Offshore Support Vessel Global Market Report 2024

Offshore support vessels are specialized ships tailored for ocean operations, serving a diverse range of functions. These versatile vessels perform tasks such as platform support, anchor handling, construction, maintenance, and transportation of equipment to offshore rigs. Additionally, they are utilized for tasks such as repairing offshore wind turbines and various other offshore operations.

The primary segments within the offshore support vessel markets encompass anchor-handling tug supply vessels, platform support vessels, multipurpose support vessels, emergency response or standby vessels, rescue vessels, crew vessels, seismic vessels, and chase vessels. Anchor-handling tug supply vessels function as pivotal supply ships crucial for oil rig installation in offshore areas and are instrumental in rescue operations. These vessels double up as emergency response and rescue vessels (ERVs) and facilitate supply transportation. Services rendered span technical support, inspections, surveys, and more. These vessels operate across diverse water depths, including shallow, deep, and ultra-deep waters, serving various applications in the oil and gas sector and broader offshore activities.

The offshore support vessels market research report is one of a series of new reports from The Business Research Company that provides offshore support vessel market statistics, including offshore support vessel industry global market size, regional shares, competitors with an offshore support vessel market share, detailed offshore support vessel market segments, market trends and opportunities, and any further data you may need to thrive in the offshore support vessel industry. This offshore support vessel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The offshore support vessel market size has grown strongly in recent years. It will grow from $25.8 billion in 2023 to $27.91 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed in the historic period can be attributed to activities such as oil and gas exploration and production, crew transfer and accommodation, drilling support services, as well as supply and cargo transportation, along with towage and anchor handling.

The offshore support vessel market size is expected to see strong growth in the next few years. It will grow to $37.01 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The forecasted growth is driven by increased attention to decommissioning, environmental compliance, offshore infrastructure investment, global energy demand, and oil price dynamics. Key trends include advanced dynamic positioning systems, offshore wind projects, eco-friendly designs, digitalization, automation, crew safety features, and versatile vessels.

The anticipated surge in exploration and production endeavors within the oil and gas sector stands as a key driver propelling the growth of the offshore support vessel market. Notably, the presence of substantial proven oil reserves across various global regions is poised to stimulate heightened production activities. The innovations stemming from these reserves are translating into escalated demand for both well drilling and production operations, thereby fostering sustained growth within the offshore support vessel market. The intensified exploration initiatives within the "golden triangle," encompassing regions such as the Gulf of Mexico, Brazil, and West Africa, are anticipated to significantly propel exploration and production endeavors in these areas. A survey report published by S&P Global in March 2022 highlighted substantial growth indicators in the oil and gas exploration industry during Q1. It noted remarkable surges in production, capital expenditures, employment rates, and overall operating costs. Specifically, around 52% of respondents reported an uptick in oil production, complemented by 47% reporting increased natural gas production in the same quarter of 2022. Consequently, the escalating momentum in exploration and production activities within the oil and gas sector emerges as the driving force behind the growth trajectory of the offshore support vessel market.

The anticipated surge in global energy demand stands as a primary driver propelling the growth trajectory of the offshore support vessel market. As the need for energy continues its upward trend on a global scale, there's a corresponding necessity for expanded exploration activities in offshore territories. Offshore support vessels assume a pivotal role in facilitating these endeavors by efficiently transporting personnel, essential equipment, and supplies to and from offshore rigs and platforms. For instance, projections by the ExxonMobil Corporation in August 2023 indicate a substantial surge in global energy demand, estimated to reach approximately 660 quadrillion British Thermal Units (Btu) by the year 2050. This projection marks a significant upsurge of about 15% compared to energy consumption levels witnessed in 2021. Consequently, the escalating global energy demand serves as the principal impetus driving the expansion of the offshore support vessel market.

Key players in the offshore support vessel sector are directing their efforts towards pioneering solutions, notably the development of innovative hybrid offshore vessels. These vessels combine various power sources or propulsion systems to enhance efficiency and performance. An illustration of this trend is evident in the actions of MHO-Co A/S, a Denmark-based provider of offshore transport equipment, which introduced the '35m Hybrid Offshore Support Vessels' in March 2022. This introduction includes the 'MHO Apollo' and 'MHO Asgard,' two novel 35m hybrid crafts infused with green technology. Characterized by their lightweight structure, these vessels optimize space and significantly reduce emissions. Moreover, a noteworthy aspect is the incorporation of the Wave MiniBOSS IMO bilge filter system in each vessel, ensuring the complete elimination of oily bilge water discharge during maritime operations, reflecting a commitment to environmental responsibility and compliance.

Key players in the offshore support vessel sector are prioritizing the development of pioneering solutions, notably the Marine Advisory System Operational Planner, aimed at ensuring dependable services for customers. This specialized software module is tailored to enhance the efficiency of offshore operations, specifically for wind farms and diverse marine installations. A notable instance is witnessed in June 2023, when ABB Ltd., a renowned technology company based in Switzerland, introduced the OCTOPUS - Marine Advisory System Operational Planner for offshore support vessels. This software suite serves as a comprehensive tool, leveraging real-time data and insights pertaining to crucial factors such as weather conditions, sea state, and vessel motions, thereby optimizing the operational performance of offshore vessels.

In March 2022, Tidewater, a leading U.S.-based provider of offshore service vessels, successfully acquired Swire Pacific Offshore (SPO) for an approximate sum of $190 million. This strategic acquisition enables Tidewater to integrate SPO's extensive fleet of 50 offshore support vessels (OSVs) into its operations. The acquired vessels include 29 anchor handling tug supply (AHTS) vessels and 21 platform supply vessels (PSVs). Swire Pacific Offshore (SPO) Ltd., based in Singapore, is a specialized marine services provider with a robust fleet of over 50 vessels. This acquisition positions Tidewater to enhance its capabilities and expand its presence in the offshore service industry.

Major companies operating in the offshore support vessel market report are A.P. Moller - Maersk, Swire Pacific Offshore, Wartsila, Kawasaki Kisen Kaisha Ltd., Damen Shipyards Group, McDermott International Inc., Topaz Energy and Marine, K Line Offshore AS, Solstad Offshore ASA, Vroon Offshore Services B.V., DOF ASA, Keppel Corporation, Tidewater Inc., Bourbon Corporation SA, IHC Offshore Marine B.V., Hornbeck Offshore Services Inc., Maersk Supply Service A/S, PACC Offshore Services Holdings Ltd., Seacor Marine Holdings, Harvey Gulf International Marine LLC, Siem Offshore, Havila Shipping ASA, Simon Mokster Shipping AS, Sanko Steamship Co. Ltd., Island Offshore Management AS, Farstad Shipping ASA, SINOPACIFIC Shipbuilding Group, Gulf Offshore N.S. Ltd., Qingdao Euchuan, Rem Maritime AS

Asia-Pacific was the largest region in the offshore support vessel market in 2023. North America is expected to be the fastest growing market in the forecast period. The regions covered in the offshore support vessel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the offshore support vessel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The offshore support vessel market consists of sales of well intervention vessels, and accommodation vessels. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Offshore Support Vessel Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on offshore support vessel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for offshore support vessel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The offshore support vessel market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Anchor-handling tug supply vessels; Platform Support Vessels; Multipurpose Support Vessels; Emergency Response or Standby and Rescue Vessels; Crew Vessels; Seismic Vessels; Chase Vessels
• 2) By Service: Technical Services; Inspection and Survey; Other Services
• 3) By Water Depth: Shallow water; Deepwater; Ultra-Deepwater
• 4) By Application: Oil and Gas Applications; Offshore Applications
• Companies Mentioned: A.P. Moller - Maersk; Swire Pacific Offshore; Wartsila; Kawasaki Kisen Kaisha Ltd.; Damen Shipyards Group
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.