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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 13 Billion |
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Forecast Year Market Size (2035) |
~ USD 27 Billion |
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Regional Scope |
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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:
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Vessel Type |
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Application |
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End User |
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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.
Author Credits: Payel Roy, Dhruv Bhatia
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