"Rising demand for Oil and Gas, increasing offshore drilling and production activities across the globe are the key factors driving the demand for offshore support vessels"
The global offshore support vessels (OSV) market is poised to reach US$ 49.06 Bn by 2030, expanding at a CAGR of 7.8% during the forecast period from 2023 to 2030. Increasing deep and ultra-deep water hydrocarbon exploration and production activities, decommissioning of outdated platforms, and growing numbers of contracted rigs are identified as the major factors driving demand for offshore support vessels (OSV) worldwide. However, several environmental concerns with respect to offshore oil and gas activities, high replacement and maintenance cost of oil rigs, and equipment safety regulations are the major challenges faced by offshore support vessels (OSV) market globally.
"Increasing Demand from the Oil and Gas Industry to Drive Growth Prospects"
Rising Oil & Gas exploration activities for both onshore and offshore have paved a way towards the use of offshore support vessels. The offshore vessels are mostly involved in survey works, exploration, construction, production, decommissioning, maintenance and modernization of production facilities of oil & gas offshore projects. The aforementioned activities are expected to witness a growing demand in wake of growing exploration activities, driving demand for offshore support vessel (OSV) market worldwide.
Increasing number of offshore oil and gas exploration and development activities coupled with the rising investments in offshore projects is expected to increase the deployment of offshore support vessels (OSV). With the rising energy demand, substantial rise in offshore rig counts and contracts for bulk supply of offshore vessels will shape the market demand in the coming years.
"North America to Dominate, Asia Pacific to Witness Strong Growth"
In North America, the U.S. and Gulf of Mexico (GoM) are among the most explored regions for oil and gas productions. Increasing number of oil production units and offshore rig counts is a major driver for the OSV market in this region. In 2018, the U.S. Government allowed for exploration and development of new offshore oil and gas activities in its coastal waters giving a growth opportunity for offshore vessels.
Increasing number of offshore wind power projects in North America is expected to drive the need for related activities like construction, operation, maintenance, etc. which is expected to boost demand for offshore support vessels (OSV) during next few years.
Increasing deep and ultra-deepwater hydrocarbon exploration activities in South China Sea of Asia Pacific are projected to fuel the demand for offshore support vessels (OSV). In Asia Pacific, the mounting exploration and production (E&P) investments will drive the business landscape for offshore support vessels (OSV). In 2019, PERDANA PETROLEUM a Malaysian company has been awarded as a panel contractor by PETRONAS for offering services of drilling rigs, offshore installations, towing and anchor jobs with the help of offshore support vessels (OSVs).
Key Players & Competitive Landscape:
Some of the leading manufacturers profiled in the study includes Edison Chouest Offshore LLC, PACC Offshore Services Holdings Ltd., Bourbon Corporation SA, Tidewater Inc., Maersk Supply Service A/S, Seacor Marine Holdings Inc., Swire Pacific Limited, Hornbeck Offshore Services Inc., Harvey Gulf International Marine LLC, and Solstad Offshore ASA.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Offshore Support Vessels market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
