Global Offshore Support Vessels Market to Grow at 3.3% During 2024-2032, Spurred by Considerable Growth in Oil and Gas Sector

June 03, 2021 | Energy & Mining

According to the latest report by IMARC Group, titled "Offshore Support Vessels Market Report by Type (Anchor Handling Towing Supply Vessel, Platform Supply Vessel, Fast Supply Intervention Vessel, Multi-Purpose Service Vessel, and Others), Water Depth (Shallow Water, Deepwater), Fuel (Fuel Oil, LNG), Service Type (Technical Services, Inspection & Survey, Crew Management, Logistics & Cargo Management, Anchor Handling & Seismic Support, and Others), Application (Oil and Gas Applications, Offshore Applications), and Region 2024-2032," the global offshore support vessels market size reached US$ 44.7 Billion in 2023. Offshore support vessels are marine vessels that are used for offering services to offshore drilling rigs, pipe laying, and oil manufacturing platforms during production and exploration activities across the oil and gas sector. They also assist in transportation, standby capacity and platform support. They are widely used for transporting goods, supplies and equipment from one point to the other during subsea exploration and construction activities. Their use further aids in anchor management and the mobility of crew members to offshore sites.

Global Offshore Support Vessels Market Trends:

The global market is primarily driven by significant growth in the oil and gas sector. An increase in the number of oil and gas exploratory activities across the globe has impelled the demand for offshore support vessels. This is also supported by the increase in offshore investments by public and private organizations. Additionally, the increasing number of regasification terminals at offshore sites due to the growing demand for LNG is also acting as a major growth-inducing factor. The market is further driven by the widespread integration of Dynamic Positioning (DP) systems with offshore support vessels. Besides this, extensive research and development (R&D) activities conducted by key players have led to the development of computer-controlled vessels that enable users to automatically control their propellers and thrusters in an attempt to maintain specific positions. This, along with the growing preference towards the usage of renewable energy resources, is providing a further thrust to the market. On account of the aforementioned factors, the market is expected to grow at a CAGR of 3.3% during 2024-2032.

Market Summary:

On the basis of the type, the market has been divided into anchor handling towing supply vessel, platform supply vessel, fast supply intervention vessel, multi-purpose service vessel and others.
Based on the water depth, the market has been bifurcated into shallow water and deepwater.
On the basis of the fuel, the market has been classified into fuel oil and LNG.
Based on the service type, the market has been categorized into technical services, inspection and survey, crew management, logistics and cargo management, anchor handling and seismic support, and others.
On the basis of the application, the market has been segmented into oil and gas, and offshore applications.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Bourbon, Grupo CBO, Gulfmark, Havila, Maersk, Seacor Marine, SIEM Offshore, Solstad, Swire, Tayrona Offshore, Tidewater, and Vroon Group.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Type, Water Depth, Fuel, Service Type, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Bourbon, Grupo CBO, Gulfmark, Havila, Maersk, Seacor Marine, SIEM Offshore, Solstad, Swire, Tayrona Offshore, Tidewater, and Vroon Group
Customization Scope	10% Free Customization
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Global Offshore Support Vessels Market to Grow at 3.3% During 2024-2032, Spurred by Considerable Growth in Oil and Gas Sector

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