Offshore Support Vessel Market to Grow with a CAGR of 4.91% through 2028
Increasing demand for electricity from renewable energy sources and Growing
demand for power in developing countries are likely to drive the market in the
forecast period, 2024-2028.
According to TechSci Research report, “Offshore
Support Vessel Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Offshore Support Vessel
Market stood at USD 18.71 billion in 2022 and is anticipated to grow with a
CAGR of 4.91% in the forecast period, 2024-2028. One of the primary drivers of the global Offshore Support
Vessel (OSV) market is the continued growth in offshore exploration and
production (E&P) activities in the oil and gas sector. OSVs play a critical
role in supporting offshore E&P operations, including drilling, production,
and maintenance activities. These vessels are essential for transporting
personnel, equipment, and supplies to offshore platforms and rigs, as well as
assisting in anchor handling and towing operations. The global demand for energy
continues to rise, and many of the world's remaining hydrocarbon reserves are
located in offshore regions. As a result, offshore E&P activities are
expanding into deeper waters and more remote locations, where OSVs are
indispensable for ensuring the logistical and operational support required for
safe and efficient offshore operations. The growing focus on deepwater and
ultra-deepwater exploration further drives the need for specialized OSVs
capable of operating in challenging offshore environments. The OSV market is
closely tied to the cyclical nature of the oil and gas industry, with
fluctuations in oil prices influencing investment decisions and, subsequently,
OSV demand. When oil prices are high, there is increased exploration and
production activity, leading to a surge in OSV requirements. Conversely, during
periods of low oil prices, reduced capital expenditures by oil companies can
result in a temporary dip in OSV demand. Despite these cyclical challenges, the
long-term outlook for OSVs remains positive as offshore E&P activities are
expected to continue, especially in deepwater and ultra-deepwater regions.
The expansion of offshore
renewable energy projects, particularly offshore wind farms, is another
significant driver of the global OSV market. Governments and energy companies
worldwide are increasingly investing in renewable energy sources to reduce carbon
emissions and transition to cleaner energy options. This shift has led to a
growing demand for OSVs to support offshore renewable energy projects. Offshore
wind energy, in particular, has witnessed substantial growth in recent years.
OSVs are crucial for the installation, maintenance, and operation of offshore
wind turbines. They transport wind turbine components, foundations, and
maintenance crews to offshore wind farm sites, ensuring the efficient
deployment and functioning of these renewable energy structures. The
development of offshore renewable energy projects is not limited to offshore
wind; it also includes tidal and wave energy installations, which require OSVs
for logistical support and maintenance. This diversification of the offshore
energy sector expands the OSV market beyond traditional oil and gas operations.
Moreover, the expansion of offshore renewables contributes to the
sustainability and environmental credentials of the OSV market. As the world
seeks cleaner and more sustainable energy sources, the role of OSVs in
supporting offshore renewable energy projects is expected to grow, making them
a crucial driver of the global OSV market's future.
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The Global Offshore Support Vessel Market is segmented
into type, application, end use and region. Based on its type, The
Anchor-handling Tug Supply segment emerged as the dominant player in the global
market for Offshore Support Vessel in 2022. AHTS vessels are renowned for their
multifaceted functionality. They are specifically designed to perform anchor
handling operations, which involve moving, positioning, and securing anchors
for offshore rigs and platforms. These vessels have powerful winches and towing
equipment, enabling them to handle heavy anchors, chains, and cables.
Additionally, they serve as supply vessels, transporting essential goods,
equipment, and personnel to offshore installations. This dual capability makes
AHTS vessels invaluable in offshore activities. A significant portion of AHTS
vessel demand comes from the offshore oil and gas industry. These vessels play
a crucial role in the installation, maintenance, and decommissioning of
offshore drilling rigs and production platforms. They are responsible for
positioning and securing anchors to keep these structures stable in challenging
offshore environments. Moreover, AHTS vessels provide supply and logistic
support to offshore personnel and ensure the timely delivery of equipment and
provisions. The rise of offshore renewable energy projects, particularly
offshore wind farms, has expanded the role of AHTS vessels beyond the
traditional oil and gas sector.
Based on application, The Shallow Water segment is
projected to experience rapid growth during the forecast period. Shallow water
OSVs are designed and equipped to operate in offshore areas with relatively low
water depths. Typically, these vessels are used in coastal regions, nearshore
fields, and shallow continental shelf areas where water depths do not exceed a
certain threshold, often less than 200 meters (approximately 656 feet). Due to
the shallower waters, these vessels can have different design features compared
to deepwater OSVs. Shallow water OSVs are particularly suitable for nearshore
operations, which include activities close to the coastline. They play a
critical role in supporting offshore renewable energy projects, such as
nearshore wind farms and tidal energy installations. These vessels facilitate
the transportation of wind turbine components, foundations, and maintenance
crews to nearshore locations where wind resources are abundant. Additionally,
they assist in the installation and maintenance of underwater cables for energy
transmission. Operating in shallow waters presents unique challenges related to
coastal and environmental considerations. Shallow water OSVs must adhere to
strict regulations governing activities in coastal zones, which often have
sensitive ecosystems and tourism interests.
Major companies operating in Global Offshore
Support Vessel Market are:
- Bourbon
- Siem Offshore AS
- Keppel Offshore & Marine Limited
- Vard AS
- Cosco Shipping (Qidong) Offshore Co.,
Ltd
- Island Offshore Shipping AS
- DOF Group
- SEACOR Marine LLC
- Solstad Offshore ASA
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“The Global Offshore Support Vessel market is expected
to rise in the upcoming years and register a significant CAGR during the
forecast period. The global offshore oil and gas industry is expected to grow
in the coming years, due to the increasing demand for energy. This is driving
the demand for offshore support vessels, which are used to support offshore oil
and gas exploration and production activities. Deepwater exploration and
production activities are becoming increasingly common, as the oil and gas
reserves in shallow waters are depleting. This is driving the demand for
offshore support vessels, which are specifically designed for deepwater
operations. Additionally, Offshore wind power is a rapidly growing industry,
and it is expected to continue to grow in the coming years. This is driving the
demand for offshore support vessels, which are used to support offshore wind
power operations. Therefore the market of Offshore Support Vessel is expected
to boost in the upcoming years..,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Offshore Support Vessel Market By
Type (Anchor-handling Tug Supply, Platform Support, Multipurpose Support,
Emergency Response/Standby and Rescue, Crew, Seismic, Chase, and Other), By
Application (Shallow Water and Deepwater), By End Use (Oil & Gas and
Offshore Wind), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Offshore Support Vessel Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Offshore Support Vessel Market.
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