CHICAGO, June 25, 2024 /PRNewswire/ -- Offshore Support
Vessel Market in terms of revenue was estimated to be
worth $25.6 billion in 2024 and is
poised to reach $36.3 billion by
2029, growing at a CAGR of 7.2% from 2024 to 2029 according to a
new report by MarketsandMarkets™.
The global Offshore Support Vessel Market is anticipated to grow
at a higher level. There are various drivers responsible for the
growth of the market such as government policies and incentives and
technological advancements among others. The rising global demand
for energy, particularly from developing countries, pushes the need
for increased offshore exploration and production, subsequently
driving the OSV market.
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Browse in-depth TOC on "Offshore Support Vessel
Market"
260 - Tables
70 - Figures
300 -
Pages
Offshore Support Vessel Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$25.6
billion
|
Estimated Value by
2029
|
$36.3
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 7.2%
|
Market Size Available
for
|
2019–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion) / Volume
(Units)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Offshore support vessel
Market by materials used, fuels used, type, application, end-user
and
region.
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and RoW.
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Increased
ultra-deepwater exploration activities, especially in Arctic
region
|
Key Market
Drivers
|
Increasing investments
in offshore wind and oil & gas projects
|
Shallow water, by application, is expected to be the largest
segment during the forecast period.
Maintenance and refurbishment of aging offshore infrastructure
in shallow waters are critical activities that heavily rely on the
support of offshore support vessels (OSVs). Over time, offshore
installations such as oil platforms, pipelines, and production
facilities deteriorate due to harsh marine conditions,
necessitating regular upkeep to ensure their safety, efficiency,
and compliance with environmental regulations. OSVs play a crucial
role in these operations by providing the necessary transportation,
logistical support, and specialized equipment needed for
maintenance tasks.
These vessels are equipped to handle a wide range of activities,
including inspection, repair, and replacement of structural
components, as well as the deployment of divers and remotely
operated vehicles (ROVs) for underwater work. Additionally, OSVs
offer essential services such as supply runs, waste removal, and
crew transport, ensuring that maintenance operations proceed
smoothly and without interruption. The presence of reliable OSVs
ensures that aging infrastructure can be effectively managed,
reducing the risk of accidents and prolonging the operational
lifespan of offshore assets. This ongoing demand for maintenance
and refurbishment services drives the growth and development of the
OSV market, particularly in regions with extensive shallow water
installations.
Offshore Oil & Gas, by end-user industry, is expected to
be the largest segment during the forecast period.
The expansion of exploration and production activities in
emerging offshore markets, particularly in deepwater reserves and
Arctic regions, is creating significant new opportunities for
offshore support vessel operators and manufacturers. These frontier
areas are attracting substantial investments from oil and gas
companies seeking to tap into previously unexplored or
underexplored hydrocarbon reserves.
Deepwater reserves, often found off the coasts of countries like
Brazil, Guyana, and West
Africa, present unique challenges and opportunities. The
complex and demanding nature of deepwater drilling operations
necessitates specialized support vessels equipped with advanced
technology and capabilities. These vessels must be able to operate
in harsh conditions, provide reliable support for drilling rigs,
transport personnel and supplies, and ensure safety and efficiency
in deepwater environments.
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North America is expected to
be the fastest growing region in the Offshore Support Vessel
Market.
The relentless global demand for energy continues to drive
significant growth in offshore exploration and production
activities, especially in resource-rich regions like the
Gulf of Mexico. This area's
abundant oil and gas reserves attract major energy companies and
independent operators, making it a prime target for exploration and
production initiatives. Offshore support vessels (OSVs) play a
crucial role in these ventures, providing essential services such
as transporting supplies, equipment, and personnel, as well as
performing specialized functions like anchor handling and subsea
construction support. Technological advancements in OSV design,
including dynamic positioning systems and automated tools, have
enhanced operational efficiency and safety, further boosting their
importance in offshore operations.
Key Market Players of Offshore Support Vessel
Industry:
Some of the major players in the Offshore Support Vessel
Market are A.P. Moller-Maersk (Denmark), Tidewater Inc. (US), BOURBON
(France), Edison Chouset Offshore
(US), and Deltamarin Ltd (Europe).
The major strategies adopted by these players include new product
launches, acquisitions, contracts, agreements, partnerships, joint
ventures, collaborations, investments, and expansions.
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Get access to the latest updates on Offshore Support Vessel
Companies and Offshore Support Vessel Industry Growth
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