Offshore Support Vessels Market Size, Share, Growth Report 2032

Offshore Support Vessels Market: Industry Prospective

The global offshore support vessels market was worth around USD 21.80 billion in 2021 and is estimated to grow to about USD 27.42 billion by 2028, with a compound annual growth rate (CAGR) of approximately 3.9 percent over the forecast period. The report analyzes the offshore support vessels market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the offshore support vessels market.

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Offshore Support Vessels Market: Overview

Offshore support vessels are crucial in energy operations in the sea and are a very important cog in the energy generation and distribution system of the world.  The offshore support vessels market growth is governed by rising demand for energy generation, increased sea trade activity, the rising establishment of offshore energy generation plants, etc.

However, the offshore support vessel market growth through 2028 is expected to be hindered by the high costs of offshore support vessel construction and operations. Another challenge that constrains offshore support vessels' market potential is fluctuating crude oil prices which could make offshore support vessels' operations a complete loss for the market on a global scale.

COVID-19 Impact:

The COVID-19 pandemic massively influenced the offshore support vessels market and resulted in huge losses for the industry in 2020 due to restrictions across the world. The energy industries across the world faced issues and many industries were shuttered due to lack of raw material, disrupted demand and supply chains, lack of skilled labor, etc. The impact on the oil and gas industry was catastrophic and as these are high investment potential industries the losses were also huge as compared to other industry verticals.

Sea trade and consumption of oil and gas were drastically affected by lockdown mandates across the globe as multiple countries closed their borders for trade and travel activity in order to contain the spread of infections. The market is expected to make a speedy recovery in the post-pandemic era as demand returns to normal. The offshore support vessels growth is expected to see a shaky trend with a sudden spike in demand after the restrictions are lifted.

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Offshore Support Vessels Market: Growth Drivers

Increasing Installation of Sustainable Energy Generation Plants

The demand for energy has significantly increased over the past few years and has spawned a highly lucrative market for energy generation across the world. However, the world is still heavily reliant on fossil fuels which are majorly governing offshore support vessels market growth through 2028. Increasing focus on clean energy and rising demand for energy is anticipated to boost the offshore support vessels market growth. Offshore support vessels are crucial in the establishment of offshore energy generation plants and this is anticipated to be a major trend driving offshore support vessels market growth through 2028.

Offshore Support Vessels Market: Restraints

High Capital Investments

Offshore support vessel construction is associated with high investments in capital as well as a skilled workforce and this makes it a highly investment-intensive marketplace. From construction to operation of these vessels they require special infrastructure and a skilled set of crew to operate smoothly, all of these factors make it a highly capital intensive task and act as a restraining factor for the offshore support vessels market growth over the forecast period.

Offshore Support Vessels Market: Opportunities

Increasing Demand for Energy From Developing Countries

Emerging economies like India, China, Brazil, and Mexico are seeing rapid urbanization and industrialization and this has fostered a high demand for energy in these countries which is expected to provide lucrative opportunities for major offshore support vessels companies operating in the global landscape. Construction of high sea energy generation plants, oil rigs, and increasing popularity of offshore wind energy generation plants are expected to drive offshore support vessels market growth in emerging economies across the globe.

Offshore Support Vessels Market: Challenges

Crude Oil Price Fluctuations

Crude oil prices change every day in wake of changing economic climate of the world and this means the prices are never static and are always on a volatile trend. This is a major challenge for offshore support vessels market growth as these price fluctuations make or break a company’s profit margin. The deployment of offshore support vessels is largely influenced by crude oil prices as lower prices result in losses due to diminished profit margins and high operational costs of offshore support vessels.

Global Offshore support vessels Market: Segmentation

The global offshore support vessels market is segregated based on type, application, end user, and region.

By type, the market is divided into anchor-handling tug supply vessels, platform support vessels, multipurpose support, vessels, emergency response/standby and rescue vessels, crew vessels, seismic vessels, chase vessels, and others. The anchor-handling tug supply vessels are projected to maintain a dominant outlook through the forecast period. Their popularity is expected to be driven by their many features and robust design that is capable of handling multiple tasks.

By end user, the offshore support vessels market is segmented into oil & gas, and offshore wind. The increasing focus on sustainability and rising demand for clean energy is anticipated to propel the demand for offshore wind energy plants and this segment is expected to be crucially important to the offshore support vessels market growth through 2028. Lucrative government initiatives and increasing sustainability focus are expected to drive demand for offshore wind energy generation plants.

Report Scope:

Recent Developments

• In May 2021 – B.W. Offshore announced the funding for a floating vessel for storage and production of offshore gas field development Santos’ Barossa in Australia.

Offshore Support Vessels Market: Regional Landscape

An increasing number of clean energy establishments, favorable government policies, presence of key offshore support vessels companies are anticipated to be major factors governing offshore support vessels market growth in the European region. Increasing investments in explorations from the U.K in the North Sea are expected to provide lucrative market opportunities for offshore support vessels market players.

The market for offshore support vessels in North America is expected to experience robust growth over the forecast period as the region sees a major shift in energy generation from conventional sources to sustainable sources. High energy consumption from the United States and increasing adoption of sustainable energy generation are anticipated to boost the offshore support vessels market growth in this region.

Offshore Support Vessels Market: Competitive Landscape

Some of the main competitors dominating the global offshore support vessels market include - Maersk (Denmark), BOURBON (France), Ostenjso Rederi (Norway), MMA Offshore (Australia), SEACOR Marine (US), Solstad Offshore (Norway), Tidewater (US), PACC Offshore Services Holdings (Switzerland), DOF Group (Norway), Vroon Group (Netherlands), Siem Offshore (Norway), Swire Pacific (UK), Grupo CBO (Brazil), Royal IHC (Netherlands), Edison Chouest Offshore (US), Havila Shipping (Norway), Nam Cheong Limited (Malaysia), Kawasaki Kisen Kaisha (Japan), Harvey Gulf International Marine (US), and GC Rieber (Norway)

Global offshore support vessels market is segmented as follows:

By Type

• Anchor-handling tug supply vessels
• Platform support vessels
• Multipurpose support vessels
• Emergency response/standby and rescue vessels
• Crew vessels
• Seismic vessels
• Chase vessels
• Others

By Application

• Shallow Water
• Deepwater

By Type

• Oil & Gas
• Offshore Wind

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa