Offshore Support Vessel Market worth $31.4 Billion by 2028

An offshore support vessel (OSV) is specially designed to support offshore exploration, drilling, production, and construction activities in the oil & gas industry. These vessels provide a range of services, such as transportation of personnel, equipment and supplies, maintenance and repair, and oil spill response. The offshore support vessel market growth is driven by substantial investments in the offshore oil & gas and renewable sectors. The rise in deepwater activities and the decommissioning of aging offshore infrastructure present promising opportunities for the offshore support vessel market.

The global offshore support vessel market is expected to grow from USD 22.6 billion in 2023 to USD 31.4 billion by 2028, at a CAGR of 6.7% during the forecast period.

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Offshore support vessels are purposefully designed to provide essential support services for a wide range of oil and gas operations. They play a crucial role in supporting offshore drilling rigs and oil-producing assets, including production platforms and FPSO units. These vessels are instrumental in facilitating pipe laying activities and the decommissioning of offshore rigs. In the oil and gas sector, particularly in regions like the North Sea, where a significant number of platforms, pipelines, and wells are expected to undergo decommissioning by 2040, the demand for offshore support vessels is projected to be substantial.

North America is expected to fastest growing region in the offshore support vessel market, followed by the Asia Pacific, Europe, and Middle East. The North American region witnessed an increase in oil production by 2.5% on a y-o-y basis in 2022. However, there has been an increase in offshore activities in the US Gulf of Mexico, with new offshore projects under progress. Such factors are likely to boost the demand for offshore support vessels in the region.

Key Market Players:

Some of the major players in the Offshore Support Vessel Market are DOF ASA (Norway), Solstad Offshore ASA (Norway), Tidewater Inc. (US), A.P. Moller – Maersk (Denmark), Siem Offshore (Norway), BOURBON (France), and Vroon (Netherlands).