Offshore Support Vessel Market Size, Share, Growth, Industry

The Offshore Support Vessel Global Market Report 2023 by The Business Research Company, provides offshore support vessel market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Offshore Support Vessel Global Market Report 2023, the market size will grow from $24.18 billion in 2022 to $26.03 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The offshore support vessel market size is expected to grow to $31.62 billion in 2027 at a CAGR of 5.0%.

Increasing exploration and production activities for oil and gas are expected to propel the growth of the offshore support vessel market. A substantial presence of proven oil reserves in various countries is set to increase production activities. Innovations from such reserves are transforming into demand for well drilling and production activities, which, in turn, are maintaining the offshore support vessel market growth. Increasing oil and gas exploratory activities in the golden triangle, including the Gulf of Mexico, Brazil, and West Africa, are anticipated to drive offshore E&P activities in the region.

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The offshore support vessel market is segmented:

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

New product innovations have emerged as the key trend gaining popularity in the offshore support vessel market. Major companies operating in the offshore support vessel sector are introducing new products to reinforce their position. For instance, in December 2020, Siem Offshore’s PSV, a Norway-based company that manufactures offshore vessels, launched its first hybrid vessel, Siem Symphony. This vessel is fitted with a 600-kWh chargeable battery pack as an additional power supply, which helps to lower the fuel consumption of the vessel. These hybrid vessels are effective during standby mode.

The offshore support vessel market report table of contents includes: