Offshore Support Vessel Service Market
Offshore Support Vessel Service Market Study by Platform Supply Vessels, Multirole Field & ROV Supply Vessels, Offshore Subsea Construction Vessels, and Others from 2024 to 2034
Analysis of Offshore Support Vessel Service Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Offshore Support Vessel Service Market Outlook (2024 to 2034)
The global offshore support vessel service market size is set to account for a valuation of US$ 14.35 billion in 2024 and forecasted to reach US$ 29.03 billion by 2034-end, expanding at a robust 7.3% CAGR between 2024 and 2034.
Offshore support vessel services are crucial for the smooth functioning and operation of any kind of offshore site and the people working on it. Offshore support vessels can be used for construction, material handling, maintenance operations, platform support, etc.
Rapidly expanding world population is driving up the demand for energy on a global level, which in turn, is projected to favor offshore support vessel service demand as well. High investments in the oil & gas industry to establish new offshore rigs and pipeline networks are estimated to primarily augment offshore support vessel service market growth in the long run.
- Demand for offshore support vessel services in the offshore oil & gas industry is projected to increase at 6.2% CAGR over the next 10 years.
Growing adoption of advanced technologies in ships, imposition of stringent safety mandates for offshore facilities, wide adoption of offshore robotics, rising investments in offshore energy projects, and an increasing number of salvage operations all over the world are other offshore support vessel service market trends that could create new opportunities for companies in this space going forward.
“Market Benefiting from Surge in Global Demand for Clean Energy”
The imminent threat of climate change and global warming is fueling the demand for clean energy on a global level. This has led to the increasing establishment of offshore wind farms and hydropower plants, which in turn is forecasted to bolster demand for offshore support vessel services through 2034.
In contrast, high operational risks associated with running an offshore support vessel service business are projected to substantially limit the overall offshore support vessel service market growth potential well beyond the study period.
| Report Attributes | Details |
|---|---|
| Offshore Support Vessel Service Market Size (2024E) | US$ 14.35 Billion |
| Projected Market Value (2034F) | US$ 29.03 Billion |
| Global Market Growth Rate (2024 to 2034) | 7.3% CAGR |
| Japan Market Value (2024E) | US$ 1.2 Billion |
| Demand Growth in China (2024 to 2034) | 7.5% CAGR |
| North America Market Share (2034F) | 29.1% |
| Civil & Commercial Segment Growth Rate (2024 to 2034) | 7.9% CAGR |
| Key Companies Profiled |
|
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Which Region Should Offshore Support Vessel Service Providers Target?
“High Demand for Renewable Energy in East Asian Countries”
Awareness regarding climate change and global warming has resulted in a high demand for renewable energy in East Asian countries, which is projected to create the need for offshore support vessel services over the coming years. China, Japan, and South Korea are all making efforts to turn towards renewable energy sources, and this is estimated to benefit offshore support vessel service companies in the East Asian region across the study period and beyond.
Increasing oil & gas exploration activities by companies in China are also forecasted to boost sales of offshore support vessels in the East Asian region going forward. Growing launches of new offshore wind projects in East Asian countries are also set to bolster offshore support vessel service demand over the next 10 years.
- China is projected to account for around 57.3% of the East Asian offshore support vessel service market share by 2034.
Supportive government initiatives to boost economic growth in China are also slated to play a crucial role in determining offshore support vessel service demand in the country over the coming years. South Korea is predicted to come off as a highly opportune country in this region owing to the presence of leading shipbuilding companies in the world and growing shipbuilding activity in the country.
- Offshore support vessel service demand in South Korea is predicted to increase at a phenomenal CAGR of 9.2% from 2024 to 2034.
Fact.MR, a market research and competitive intelligence provider, in this latest offshore support vessel service market study report, gives a detailed regional analysis of the industry with factors such as local supply, pricing trends, product standards, safety regulations, and new developments.
Country-wise Insights
Apart from the profitable East Asian and North American countries, offshore support vessel service companies should direct their efforts towards countries such as Norway, India, Germany, Vietnam, and the United Kingdom to improve their market share in the global competitive landscape.
Why is the United States a Key Market for Offshore Support Vessel Service Providers?
“Low Drilling Costs in Offshore Establishments”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 2.94 Billion |
| Growth Rate (2024 to 2034) | 7.8% CAGR |
| Projected Value (2034F) | US$ 6.2 Billion |
The oil & gas sector in the United States has been undergoing some major changes as companies are focusing on the exploration of new offshore sites for oil and gas extraction. Low costs of drilling in offshore establishments are a prospect that is projected to boost demand for offshore support vessel services in the country going forward. Moreover, the growing demand for renewable energy is also slated to benefit the adoption of offshore support vessel services for offshore energy generation plants in the United States in the long run.
Which European Countries Should Companies Target?
“Growing Focus on Sustainability in Nordic Countries Will Create Profitable Business Prospects”
Nordic countries are mostly islands, and this is why they are home to some of the most prominent offshore sites in the world. A high focus on sustainability in Nordic countries has led to increased establishment of new offshore renewable energy establishments, which are forecasted to bolster demand for offshore support vessel services in the future. Norway, Sweden, Finland, and Denmark are projected to emerge as the most opportune countries in Europe for offshore support vessel service companies by the end of the study period.
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Category-wise Insights
Offshore support vessel service providers are emphasizing supplying technical services to offshore wind facilities and oil & gas facilities to boost their revenue generation.
Which Type of Offshore Support Vessel Service is in High Demand?
“Strict Worker Safety Mandates Pushing Demand for Technical Offshore Support Vessel Services”
| Attribute | Technical Services |
|---|---|
| Segment Value (2024E) | US$ 2.25 Billion |
| Growth Rate (2024 to 2034) | 7% CAGR |
| Projected Value (2034F) | US$ 4.44 Billion |
Support vessels are crucial for the maintenance and repair operations of any offshore site, and this is why demand for technical offshore support vessel services is projected to be higher than other types of services around the world. Imposition of stringent worker and site safety mandates for offshore facilities is projected to favor demand for technical offshore support vessel services from 2024 to 2034 and beyond.
Which End-use Industry Accounts for High Demand for Offshore Support Vessel Services?
“High Revenue Generation from Offshore Wind Generation Due to Rising Demand for Renewable Energy”
| Attribute | Offshore Wind |
|---|---|
| Segment Value (2024E) | US$ 4.17 Billion |
| Growth Rate (2024 to 2034) | 7.3% CAGR |
| Projected Value (2034F) | US$ 8.44 Billion |
Increasing demand for renewable energy and the presence of high-velocity winds in oceans have resulted in the rapid expansion of the offshore wind energy industry around the world. Offshore wind energy generation facilities require frequent maintenance to keep them running optimally, and this is why the industry employs offshore support vessel services to transport equipment and workers for the same.
Offshore platform supply vessels (PSVs) and anchor handling tug supply (AHTS) vessels play a crucial role in the construction of offshore wind facilities by assisting in the installation and erection of wind turbines. High investments in the renewable wind generation space are also estimated to favor offshore support vessel service demand for the offshore wind industry in the long run.
Competitive Landscape
Offshore support vessel service providers are focusing on the integration of advanced technologies to improve their services and boost profitability in this increasingly risky industry.
- In February 2022, Vroon, a renowned name in the offshore support vessel service business, announced that it had collaborated with Navarino to implement a new IT-as-a-service platform for its fleet of 120 offshore and deep sea support vessels. This move allowed Vroon to move from a CAPEX approach to an OPEX approach for all tech support, hardware, and software needs.
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Key Segments of Offshore Support Vessel Service Market Research
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By Vessel Type :
- Platform Supply Vessels (PSVs)
- Multirole field & ROV Supply Vessels (MRSVs)
- Offshore Subsea Construction Vessels (OSCVs)
- Anchor Handling Tug Supply (AHTS) Vessels
- Emergency Response & Rescue Vessels (ERRSVs)
- Chase & Seismic Vessels
- Standby Crew Vessels
- Others
-
By Service Type :
- Financial Services
- Chartering & Brokerage
- Consulting
- Technical Services
- Repair & Maintenance
- Technical Support
- Inspection & Survey
- Building & Design
- Crew Management
- Manpower Supply
- Training & Support
- Logistic & Cargo Management
- Anchor Handling Towage & Offshore Positioning
- Seismic Support
- Assistance, Salvage & Pollution Remediation
- Subsea Services
- Financial Services
-
By End-use Industry :
- Offshore Oil & Gas
- Military
- Civil & Commercial
- Offshore Wind
- Others
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
How big is the offshore support vessel service market?
The global offshore support vessel service market is estimated at US$ 14.35 billion in 2024.
What is the demand outlook for offshore support vessel services?
Demand for offshore support vessel services is forecasted to reach a market value of US$ 29.03 billion by 2034-end.
At what rate is the demand for offshore support vessel services predicted to rise?
Demand for offshore support vessel services is set to increase at 7.3% CAGR over the next 10 years.
What are the trends in the offshore support vessel service market?
Providing offshore support vessel services for offshore wind farms is a prominent trend in the market to watch out for.
How is demand for offshore support vessel services progressing in South Korea?
The market in South Korea is projected to rise at a stellar 9.2% CAGR from 2024 to 2034.
Who are the top offshore support vessel service providers?
VroonOffshore Services Pte Ltd., A.P. Møller – Mærsk A/S, Bourbon Corporation, Falcon Energy Group, and Tidewater Inc. are leading companies in the market.
Offshore Support Vessel Service Market
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