(MENAFN- GlobeNewsWire - Nasdaq) Rising Offshore Exploration and Production Activities, Increasing Offshore Wind energy Projects, and Rising Upgradation of Aging Fleets Driving industry GrowthDublin, Feb. 06, 2025 (GLOBE NEWSWIRE) -- The "Offshore Support Vessels market 2025-2033" report has been added to ResearchAndMarkets.com's offering.
The global offshore support vessels market size reached USD 46.2 billion in 2024. Looking forward, the market is forecast to reach USD 61.3 billion by 2033, exhibiting a growth rate (CAGR) of 3.2% during 2025-2033. The growing number of offshore wind energy projects due to the focus on renewable energy sources, rising offshore exploration and production, and increasing upgradation of aging fleets are some of the major factors propelling the market.
At present, the increasing adoption of OSVs for transporting essential supplies, equipment, and personnel to remote offshore locations across the globe is contributing to the growth of the market. Besides this, the rising popularity of offshore mining of minerals, such as polymetallic nodules and rare earth elements, is strengthening the market growth. In line with this, governing agencies of several countries are imposing stricter safety and environmental regulations on offshore operations, which is propelling the growth of the market.
Apart from this, rising advancements in vessel design, automation, and digitalization that assist in improving the efficiency and safety of OSVs are bolstering the growth of the market. Furthermore, the growing demand for OSVs due to the increasing subsea infrastructure construction activities, such as pipelines and underwater facilities, is offering a positive market outlook.
Offshore Support Vessels Market Trends/Drivers
Rising offshore exploration and production activities Increasing offshore wind energy projects Rising upgradation of the aging fleet
Offshore Support Vessels Industry Segmentation
This report provides an analysis of the key trends in each segment of the global offshore support vessels market report, along with forecasts at the global, regional and country levels from 2025-2033. The report has categorized the market based on type, water depth, fuel, service type, and application.
Breakup by Type
The report has provided a detailed breakup and analysis of the market based on the type. This includes anchor handling towing supply vessel, platform supply vessel, fast supply intervention vessel, multi-purpose service vessel, and others. According to the report, anchor handling towing supply vessel represented the largest segment.
Anchor handling towing supply vessels are powerful and versatile vessels designed to handle anchors, tow rigs, and perform a wide range of tasks in offshore operations. They are equipped with powerful winches, towing pins, and stern rollers that enable them to handle heavy anchor chains and mooring lines with precision. In line with this, they assist in the installation, relocation, and recovery of offshore drilling rigs. Moreover, they are essential for providing static positioning support to offshore installations during critical operations.
Breakup by Water Depth
The report has provided a detailed breakup and analysis of the market based on the water depth. This includes shallow water and deepwater. According to the report, shallow water represented the largest segment.
Shallow water OSVs are designed to navigate and support offshore activities in coastal areas, continental shelves, and other relatively shallow offshore regions. They are compact in size, shallow draft, and maneuverable, which allows them to access areas with restricted depth and limited infrastructure. Apart from this, in shallow water regions, OSVs play a vital role in supporting activities, such as exploration, drilling, well servicing, and subsea construction. They provide transportation of personnel and equipment, deliver supplies to offshore platforms, and facilitate the movement of goods between onshore bases and shallow water installations.
Breakup by Fuel
The report has provided a detailed breakup and analysis of the market based on the fuel. This includes fuel oil and LNG. According to the report, fuel oil represented the largest segment.
Fuel oil is a dense and viscous liquid petroleum product that is derived from crude oil refining processes. It is widely used as a fuel source in various maritime applications, such as OSVs, as these vessels are equipped with internal combustion engines that run on fuel oil to generate the power required for propulsion and to operate various onboard systems. In line with this, fuel oil powered OSVs are known for their enhanced reliability, which makes them well-suitable for long-haul voyages and offshore operations.
Breakup by Service Type
The report has provided a detailed breakup and analysis of the market based on the service type. This includes technical services, inspection and survey, crew management, logistics and cargo management, anchor handling and seismic support, and others.
Technical services OSVs are specialized vessels that are equipped with advanced equipment and skilled personnel to support various technical aspects of offshore operations. These vessels assist in the installation, maintenance, and repair of offshore infrastructure, such as oil and gas platforms, subsea equipment, pipelines, and underwater structures. They assist in conducting offshore construction and engineering works, such as lifting heavy loads and providing diving support for underwater activities.
Inspection and survey OSVs are tailored to carry out various types of offshore inspections, surveys, and data collection tasks. These vessels are equipped with surveying equipment, remotely operated vehicles (ROVs), and other inspection tools. They facilitate activities like bathymetric surveys, environmental monitoring, geotechnical investigations, and pipeline inspections.
Crew management OSVs are designed to provide accommodation and logistical support to personnel working on offshore installations. These vessels serve as floating accommodations to houses and cater to the needs of offshore workers during their shifts.
Breakup by Application
The report has provided a detailed breakup and analysis of the market based on the applications. This includes oil and gas applications and offshore applications. According to the report, oil and gas applications represented the largest segment.
The rising utilization of OSVs in oil and gas applications for supporting offshore exploration, production, and transportation activities is propelling the growth of the market. These vessels play a crucial role in the entire lifecycle of offshore oil and gas projects. During exploration, OSVs support seismic surveys and assist in the transportation of exploration teams and equipment to remote offshore sites. They also provide logistical support by delivering supplies and provisions to exploration vessels and platforms. In the production phase, OSVs are essential for the transportation of personnel, equipment, and supplies to offshore drilling rigs, production platforms, and floating production facilities.
Breakup by Region
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.
Asia Pacific held the biggest market share due to the presence of vast offshore reserves. Apart from this, the rising interest in renewable energy sources is contributing to the growth of the market in the region. In line with this, the increasing demand for OSVs for port support and logistics services is supporting the growth of the market. Additionally, the rising offshore exploration and production activities on account of the increasing demand for energy is bolstering the growth of the market in the Asia Pacific region.
Competitive Landscape
Major manufacturers are continuously upgrading their fleets with newer and more technologically advanced vessels. Modern OSVs are designed to be more fuel-efficient, environmentally friendly, and equipped with advanced equipment to meet the changing demands of offshore operations. In addition, many companies are diversifying their service offerings by providing inspection and survey services, subsea operations, and renewable energy support.
Besides this, various companies are focusing on sustainability and green practices in the industry and adopting measures, such as utilizing cleaner fuels, integrating renewable energy solutions, and promoting eco-conscious operations. Furthermore, key manufacturers are investing in research and development (R&D) activities to improve vessel capabilities and enhance operational efficiency.
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
Bourbon Grupo CBO Gulfmark Havila Maersk Seacor Marine SIEM Offshore Solstad Swire Tayrona Offshore Tidewater Vroon Group
Key Questions Answered in This Report
1. What was the size of the global offshore support vessels market in 2024?
2. What is the expected growth rate of the global offshore support vessels market during 2025-2033?
3. What are the key factors driving the global offshore support vessels market?
4. What has been the impact of COVID-19 on the global offshore support vessels market?
5. What is the breakup of the global offshore support vessels market based on the type?
6. What is the breakup of the global offshore support vessels market based on the water depth?
7. What is the breakup of the global offshore support vessels market based on the fuel?
8. What is the breakup of the global offshore support vessels market based on the application?
9. What are the key regions in the global offshore support vessels market?
10. Who are the key players/companies in the global offshore support vessels market?
Key Attributes
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