Offshore Support Vessels Market Growth Analysis - Forecast Trends and Outlook (2024-2032)

According to this report, the global offshore support vessels market size reached approximately USD 17.80 billion in 2023. Aided by the expanding offshore oil and gas exploration activities, growth of the offshore wind energy sector, and technological advancements in vessel design, the market is projected to grow at a CAGR of 6.8% between 2024 and 2032, reaching a value of around USD 32.20 billion by 2032.

Offshore support vessels play a critical role in the offshore sector by providing transportation, maintenance, and supply services for oil rigs, offshore wind farms, and other structures. These vessels include anchor handling tug supply (AHTS) vessels, platform supply vessels (PSVs), multipurpose support vessels, and standby rescue vessels, among others. They are essential for supporting the construction, operation, and maintenance of offshore energy production facilities.

The offshore support vessels market growth is driven by the increasing investments in offshore oil and gas exploration and production, as well as the rapid expansion of the offshore wind sector. As energy demand continues to rise, companies are investing in deeper and more remote offshore regions to explore new oil and gas reserves. The need for specialised vessels to transport personnel, equipment, and supplies to and from offshore platforms has spurred the market demand.

Additionally, the growing focus on renewable energy sources, particularly offshore wind, is boosting the demand in the construction and maintenance of wind farms. The global shift towards cleaner energy sources and the increasing number of offshore wind projects are expected to be significant growth drivers for the offshore support vessels market in the coming years.

One of the primary drivers of the market is the expanding offshore oil and gas exploration activities. The demand for oil and gas continues to grow globally, driven by the increasing consumption of energy in emerging economies and the industrialisation of key markets. As onshore oil reserves become more depleted, energy companies are focusing on offshore reserves, particularly in deepwater and ultra-deepwater regions, consequently driving up the offshore support vessels market share.

Offshore support vessels are essential for ensuring the smooth operation of offshore exploration and production activities. These vessels transport critical supplies, equipment, and personnel to offshore platforms and are equipped to handle various tasks, including drilling support, anchor handling, and towing. The rise in offshore exploration activities in regions such as the North Sea, the Gulf of Mexico, and West Africa is driving the offshore support vessels market demand.

The growing adoption of renewable energy sources, particularly offshore wind, is a significant factor driving the market. Offshore wind energy has gained considerable attention in recent years due to its potential to provide large-scale, clean energy solutions. Offshore wind farms require specialised vessels for the installation and maintenance of wind turbines, including cable-laying vessels, maintenance support vessels, and crew transfer vessels.

With governments around the world setting ambitious targets for renewable energy generation, there has been a surge in offshore wind projects, particularly in Europe and Asia. As offshore wind farms expand, the demand for offshore support vessels to facilitate the construction, operation, and maintenance of these projects is expected to increase. This trend is likely to have a positive impact on the market over the forecast period.

As per the offshore support vessels market analysis, technological advancements in vessel design and capabilities are another key driver of the market. The development of more efficient, reliable, and technologically advanced vessels has increased the operational efficiency of offshore exploration and production activities. Modern offshore vessels are equipped with advanced navigation systems, dynamic positioning (DP) technology, and automation features that enhance safety, reduce fuel consumption, and improve performance in harsh offshore environments.

Moreover, the increasing focus on reducing carbon emissions and improving environmental sustainability has led to the development of greener vessels with energy-efficient engines and the use of alternative fuels. These innovations are expected to boost the demand for modern offshore support vessels as energy companies seek to optimise their offshore operations and comply with environmental regulations.

Market Segmentation

The global offshore support vessels market can be divided based on type, application, end use, and region.

Market Breakup by Type

• Anchor Handling Tug Vessel (AHTV)
• Platform Supply Vessel
• Multipurpose Support Vessel
• Crew Vessel
• Standby and Rescue Vessel
• Others

Market Breakup by Application

• Shallow Water
• Deep Water

Market Breakup by End Use

• Offshore Oil and Gas
• Offshore Wind

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global offshore support vessels market. Some of the major players explored in the report are as follows:

• Tidewater Inc.
• AP Moeller - Maersk A/S
• Royal IHC
• SEACOR Marine Holdings Inc.
• Austal Ltd.
• Damen Shipyards Group
• Hornbeck Offshore Services, Inc.
• Siem Offshore Inc.
• Harvey Gulf International Marine, LLC
• Horizon Maritime Services Ltd.
• Otto Candies, LLC
• Others