Global Offshore Support Vessels Market Size, Share, Growth Analysis, By Vessel Type(anchor handling tug/anchor handling towing supply vessels, platform supply vessels ), By Water depth, By End Users - Industry Forecast 2022-2028

Global Offshore Support Vessels Market was valued at USD 22.91 billion in 2021, and it is anticipated to attain a value of USD 30.37 billion by 2028 with a CAGR of 4.11% over the forecast period (2022 - 2028).

Offshore support vessels are marine transport vessels that ferry equipment, materials, and machinery to and from underwater construction and exploration sites. These types of vessels include pipe-laying, crane, diving support, seismic survey, and platform supply ships, and are primarily utilized for oil and gas deposit examination, rig and platform hauling and positioning, and maintenance services. Apart from emergency response at offshore sites, offshore support vessels provide transportation, anchor management, and platform support services as well. The global market for offshore support vessels is expanding due to the increasing exploration activities for oil and gas and the rising demand for these vessels worldwide. Offshore drilling operations rely on PSVs to transport materials such as cement, casting, drilling pipes, and completion fluids. The industry is benefiting from technological advancements in the production processes of offshore support vessels, including the integration of Dynamic Positioning (DP) systems in marine vessels. Manufacturers are developing computer-controlled vessels that can automatically regulate their propellers and thrusters to maintain a specific location, further driving the industry's growth.

Segments covered in report

The global offshore support vessel Market is segmented on the basis of vessel type, application, end user and regions. The market for offshore support vessels type is divided into three categories: anchor handling tug/anchor handling towing supply vessels (AHT/AHTSS), platform supply vessels (PSV), and others. The offshore support vessels market can be divided into two categories based on water depth: shallow water and deep water. The offshore support boats market can be divided into two categories based on end-user: oil & gas and offshore wind. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East Africa.

Drivers

The global energy demand is heavily influenced by the expansion of the human population. According to the United Nations' World Population Prospects, the worldwide population is projected to grow from 7.6 billion to 9.8 billion by 2050, necessitating a diverse range of energy sources such as renewables, thermal, nuclear power, and oil and gas to satisfy this increase. As a result of the exploration of new energy reserves, there has been a surge in demand for well drilling and production activities, which has been beneficial for the offshore support vessel industry.

Restrains

The market for offshore support vessels (OSVs) is closely tied to fluctuations in oil prices, which have a significant impact on the profitability of oil and gas companies due to the high cost of offshore infrastructure. The day rates for OSVs are linked to the volatility of the oil and gas market, and investing in new vessels involves a significant financial commitment. Changes in crude demand and production levels from both OPEC and non-OPEC countries are the primary drivers of the unpredictable nature of oil and gas prices.

Trends

As the global demand for oil and gas continues to increase, companies are exploring new petroleum sources, including deepwater oil and gas exploration. This has led to a significant increase in crude oil production, with over 1700 thousand barrels per day being extracted from the Gulf of Mexico Federal Offshore zone in the United States. The growing popularity of offshore petroleum extraction and related services indicates a strong demand for these resources.