Offshore Support Vessel Market by Type, Applications, End-Use

Description

List of Tables

[193 Pages Report] The Offshore Support Vessel Market size was estimated at USD 31.40 billion in 2023 and expected to reach USD 32.98 billion in 2024, at a CAGR 5.94% to reach USD 47.04 billion by 2030.

An Offshore Support Vessel is a specialized marine craft utilized to explore and develop offshore oil and gas fields. These vessels serve multiple roles, such as supplying, supporting, and enabling offshore drilling and production operations. The offshore support vessels are designed to provide logistical support and specialized services to offshore installations such as oil platforms, subsea construction, and diving operations in deep-sea environments. These vessels have advanced navigation systems and dynamic positioning (DP) capabilities to maintain precise station-keeping near offshore facilities, often under challenging sea conditions. Their functionality ranges from transporting essential supplies, equipment, and personnel to engaging in emergency response, maintenance and repair, and towing and anchoring services. Increasing energy demand and subsequent investment in offshore oil and gas projects have increased the scope of offshore support vessels. Moreover, the growing focus on deep-water and ultra-deep-water oil & gas exploration activities, coupled with heightened development in offshore wind energy projects, has further bolstered the market. However, high capital investments and maintenance costs for offshore support vessels may impede market growth. Moreover, volatility in crude oil prices can affect investment in offshore exploration and production, challenging market growth. Nevertheless, the integration of new technologies, such as digitalization and automation, to optimize operations may increase the scope of offshore support vessels. Exploration of alternative fuels and hybrid propulsion systems to reduce the environmental impact may support the market's growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 31.40 billion
Estimated Year [2024]	USD 32.98 billion
Forecast Year [2030]	USD 47.04 billion
CAGR (%)	5.94%

Type: Increasing applications of anchor-handling tug supply (AHTS) vessels for multi-functional role in offshore operations

Anchor-handling tug supply (AHTS) vessels serve a multi-functional role in offshore operations. Primarily, these vessels are designed to set and tow anchors for drilling rigs and other offshore structures. They are also equipped to serve as supply ships, transporting necessary goods, equipment, and personnel to and from offshore installations. AHTS vessels are characterized by their robust build, powerful engines, and advanced navigation systems, which enable them to operate in challenging marine environments. Chase vessels are specialized boats that provide support and security for seismic operations. Their role includes ensuring that other vessels keep a safe distance from seismic cables and equipment during data acquisition. Chase vessels help in protecting the integrity of the seismic work by preventing fishing and other maritime traffic from interfering with the cables. Crew vessels are specifically designed for the rapid and safe transportation of offshore workers. They differ in size and capacity, ranging from small boats suitable for nearshore journeys to larger, ocean-going ships equipped for long-distance transits. Emergency response & standby & rescue vessels are pivotal in offshore safety management. These vessels are on continuous standby, ready to respond to any incident or distress situation on the oilfield. ERRVs are designed with medical facilities, firefighting equipment, and fast-rescue craft to address potential emergencies. Multipurpose support vessels (MSV) are adaptable assets in the offshore industry, configured to undertake various tasks. From diving support, subsea construction, and maintenance operations to ROV (Remotely Operated Vehicle) deployment and cable laying, MSVs are equipped with facilities that allow them to be customized according to the mission requirements. Platform support vessels (PSV) are integral to the logistical support for offshore platforms, mainly engaged in the transportation of personnel, drilling fluids, deck cargo, and other supplies. They have large deck areas for cargo and tanks to carry liquid supplies such as fuel, water, or mud. Seismic vessels are specialized ships used in the exploration phase of offshore oil and gas projects. These vessels tow multiple streamers lined with hydrophones to capture data from seismic waves that are reflected back from the undersea geological structures. The analysis of this data allows for the mapping of potential oil and gas reserves.

Application: proliferation of offshore support vessels in deepwater applications for oil & gas explorations

Deepwater applications refer to offshore activities in water depths typically exceeding 300 meters. Offshore support vessels (OSVs) designed for deepwater are equipped with advanced technology to handle the challenges of operating in these environments. They are robust, have dynamic positioning capabilities to maintain their location against strong currents and winds, and are often larger to accommodate additional supplies and equipment for extended periods at sea. Such vessels support various deepwater operations such as exploration and production of oil and gas, subsea construction, and maintenance of deepwater infrastructure. Shallow water applications involve operations carried out in maritime environments where water depths are generally less than 300 meters. Offshore support vessels servicing these areas are typically smaller than their deepwater counterparts due to their operational environment requiring less complexity in terms of design and equipment. They are used for various tasks such as towing and anchor handling for drilling rigs, transporting supplies, and crew transfer.

Regional Insights

In the Americas, the offshore support vessel market is concentrated around significant offshore oil & gas reservoirs, particularly in the Gulf of Mexico, Brazil, & the coasts of North America. The United States has a substantial presence of OSV operators providing advanced technological vessels to support deep-water and ultra-deep-water exploration activities. Recent regional trends include increased investment in offshore wind farm installations, particularly in the United States, which may influence the OSV market dynamics. Brazil continues to be a booming market for OSVs owing to extensive pre-salt basin exploration and production. Local content requirements and establishing a domestic shipbuilding industry also influence the market. The EMEA region has a diverse OSV market with mature fields in the North Sea, expanding operations in West Africa, and significant upstream activities in the Middle East. In Europe, stringent environmental regulations and aging offshore infrastructure necessitate specialized vessels for maintenance, decommissioning, and safety services. Offshore developments in the Middle East, notably in the Persian Gulf, are a consistent source of demand for OSVs. The African coast from Angola to Egypt presents a growth market driven by deep-water oil & gas exploitation affected by political instability and local economic conditions. The Asia-Pacific region showcases rapid growth in the OSV market, spurred by developments in offshore areas of Australia, China, Southeast Asia, and the Indian subcontinent. The increasing energy demand in these economies necessitates further exploration, thereby boosting the requirement for OSVs.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Offshore Support Vessel Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Offshore Support Vessel Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Offshore Support Vessel Market, highlighting leading vendors and their innovative profiles. These include A.P. Moller - Maersk A/S, Bourbon Maritime, BUREAU VERITAS MARINE & OFFSHORE, CBO Holding S.A., Damen Shipyards Group, DNV GL, DOF ASA, Edison Chouest Offshore Companies, GAC Group, GC Rieber AS, Glomar Holding B.V., Harvey Gulf International Marine, LLC, Havila Shipping ASA, Kawasaki Kisen Kaisha, Ltd., MMA Offshore Limited, Nam Cheong Limited, Ostenjso Rederi, PACC Offshore Services Holdings Ltd., SEACOR Marine Holdings Inc., Seaspan Corporation, Siem Offshore Inc., Solstad Offshore ASA, The VM Group, Tidewater Inc., Ulstein Group, Vroon Group B.V., and Wartsila Corporation.

Market Segmentation & Coverage

This research report categorizes the Offshore Support Vessel Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Anchor-Handling Tug Supply Vessels
- Chase Vessels
- Crew Vessels
- Emergency Response & Standby & Rescue Vessels
- Multipurpose Support Vessels
- Platform Support Vessels
- Seismic Vessels

Applications
- Deepwater
- Shallow water

End-Use
- Offshore Wind
- Oil & Gas

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Offshore Support Vessel Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Offshore Support Vessel Market?

3. What are the technology trends and regulatory frameworks in the Offshore Support Vessel Market?

4. What is the market share of the leading vendors in the Offshore Support Vessel Market?

5. Which modes and strategic moves are suitable for entering the Offshore Support Vessel Market?

Product Code: MRR-5012464368BD

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Government Initiatives for the Development of Offshore Oil & Gas Reserves
  - 5.1.1.2. Aging Offshore Infrastructure Leading to Replacements and Decommissions
- 5.1.2. Restraints
  - 5.1.2.1. Volatility in Oil Prices and Huge Capital Requirements for Offshore Support Vessel
- 5.1.3. Opportunities
  - 5.1.3.1. Surge in Investments for Offshore Wind Farm Construction
  - 5.1.3.2. Integration of Advanced Technologies and Innovative Offshore Support Vessels
- 5.1.4. Challenges
  - 5.1.4.1. High Operational Risks for OSVs due to Extreme Offshore Climatic Conditions
5.2. Market Segmentation Analysis
- 5.2.1. Type: Increasing applications of anchor-handling tug supply (AHTS) vessels for multi-functional role in offshore operations
- 5.2.2. Application: proliferation of offshore support vessels in deepwater applications for oil & gas explorations
5.3. Market Trend Analysis
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
5.9. Client Customization

6. Offshore Support Vessel Market, by Type

6.1. Introduction
6.2. Anchor-Handling Tug Supply Vessels
6.3. Chase Vessels
6.4. Crew Vessels
6.5. Emergency Response & Standby & Rescue Vessels
6.6. Multipurpose Support Vessels
6.7. Platform Support Vessels
6.8. Seismic Vessels

7. Offshore Support Vessel Market, by Applications

7.1. Introduction
7.2. Deepwater
7.3. Shallow water

8. Offshore Support Vessel Market, by End-Use

8.1. Introduction
8.2. Offshore Wind
8.3. Oil & Gas

9. Americas Offshore Support Vessel Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Offshore Support Vessel Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Offshore Support Vessel Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Pelagic takes stake in Norwegian support vessel operator
- 12.3.2. Vietnamese company to provide offshore vessels to India's ONGC
- 12.3.3. MHO-Co Launches Innovative 35m Hybrid Offshore Support Vessels

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio