Global Offshore Support Vessels Market Size to Hit USD 23.60 Billion by 2028 | Exhibit a CAGR of 7.3%

Pune, India, April 19, 2022 (GLOBE NEWSWIRE) -- The global Offshore Support Vessels Market size is projected to surpass USD 23.60 billion by 2028 and is expanding growth at a CAGR of 7.3% from 2021 to 2028. The Offshore Support Vessels (OSV) Market was worth USD 13.78 billion in 2020. The worldwide increasing energy demand, exploration and production activities, and discoveries in offshore hydrocarbon assets are expected to boost the market's growth. Fortune Business Insights™ has presented this information in its report titled Offshore Support Vessels Market Outlook 2021-2028.

The unexpected emergence of the coronavirus pandemic has negatively impacted the growth of the market. The disruptions in the global supply chain networks and the global trade ban have affected the market's growth. The investments have reduced significantly during the pandemic, which has aggravated the situation. Nonetheless, vaccines are available across the globe, and the market is expected to recover soon.

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Report Highlights:

Report Coverage	Details
Forecast Period	2021-2028
Forecast Period 2021 to 2028 CAGR	7.3%
2028 Value Projection	USD 23.60 Billion
Base Year	2020
Market Size in 2020	USD 13.78 Billion
Historical Data for	2017-2019
No. of Pages	220
Segments covered	By Vessel Type, By Water Depth, By Application, and by Region
Growth Drivers	Worldwide Increasing Energy Demand to Foster Market Growth
	Asia Pacific to Hold Dominance Due to Advantageous Clean Energy Outlook

Drivers & Restraints-

Worldwide Increasing Energy Demand to Foster Market Growth

The worldwide increasing energy demand due to the increasing population is anticipated to foster market growth. The U.N. World Population Prospects estimates that the global population would reach approximately 9.8 billion by 2050. The growing investments in deploying renewable and non-renewable energy sources to meet the swiftly increasing energy demand are anticipated to bolster the global offshore support vessels market growth. Moreover, the growing investments in offshore wind farm construction to tackle the augmenting energy demand are expected to amplify the market's growth in the coming years.

Several global and regional organizations have introduced policies to boost low-carbon power generation technologies. Moreover, many nations have ambitious clean energy installations to control carbon emissions. The increasing measures for sustainable energy installations are likely to augment the growth of the market.

Lastly, the increasing exploration and production activities and discoveries in offshore hydrocarbon assets are expected to boost the market's growth.

However, high capital costs and fluctuations in global crude oil prices are expected to hinder the market growth.

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Segmentation-

• On the basis of vessel type, the market is categorized into crew vessel, platform supply vessels (PSV), anchor handling tug supply vessel (AHTS), and others.
• On the basis of water depth, the market is segmented into deepwater, ultra-deepwater, and shallow water.
• On the basis of application, the market is fragmented into research & surveying, patrolling, offshore wind, oil & gas, and others.
• Geographically, the market is classified into Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa.

Report Coverage-

• Highlights the key emerging trends for the market.
• Illustrates the latest technological advancements in the market.
• Provides valuable insights into the regulatory scenarios of the market.
• Highlights the impact of the COVID-19 pandemic.
• Highlights the regional analysis across five major geographies: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Regional Insights-

Asia Pacific to Hold Dominance Due to Advantageous Clean Energy Outlook

Asia Pacific is anticipated to hold dominance in the global offshore support vessels market share. The surging hydrocarbon activities and the advantageous clean energy outlook are anticipated to bolster the market growth. India, China, Japan, Australia, and other Southeast Asian countries are expected to be the key operating countries in the region.

Europe is expected to witness substantial growth due to the implementation of several clean energy initiatives and hydrocarbon reserves. The close national borders are likely to complement market growth.

North America is likely to gain considerable growth in the global market. The growing production from conventional and unconventional reservoirs is anticipated to be the key growth factor for the market. The rising investments to explore new high-volume reserves by various oil and gas companies are expected to stimulate the growth of the market.

Competitive Landscape-

Key Players Adopt Organic & Inorganic Developments to Accumulate Growth

The key players focus on launching new structures and designs of vessels to upscale their fleet integration across a new application range. They emphasize the fortification of vessel offerings to cater to specific global demands and endure harsh weather conditions. The key players emphasize inorganic and organic developments to strengthen their market positions. For instance, Wintermar received a contract from a multinational oil & gas company in July 2021. The five-year contract worth USD 22 million is aimed at two offshore support vessels of the company.

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Industry Developments-

• July 2021: Seim Offshore received a contract from Seaway 7 for its subsea construction vessels. The 300-day contract is scheduled to commence during the fourth quarter of 2021. According to the company, it is the longest contract they have signed for their subsea construction vessels since 2018.

Key Players in the Global Offshore Support Vessels Market are:

• Wartsila (Finland)
• Damen Shipyards Group (Netherlands)
• Solstad Offshore ASA (Norway)
• Maersk Supply Service (Denmark)
• SEACOR Marine Holdings (U.S.)
• Tidewater Marine (U.S.)
• Siem Offshore (Norway)
• BOURBON (France)
• "K"​ line (Kawasaki Kisen Kaisha, Ltd) (Japan)
• MMA Offshore Limited (Australia)
• Havila Shipping ASA (Norway)
• Edison Chouest Offshore (U.S.)
• Nam Cheong Offshore Pte Ltd (Malaysia)
• Hornbeck Offshore (U.S.)
• Vroon (Netherlands)

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Global Offshore Support Vessels Market Segmentation:

By Vessel Type:

• Anchor Handling Tug Supply Vessel (AHTS)
• Platform Supply Vessels (PSV)
• Crew Vessel
• Others

By Water Depth:

• Shallow Water
• Deepwater
• Ultra-Deepwater

By Application:

• Oil & Gas
• Offshore Wind
• Patrolling
• Research & Surveying

By Geography:

• North America (USA, Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

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• Offshore Support Vessel (OSV) Market Outlook