Offshore Support Vessel Market Size to Be Valued at USD 28.23 billion by 2030; Rising Demand for AHTS Vessels to Foster Market Growth: Fortune Business Insights™

The global offshore support vessel market size was valued at USD 16.37 billion in 2022 and is expected to be worth USD 17.41 billion in 2023. The market is projected to reach USD 28.23 billion by 2030, recording a CAGR of 7.1% during the forecast period. “Offshore Support Vessel Market Size, Share & COVID-19 Impact Analysis, By Vessel Type (Anchor Handling Tug Supply Vessel, Platform Supply Vessels, Crew Vessel, and Others), By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater), By Application (Oil & Gas, Offshore Wind, Patrolling, Research & Surveying, and Others), and Regional Forecast, 2023– 2030”. Offshore Support Vessels, also known as OSVs, refer to advanced ships or vessels made for delivering a wide range of services. They also offer support in several offshore gas & oil exploration activities. These vessels offer offshore assistance by facilitating the transportation of equipment and rigs, and fixing offshore wind turbines. Rise in offshore oil gas exploration and extraction activities to cater to the increasing energy demands may accelerate the market growth.

COVID-19 Disrupted Market Growth Due to Supply Chain Challenges

The COVID-19 pandemic had an adverse effect on the operations of almost every industry, including vessel manufacturing. This was because many companies involved in the vessel sector had to face severe supply chain disruptions, which resulted in an acute shortage of adequate raw materials and manpower. This scenario delayed the production and sales of offshore support vessels, which further restrained the market development.

Vroon Offshore Services Announced Its Collaboration with Navarino For Quazar Solution

In February 2022, Vroon Offshore Services announced its collaboration with Navarino to showcase the company’s Quazar solution. The solution is offered for marine operations and it offers cost-effective designs and easy solutions. It also offers management and support to the infrastructure of vessels. Such collaboration is set to drive the demand for the product in the market and propel market growth.  

Rising Demand for AHTS Vessels to Foster Market Growth

An Anchor Handling Tug Supply (AHTS) vessel is a specialized offshore vessel used in the oil & gas sector, and is made to carry out various tasks associated with anchoring and handling offshore drilling rigs. The demand for such vessels is increasing at a consistent rate as they possess supreme physical properties with respect to bollard pull, horsepower, and brake holding & wire storage capacity. They are also quite energy efficient and come with firefighting capabilities, which can further increase their demand during oil & gas exploration activities.

However, extreme fluctuations in the crude oil prices and substantial cost of making offshore support vessels can hamper the market progress.

Key Companies to Focus on Development of Advanced Vessels to Hold Dominant Market Position

The companies involved in this market are focusing on implementing cutting-edge technologies to make a wide range of vessels. They are also incorporating advanced connectivity technologies to enhance the operational capabilities of vessels. These initiatives will help them hold a dominant market position.

LIST OF KEY COMPANIES PROFILED IN THE REPORT

• 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)

Key Industry Development:

• February 2022: Wärtsilä and Solstad Offshore collaborated to meet decarbonization goals by reducing carbon dioxide emissions. The collaboration is aimed to decrease the amount of greenhouse gas emissions generated from Solstad’s offshore vessels. 

Further Report Findings:

• Asia Pacific is holding a dominant position in the global market as the region is seeing a strong increase in energy exploration operations. Moreover, Asia Pacific is witnessing a notable growth in offshore wind energy projects as well, which will help the regional market grow.

• Europe holds the second largest market share as Baltic Sea is experiencing a growth in the number of offshore wind projects. Countries such as Germany, Sweden, and Denmark have been investing in offshore wind farms which is creating demand for OSVs.


• Based on vessel type, the market is segmented into anchor handling tug supply vessel, platform supply vessels, crew vessel, and others. The Anchor Handling Tug Supply (AHTS) vessel segment accounted for a dominant offshore support vessel market share as these vessels provide a wide range of beneficial features. These include facilitating the transport of huge oil & gas structures from the shore to the desired location and offering safety to firefighting vessels during oil spill operations.

Table of Segmentation: