Offshore Support Vessel (OSV) Market

Offshore Support Vessel Market Size & Share - Future Growth Expectations

The global offshore support vessel market size is expected to reach USD 31.4 billion by 2028 from an estimated USD 22.6 billion in 2023, at a CAGR of 6.7% during the forecast period. The major factors driving the growth of this market include the rising trend of investments in offshore wind and oil & gas projects.

The offshore support vessel market is experiencing growth due to several key factors.
  • Increasing offshore exploration and production activities
  • Rising demand for energy resources
  • Technological advancements in vessel design and capabilities
  • Expanding offshore wind energy projects
  • Emerging markets driving demand, especially in Asia-Pacific and Latin America
  • Regulatory changes shaping vessel design and operation
  • Impact of oil price volatility on investment in offshore projects
  • Mergers and acquisitions influencing market dynamics
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Increasing offshore exploration and production activities: 
  • As the need for gas and oil grows worldwide, producers are looking into offshore areas that are located in deeper oceans. This makes specialist vessels—such as supply vessels, tug supply vessels for anchor handling, and platform supply vessels—necessary to support these tasks.
Rising demand for renewable energy resources: 
  • The demand for OSVs has increased due to the increased attention being paid to renewable energy, especially offshore wind turbines. Equipment for offshore wind farms is installed, maintained, and transported using these boats.
Technological advancements in vessel design and capabilities:
  • Improves in automation technology, propulsion systems, and vessel design have increased the effectiveness, security, and capacity of OSVs. This makes it possible for them to function more successfully in challenging offshore locations, which raises demand.
Emerging markets driving demand, especially in Asia-Pacific and Latin America: 
  • The market for OSVs is being driven by rising offshore exploration and production activity in developing countries, especially in Asia-Pacific and Latin America.
Regulatory changes shaping vessel design and operation: 
  • OSV design and operation are being impacted by strict environmental rules and safety standards in the offshore industry, which is causing older boats to be retired and being replaced with more contemporary, ecologically friendly vessels.
Impact of oil price volatility on investment in offshore projects: 
  • The long-term demand for energy resources and the requirement for effective offshore support services generally sustain the OSV business, even though changes in oil prices might have an impact on investments in offshore projects.
Mergers and acquisitions influencing market dynamics:
  • Market dynamics can be impacted by industry consolidation through mergers and acquisitions, which can result in larger fleets and improved service capabilities among major firms.
The offshore support vessel market is on an upward trajectory, poised for sustained expansion despite occasional ripples from global economic shifts, regulatory maneuvers, and fluctuations in energy demand.
 
Offshore Support Vessel Market Share - Global Industry Landscape
 
The offshore support vessel market is characterized by the presence of several key players competing for market share. Some of the leading companies in the offshore support vessel industry include:
  • DOF ASA (Norway),
  • Solstad Offshore ASA (Norway),
  • Tidewater Inc. (US),
  • A.P. Moller – Maersk (Denmark),
  • Siem Offshore (Norway),
  • BOURBON (France),
  • Vroon (Netherlands).
The global offshore support vessel market sees a diverse landscape with contributions from these companies, as well as numerous regional and specialized players. Market share dynamics remain fluid, influenced by factors like technological advances, regulatory shifts, industry collaborations, and project requirements.
 
Tidewater Inc. (US):
  • Tidewater Inc. is an offshore service vessel provider that supports offshore exploration and energy production activities worldwide. The company offers services for all phases of offshore oil and natural gas exploration activities, development and production of oil and natural gas plants, and establishment and maintenance of wind farms.
  • Tidewater Inc. offers different vessels, including PSVs, AHTS vessels, offshore tugs, FSVs, crew boats, and specialty vessels. Its vessels are used in shallow, intermediate, and deepwater offshore markets. The company also provides a range of other marine services, such as towing, salvage, and marine construction. Tidewater's global operations span all major offshore energy markets, including the Gulf of Mexico, the North Sea, West Africa, and Southeast Asia.
BOURBON (France):
  • BOURBON is a prominent supplier of marine solutions to the oil & gas sector, presenting an extensive array of service offerings, such as offshore accommodation, logistics, vessel management, and maintenance services.
  • BOURBON offers offshore support vessels through two companies: Bourbon Marine & Logistics and Bourbon Subsea Services. The offshore support vessel fleet of the company comprises AHTS vessels, PSVs, SSVs, offshore terminal tugs, MPSVs, and ROVs. The company is keen on expanding its portfolio of renewable energy services and has developed innovative solutions for the offshore wind industry. For instance, BOURBON developed inspection, maintenance, and repair, i.e., IMR vessel, to provide services to offshore wind farms.
Vroon (Netherlands):
  • Vroon is a shipping company offering seagoing transportation, engineering, and support services. It has a diverse set of deepsea and offshore vessels. The company functions through eight reportable business segments: Livestock Carriers, Offshore-support Vessels and Services, Dry Cargo Vessels, Container Vessels, Product Tankers, High-heat Tankers, Car Carriers, and Management Services and Solutions.
  • Vroon Group has an operational presence in various countries. It operates locally through its subsidiaries, including Vroon B.V. (Netherlands), Vroon Offshore Services (UK), Vroon Offshore Services B.V. (Netherlands), Vroon Offshore Services Ltd. (UK), Deeside Crewing Services Ltd. (UK), Vroon Offshore Services Srl (Italy), Vroon Offshore Services Pte Ltd. (Singapore), Iver Ships B.V. (Netherlands), Vroon-Fil Ship Management (VFSM) (Philippines), Livestock Express (Netherlands), Livestock Express B.V. (Netherlands), and Livestock Express Pte Ltd. (Singapore).

Related Reports:

Offshore Support Vessel Market by Technology (AHTS, PSV, MPSV, Standby & Rescue Vessels, Crew Vessels, Chase Vessels, Seismic Vessels), Application (Shallow water, Deepwater), End-user Industry, Material, Fuel Type and Region - Global Forecast to 2028

Offshore Support Vessel (OSV) Market Size,  Share & Growth Report
Report Code
EP 2894
RI Published ON
5/8/2024
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