Offshore Support Vessel Market by Technology (AHTS, PSV, MPSV, Standby & Rescue Vessels, Crew Vessels, Chase Vessels, Seismic Vessels), Application (Shallow water, Deepwater), End-user Industry, Material, Fuel Type and Region - Global Forecast to 2029

Offshore Support Vessel Market by Technology (AHTS, PSV, MPSV, Standby & Rescue Vessels, Crew Vessels, Chase Vessels, Seismic Vessels), Application (Shallow water, Deepwater), End-user Industry, Material, Fuel Type and Region - Global Forecast to 2029

The global offshore support vessel market is estimated to grow from USD 25.6 billion in 2024 to USD 36.3 billion by 2029; it is expected to record a CAGR of 7.2% during the forecast period. As the economics of offshore projects improve with better oil prices and cost efficiencies, more offshore projects become viable, boosting the need for OSVs to support these operations.

“Multipurpose support vessel”: The fastest growing segment of the Offshore support vessel market, by type“

Based on type, the offshore support vessel market has been segmented into anchor-handling tug supply vessels, platform supply vessels, multipurpose support vessels, standby & rescue vessels, crew vessels, seismic vessels, chase vessels, other vessels. The multipurpose support vessels is expected to be the fastest-growing segment during the forecast period. Multipurpose support vessels (MSVs) are indispensable assets in subsea construction and installation projects, serving critical roles in laying pipelines, installing subsea structures, and performing underwater maintenance tasks. Equipped with advanced technology and specialized equipment, MSVs ensure precise placement and secure connections of pipelines across varying seabed conditions. They utilize dynamic positioning systems and heavy-lift cranes to install subsea structures like wellheads and manifolds with accuracy, essential for the integrity of offshore oil and gas infrastructure.

“By application, the deepwater segment is expected to be the second largest segment during the forecast period.”

Based on application, the offshore support vessel market is segmented into shallow water and deepwater. The deepwater segment is expected to be the second largest segment of the offshore support vessel market during the forecast period. Technological innovations, particularly in autonomous vessels, robotics, and digitalization, are reshaping the offshore support vessel (OSV) sector, particularly in deepwater applications. Autonomous technology enables unmanned or minimally manned operations, enhancing safety and efficiency by employing advanced sensors and AI for precise navigation in challenging deepwater environments. Robotics, including remotely operated vehicles (ROVs) and autonomous underwater vehicles (AUVs), perform crucial tasks such as subsea inspection and maintenance, while digitalization facilitates real-time monitoring, predictive maintenance, and data-driven decision-making, optimizing vessel performance and reducing operational costs.

“Asia Pacific” is expected to be the largest region in the Offshore support vessel market.”

Asia pacific is expected to be the largest region in the Offshore support vessel market during the forecast period. The rapid economic growth and urbanization in the Asia-Pacific region are boosting the demand for clean and efficient transportation solutions, creating a substantial market opportunity for offshore support vessel.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%

By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%

By Region: North America- 10%, Europe- 25%, Asia Pacific- 35%, Middle East – 5%, Africa – 15%, South America – 10%

Note: Others include sales managers, engineers, and regional managers.

Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The Offshore support vessel market is dominated by a few major players that have a wide regional presence. The leading players in the Offshore support vessel market are A.P. Moller - Maersk (Denmark), Tidewater Inc. (US), BOURBON (France), Edison Chouset Offshore (US), and Deltamarin Ltd (Europe). The major strategy adopted by the players includes new product launches, contracts, agreements, partnerships, joint ventures, acquisitions, and investments & expansions.

Research Coverage:

The report defines, describes, and forecasts the global offshore support vessel Market based on materials used, fuels used, type, application, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the offshore support vessel market.

Key Benefits of Buying the Report

Government initiatives at the national and international levels amplify the impact of investment on the offshore support vessel market. Robust policy frameworks, often accompanied by financial incentives, subsidies, and regulatory support, encourage widespread adoption of offshore support vessel. Factors such as high initial cost and lack of infrastructure restrain the growth of the market. The growing energy transition towards renewable energy sources and rapid urbanization are expected to present lucrative opportunities for the players operating in the offshore support vessel.

Product Development/ Innovation: The offshore support vessel market is witnessing significant product development and innovation, driven by the growing demand for environmentally friendly, safe and sustainable products. Companies are investing in developing advanced offshore support vessel technologies for various applications.

Market Development: Edison Chouest Offshore has announced the acquisition of ROVOP, a prominent remotely operated vehicle (ROV) company. This acquisition, combined with Chouest's subsea service company, C-Innovation, significantly expands their capabilities, now boasting a fleet of over 100 ROVs and 6 autonomous underwater vehicles (AUVs). Integrating ROVOP into the Chouest family not only broadens Chouest's service portfolio but also provides ROVOP with access to greater resources. ROVOP will benefit from the support and expertise of other Chouest companies, including vessel-based operations, Caltex Oil Tools, Bram Offshore, and C-Innovation. This synergy will enable ROVOP to better serve its existing clients and attract new business with an expanded range of services. This acquisition is a strategic move to enhance Chouest's integrated subsea services, demonstrating its commitment to advancing its technological capabilities and service offerings globally. Chouest looks forward to this new chapter with ROVOP, strengthening its leadership position in the subsea services industry.

Market Diversification: BOURBON announces a significant investment in renewing its fleet with the order of six new crewboats from Piriou shipyards. Aiming for a 20% reduction in fuel consumption, this new generation of crewboats demonstrates BOURBON and its teams' commitment to sustainable navigation practices while enhancing vessel energy efficiency and modernizing the fleet for customer benefit. These six new Surfer-type vessels will strengthen the fleet operating in West Africa, providing customers with an optimal balance of modularity, comfort, and energy efficiency. With a length of 27 meters and a top speed of 30 knots, these Surfers will accommodate between 50 and 70 passengers, depending on the configuration, and feature two cargo deck spaces (40m² at the stern and 20m² at the front), offering versatility highly valued by customers. Additionally, these connected vessels will enable real-time data analysis for continuous optimization of fuel consumption and engine operating parameters.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, like include A.P. Moller - Maersk (Denmark), Tidewater Inc. (US), BOURBON (France), Edison Chouset Offshore (US), and Deltamarin Ltd (Europe), among others in the offshore support vessel market. Show more