The global offshore support vessel market is anticipated to grow at a significant CAGR of 7.8% during the forecast period (2022-2028). During the exploration and exploitation of offshore mineral resources, offshore support vessels are used as platform support, anchor handling, construction, maintenance, and other applications. Shipowners run these vessels, which are used to detect oil and gas-bearing areas, tow rigs, and platforms. Subsea operations such as inspection, diving support, and maintenance are additionally, carried out by these vessels.
The offshore support vessel market is being driven by an increase in offshore exploration and production operations. Moreover, a rise in capital expenditure on offshore oil exploration further leads to offshore developments. The sector is ripe with prospects as technical advancements to address the environmental challenges connected with offshore boats. For instance, Maersk Supply Service has developed Stillstrom, an offshore vessel-charging business, to decarbonize the marine industry by removing idle emissions. In the long run, it will gradually phase out fossil-fuel-powered vessels.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance-
- In March 2022, Island Offshore, situated in Norway, has been granted new support vessel contracts worth $51 million. Platform supply vessels, anchor handling tug supply (AHTS) vessels, and light well intervention vessels are to be supplied under this contract.
- In March 2022, Nexans Norway awarded Havila Shipping a contract for the offshore construction vessel Havila Phoenix. The warship will remain in operation until October 2022.
- In January 2021, Kosmos Energy announced the discovery of deepwater oil in the Gulf of Mexico. The company was in a joint venture with the project’s operator, Beacon Offshore Energy LLC, which discovered oil at the Winterfell prospect on Green Canyon Block 944 in the Gulf of Mexico.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Depth
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– Tidewater Inc., Maersk Supply Service, Bourbon, Seacor Marine Holdings Inc., and Solstad Offshore, among others.
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Global Offshore Support Vessel Market Report by Segment
By Type
- Anchor Handling Tug Supply
- Platform Supply Vessel
- Multipurpose Support Vessel
- Standby & Rescue Vessel
- Crew Vessel
- Chase Vessel
- Seismic Vessel
By Depth
- Shallow Water
- Deep Water
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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