshore Wind Energy, Patrolling) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5025
  • Published Date: Jun 14, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Offshore Support Vessel Market size is expected to surpass USD 27 Billion by the end of 2035, witnessing around 7% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of offshore support vessels was around USD 13 Billion. Offshore support vessels (OSV) support various activities, such as drilling, installation, and supply transportation. The growing demand for energy will drive the need for OSV. Increasing middle-class development in economies that are developing boosts the consumption of energy by approximately 35%.

Higher investment influx in the oil & gas industry. Oil industry investment leads to the development of new offshore fields that increase the need for OSVs to carry out different operations. For ensuring a substantial supply of oil & gas, the investment in the oil & gas industry climbs from USD 499 billion in 2022 to USD 640 billion in 2030. Besides this, the rise in the number of offshore wind farms will also expand the growth of the OSV market. OSVs play a crucial role in transporting personnel equipment, and materials for the construction of new offshore wind farms. According to current forecasts, around 234 gigatons of offshore wind energy are expected to be built worldwide by 2030, which might equate to about 30,000 turbines.


Offshore Support Vessel Market-min
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Offshore Support Vessel Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Renewable Energy – The global renewable energy generation grows from around 29% in 2021 to more than 60% by 2030. Offshore wind farms are the primary sources of clean energy. OSVs are essential for various activities, including cable laying and maintenance.
  • Replacement of Outdated Offshore Infrastructure – Many offshore installations in the North Sea have either reached or have beyond their original estimated design life of roughly 30 years. OCVs aid in the safe and efficient removal of platforms, pipelines, and other structures from the seabed.
  • Increasing Exploration in Offshore Areas– OCVs are equipped with specialized seismic equipment. They give clear and detailed images of the subsurface geology, which helps in exploring potential hydrocarbon reservoirs. Offshore drilling activities increased by 10% each year in both 2021 and 2022. This boosted the number of offshore wells drilled in 2021 to approximately 2,500.

Challenges

  • Huge Gap in the Supply-Demand – There is an abundance of offshore support vessels in the market, which has led to the supply-demand gap in the industry. The number of offshore supply vessels has surpassed the demand for OSV. It has put a lot of pressure on the manufacturers regarding prices and the competition has also increased, which has reduced the profit margins for many manufacturers.
  • Strict Government Regulation Associated with the Energy Sector
  • Need for High Capital Influx for its Deployment

Offshore Support Vessel Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~7%

Base Year Market Size (2022)

~ USD 13 Billion

Forecast Year Market Size (2035)

~ USD 27 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Offshore Support Vessel Segmentation

Vessel Type {Platform Supply Vessel (PSV), Multirole Field & ROV Support Vessel (MRSV), Offshore Subsea Construction Vessel (OSCV), Anchor Handling Tug Supply (AHTS), Emergency Response & Rescue Vessels (ERRSV)}

The anchor handling tug supply segment in the offshore support vessel market is expected to grow at a CAGR of approximately 8% over the forecast period and is estimated to gain the largest market share of about around 35% in the year 2035. The high volume range, a feature of towage services & anchor handling is likely to drive the segment gain. The anchor handling operation carried by the anchor handling tug supply helps in moving and holding the rig and protects them during the hazardous environment. Besides this, AHTS is closely equipped and is used in various operations, such as enhanced oil recovery, firefighting, and rescuing in an emergency situation.

End User (Oil & Gas, Offshore Wind Farm, Patrolling)

The offshore wind farm segment in the OSV market is slated to garner a significant share of around 60% in the year 2035. The rising demand for renewable electricity will increase the need for offshore wind energy. OSV supports the research, development, and production of renewables by proving transportation, accommodation, and equipment storage for the research teams and manufacturers. To achieve the Net Zero Emissions by 2050 Scenario, which requires about 7 900 TWh of wind electricity output in 2030, average annual capacity additions must be increased to nearly 250 GW. Moreover, wind farm technology is quickly evolving, with a growing focus on floating offshore wind farms located in deep oceans which will also drive the segment growth in the market.

Our in-depth analysis of the global market includes the following segments:

     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)

     Application

  • Deepwater
  • Shallow Water

     End User

  • Oil & Gas
  • Offshore Wind Farm
  • Patrolling

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Offshore Support Vessel Industry- Regional Synopsis

North American Market Forecast

North America offshore support vessel market is projected to hold around 37% of the revenue share by the end of 2035. Rising developmental project of offshore wind. The Biden-Harris Administration dramatically increased the areas of the United States country eligible for offshore wind development over the last year. Installation of offshore wind farms requires the need for OSV for transporting essential components and raw materials to the sites. Moreover, the falling prices of offshore wind in the region will also significantly drive the market growth in the North American region. In the United States, around 40,083 megawatts (MW) are already in various phases of development. Moreover, the offshore wind pipeline grew by 13.5% over the previous year.

APAC Market Statistics

The Asia Pacific offshore support vessel market is estimated to be the second largest, registering a share of about 25% in the upcoming years. The rising activity in deepwater oil fields will drive the need for offshore support vessels. CNOOC Ltd., China's offshore operator, has initiated a drilling project to develop the Lingshui 25-1 deepwater gas resource in the South China Sea's Qiongdongnan basin.  The total drilling depths are anticipated to go as far as 60,000 meters.

Research Nester
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Top Featured Companies Dominating the Offshore Support Vessel Landscape

top-features-companies
    • Tidewater Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Bourbon Corporation SA
    • Seacor Marine Holdings Inc.
    • Maersk Supply Service
    • Solstad Offshore ASA
    • Swire Pacific Offshore
    • Vroon Offshore Services
    • Abdon Callais Offshore LLC
    • Ulstein Group ASA
    • Navarino

In-the-news

In The News

  • Navarino announced the collaboration with Vroon, a Netherlands-based operator of 120 offshore support vessels. The collaboration will help Vroon to launch Quazar solutions in their vessels. Quazar offers an easy and effective way of managing and designing the vessel.
  • Ulstein Group ASA partnered up with ESVAGT for converting two platform supply vessels, Hermit Prosper and Hermit Fighter into emergency response rescue vessels (ERRV) battery hybrid vessels.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5025
  • Published Date: Jun 14, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for renewable energy, growing installation of offshore wind farms, and increased exploration of hydrocarbons are the major factors driving the market growth.

The market size of offshore support vessel is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Tidewater Inc., Bourbon Corporation SA, Seacor Marine Holdings Inc., Maersk Supply Service, Solstad Offshore ASA, Swire Pacific Offshore, Vroon Offshore Services, Abdon Callais Offshore LLC, Ulstein Group ASA, and Navarino.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, application, end-user, and by region.

The offshore wind farm segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

High implementation cost and disruptive supply chain are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Offshore Support Vessel Market Report Scope
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