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Market Snapshot

CAGR:7.24

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	7.24

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Report Overview

Offshore Support Vessel Market Analysis By Application (Oil & Gas Exploration and Production, Offshore Wind, Offshore Construction, Others), By Type (Anchor Handling Tug Supply Vessel, Platform Supply Vessel, Diving Support Vessel, Others), and By Region Forecast to 2032:

The Offshore Support Vessel Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 5.72% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 12,345.67 million in market size. The expansion of this market is influenced by several key factors, including the increasing demand for energy resources, growth in offshore wind energy projects, and the need for specialized vessels to support offshore activities. Offshore support vessels play a crucial role in the logistics and operations of offshore industries.

Offshore Support Vessel Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Offshore Support Vessel Market is the continuous demand for oil and gas exploration and production. As offshore drilling activities expand, the need for support vessels for cargo transportation, anchor handling, and crew transfer becomes indispensable. These vessels ensure the efficient and safe operation of offshore platforms and rigs.

The offshore wind energy sector is another significant driver of market growth. Offshore wind farms require various types of support vessels for installation, maintenance, and transportation of equipment and personnel. With the global shift toward renewable energy sources, offshore wind projects are on the rise, contributing to the demand for offshore support vessels.

Trends:

An emerging trend in the Offshore Support Vessel Market is the increasing adoption of environmentally friendly and energy-efficient vessels. Environmental regulations and sustainability goals are driving vessel operators to invest in vessels powered by cleaner fuels, such as liquefied natural gas (LNG) and batteries. These vessels reduce emissions and align with the industry's commitment to sustainability.

Additionally, the integration of advanced technologies, such as automation and digitalization, is positively impacting market growth. Automation enhances vessel operations, while digitalization enables remote monitoring and predictive maintenance, improving vessel efficiency and reducing downtime.

Restraints:

One of the key challenges hindering the growth of the Offshore Support Vessel Market is the cyclical nature of the oil and gas industry. The market is closely tied to oil prices, and fluctuations in oil prices can lead to changes in drilling activities and vessel demand. Vessel operators need to navigate the uncertainty of the energy market.

The high capital cost associated with building and maintaining offshore support vessels can also act as a restraint. Vessel operators need substantial investments to acquire and operate these specialized vessels, which can impact profitability.

Offshore Support Vessel Market Segmentation By Application:

The oil and gas exploration and production segment is anticipated to be the primary application for offshore support vessels during the forecast period. These vessels are essential for various tasks, including transporting equipment, providing accommodation for crew members, and assisting with anchor handling and towing.

Offshore wind energy projects represent another significant market segment. Support vessels are crucial for the installation, maintenance, and logistical support of offshore wind farms. As the offshore wind industry continues to grow, the demand for specialized vessels is expected to rise.

Offshore support vessels also find applications in offshore construction projects, including subsea construction and cable laying, among others. These vessels are equipped to handle heavy lifting and support complex construction operations.

Offshore Support Vessel Market Segmentation By Type:

Anchor Handling Tug Supply Vessel (AHTS) is expected to be a major driver of market growth. AHTS vessels are designed to handle anchors and tow drilling rigs, making them indispensable for offshore drilling operations.

Platform Supply Vessel (PSV) plays a critical role in supplying offshore platforms and rigs with essential cargo, equipment, and provisions. The demand for PSVs is driven by offshore logistics requirements.

Diving Support Vessel (DSV) is essential for underwater inspection, maintenance, and repair operations. These vessels support subsea activities and contribute to offshore infrastructure maintenance.

Regional Overview:

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North America is poised to be a key contributor to the global Offshore Support Vessel Market, accounting for approximately 35% of the market's growth during the forecast period. The region's extensive offshore oil and gas operations, as well as offshore wind projects along the Atlantic coast, drive vessel demand.

Europe is another prominent region in the market, with a strong focus on offshore wind energy development. European countries are investing heavily in offshore wind farms, resulting in a significant demand for support vessels.

Offshore Support Vessel Market Customer Landscape:

The Offshore Support Vessel Market report encompasses the customer adoption lifecycle, ranging from early adopters to mainstream users. It delves into adoption rates across different regions based on offshore activity levels and includes key purchase criteria related to vessel capabilities, efficiency, and safety features.

Major Offshore Support Vessel Market Companies:

Companies in the offshore support vessel market are employing diverse strategies such as fleet expansion, technological innovation, and mergers and acquisitions to strengthen their market presence.

Example companies include:

Bourbon Corporation: Bourbon offers a comprehensive fleet of offshore support vessels designed to support a wide range of offshore activities, including oil and gas, renewables, and subsea operations.
Tidewater Inc.: Tidewater operates a global fleet of offshore vessels, providing services to the energy industry. The company focuses on safety, environmental sustainability, and operational excellence.
Seacor Marine Holdings Inc.: Seacor Marine owns and operates a diversified fleet of offshore support vessels, catering to offshore energy, shipping, and logistics needs.

The competitive landscape analysis in the report provides insights into 20 key market players, including:

Edison Chouest Offshore
GulfMark Offshore, Inc.
Siem Offshore Inc.
Havila Shipping ASA
Hornbeck Offshore Services, Inc.
Vroon Group
Solstad Offshore ASA
DOF ASA
Deep Sea Supply Plc
Swire Pacific Offshore Operations (Pte) Ltd.

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on fleet size, geographic presence, and service portfolio.

Segment Overview:

The Offshore Support Vessel Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

Application Outlook (USD Million, 2019 - 2032):

Oil & Gas Exploration and Production
Offshore Wind
Offshore Construction
Others

Type Outlook (USD Million, 2019 - 2032):

Anchor Handling Tug Supply Vessel (AHTS)
Platform Supply Vessel (PSV)
Diving Support Vessel (DSV)
Others

Geography Outlook (USD Million, 2019 - 2032):

North America

United States
Canada

Europe

United Kingdom
Germany
France
Rest of Europe

Asia-Pacific

China
Japan
India

Latin America

Brazil
Mexico

Middle East & Africa

United Arab Emirates
South Africa
Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL Offshore Support Vessel MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. Offshore Support Vessel MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Offshore Support Vessel Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.5.1. Power Of Suppliers

4.5.2. Power Of Buyers

4.5.3. Threat Of Substitutes

4.5.4. Threat Of New Entrants

4.5.5. Competitive Rivalry

Chapter 5. Offshore Support Vessel MARKET BY Application SIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2 Shallow

5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3 Deepwater

5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. Offshore Support Vessel MARKET BY End user INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2 Oil & Gas

6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3 Offshore Wind

6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. Offshore Support Vessel MARKET REGIONAL OUTLOOK

7.1. Offshore Support Vessel Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

7.2.1. North America Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.2. North America Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.3. North America Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.4. North America Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

7.2.5.1. U.S. Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.5.2. U.S. Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.5.3. U.S. Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.5.4. U.S. Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

7.2.6.1. Canada Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.6.2. Canada Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.6.3. Canada Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.6.4. Canada Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

7.3.1. Europe Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.2. Europe Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.3. Europe Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.4. Europe Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

7.3.5.1. Germany Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.5.2. Germany Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.5.3. Germany Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.5.4. Germany Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

7.3.6.1. France Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.6.2. France Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.6.3. France Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.6.4. France Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

7.3.7.1. U.K. Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.7.2. U.K. Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.7.3. U.K. Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.7.4. U.K. Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

7.4.1. Asia Pacific Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.2. Asia Pacific Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.3. Asia Pacific Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.4. Asia Pacific Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.5. CHINA

7.4.5.1. China Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.5.2. China Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.5.3. China Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.5.4. China Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

7.4.6.1. India Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.6.2. India Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.6.3. India Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.6.4. India Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

7.4.7.1. Japan Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.7.2. Japan Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.7.3. Japan Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.7.4. Japan Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

7.4.8.1. Australia Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.8.2. Australia Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.8.3. Australia Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.8.4. Australia Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

7.5.1. Mea Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.5.2. Mea Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.5.3. Mea Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.5.4. Mea Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

7.6.1. Latin America Offshore Support Vessel Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.6.2. Latin America Offshore Support Vessel Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.6.3. Latin America Offshore Support Vessel Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.6.4. Latin America Offshore Support Vessel Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

7.6.5. Latin America Offshore Support Vessel Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

8.2.1. New Product Launches

8.2.2. Investment & Expansion

8.2.3. Acquisitions

8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

8.3.1. North American Suppliers

8.3.2. European Suppliers

8.3.3. Asia-Pacific Suppliers

8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1 Bourbon (France)

9.1.1. Company Overview

9.1.2. Financial Performance

9.1.3. Product Insights

9.1.4. Strategic Initiatives

9.2 Seacor Marine LLC (US)

9.2.1. Company Overview

9.2.2. Financial Performance

9.2.3. Product Insights

9.2.4. Strategic Initiatives

9.3 Swire Group (Hong Kong)

9.3.1. Company Overview

9.3.2. Financial Performance

9.3.3. Product Insights

9.3.4. Strategic Initiatives

9.4 Tidewater (US)

9.4.1. Company Overview

9.4.2. Financial Performance

9.4.3. Product Insights

9.4.4. Strategic Initiatives

9.5 Gulfmark Offshore (US))

9.5.1. Company Overview

9.5.2. Financial Performance

9.5.3. Product Insights

9.5.4. Strategic Initiatives

9.6 Havila Shipping (Norway)

9.6.1. Company Overview

9.6.2. Financial Performance

9.6.3. Product Insights

9.6.4. Strategic Initiatives

9.7 Hornbeck Offshore Services (US)

9.7.1. Company Overview

9.7.2. Financial Performance

9.7.3. Product Insights

9.7.4. Strategic Initiatives

9.8 the Maersk Group (Denmark)

9.8.1. Company Overview

9.8.2. Financial Performance

9.8.3. Product Insights

9.8.4. Strategic Initiatives

9.9 Siem Offshore (Norway)

9.9.1. Company Overview

9.9.2. Financial Performance

9.9.3. Product Insights

9.9.4. Strategic Initiativesn

9.10 Company 10

9.10.1. Company Overview

9.10.2. Financial Performance

9.10.3. Product Insights

9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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Offshore Support Vessel Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032