New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The global offshore support vessel market size is slated to expand at ~7% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 27 billion by the end of 2035, up from a revenue of ~USD 13 billion in the year 2022.Offshore Support Vessels (OSVs) support various activities such as drilling, installation and transportation of supplies. Increasing energy demand will increase the need for OSV. The growing development of the middle class in developing countries leads to an increase in energy consumption of around 35%. Increased investment flow in the oil and gas industry.
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Investments by the oil industry lead to the development of new offshore fields and increase the need for OSVs to carry out different operations. In order to ensure a substantial supply of oil and gas, investments in the oil and gas industry will increase from USD 499 billion in 2022 to USD 640 billion in 2030. In addition, the increase in the number of offshore wind farms will also the growth of offshore wind farms increase OSV market. OSVs play a crucial role in transporting equipment, personnel and construction materials for new offshore wind farms. According to current forecasts, around 234 gigatons of offshore wind energy will be built worldwide by 2030, which could correspond to around 30,000 turbines.
Offshore Support Vessel Market: Key Takeaways
- Market in North America to propel highest growth
- The anchor handling tug supply segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Demand for Renewable Energy across the Globe to Boost Market Growth
renewable energy generation is growing from around 29% in 2021 to over 60% in 2030. Offshore wind farms are the most important sources of clean energy. OSVs are essential for various activities including cable laying and maintenance. Many offshore installations in the North Sea have reached or exceeded their originally estimated service life of around 30 years. As global energy demand continues to rise, there is a growing need for offshore exploration and production activities to tap into new oil and gas reserves. Offshore support vessels play a critical role in providing logistical support, transportation, and maintenance services to offshore platforms and rigs.
The offshore wind energy sector is experiencing significant growth worldwide. Offshore support vessels are essential for the installation, operation, and maintenance of offshore wind farms. As countries invest more in renewable energy, the demand for OSVs to support offshore wind projects is expected to increase. With the depletion of onshore and shallow water reserves, the oil and gas industry is moving towards deepwater and ultra-deepwater exploration. These activities require specialized vessels capable of operating in harsh offshore environments. OSVs equipped with advanced technologies and capabilities are in high demand for deepwater projects.
Offshore Support Vessel Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding need for maintenance to Drive the Market Growth in Asia Pacific Region
The offshore support vessel market in North America region is estimated to garner the largest revenue by the end of 2035. As offshore facilities in North America age, there is a growing need for maintenance, repair, and inspection (MRI) activities. According to the Bureau of Safety and Environmental Enforcement (BSEE), there were over 7,000 active leases in the Gulf of Mexico in 2020. The increasing requirement for MRI services contributes to the demand for OSVs equipped with specialized equipment and personnel.
The offshore industry in North America is subject to strict safety and environmental regulations. Compliance with these regulations requires the use of technologically advanced and environmentally sustainable OSVs. Vessels with advanced safety features, pollution prevention systems, and efficient operations are in demand to meet regulatory requirements. The North American OSV market has witnessed technological advancements aimed at improving vessel efficiency, safety, and environmental performance. For instance, the integration of advanced positioning systems, dynamic positioning capabilities, and digitalization technologies has enhanced the capabilities of OSVs operating in the region.
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Growing offshore oil and gas exploration to Propel the Growth in the Asia Pacific Region
The Asia Pacific offshore support vessel market region is estimated to garner the highest CAGR by the end of 2035. The Asia Pacific region is witnessing significant growth in offshore oil and gas exploration activities. Countries like Australia, Malaysia, Indonesia, and Vietnam have been actively exploring and developing their offshore oil and gas reserves. According to a report, Asia Pacific accounted for 28% of the offshore oil and gas production in 2020. The rising demand for OSVs to support offshore drilling and production activities is a key driver in the region.
The Asia Pacific region is investing heavily in infrastructure development and subsea exploration. Projects such as offshore pipelines, subsea cable installations, and underwater construction require OSVs for transportation, installation, and support services. The increasing focus on developing subsea resources and infrastructure drives the demand for OSVs in the region. As offshore facilities in the Asia Pacific region age, there is a growing need for maintenance, repair, and inspection (MRI) services. Regular maintenance and repair work on offshore platforms, pipelines, and subsea infrastructure require the use of OSVs equipped with specialized equipment and skilled personnel.
Offshore Support Vessel, Segmentation by Vessel Type
- Platform Supply Vessel (PSV)
- Multirole Field & ROV Support Vessel (MRSV)
- Offshore Subsea Construction Vessel (OSCV)
- Anchor Handling Tug Supply (AHTS)
- Emergency Response and Rescue Vessels (ERRSV)
Amongst these segments, the anchor handling tug supply segment in offshore support vessel market is anticipated to hold the largest share over the forecast period. AHTS vessels are primarily used for anchor handling operations, which are critical for the installation, positioning, and maintenance of offshore platforms, rigs, and floating production units. The increasing offshore oil and gas exploration and production activities worldwide drive the demand for AHTS vessels.
The offshore wind energy sector is experiencing significant growth globally, and AHTS vessels play a vital role in the installation and maintenance of offshore wind farms. As countries invest more in renewable energy, the demand for AHTS vessels for anchor handling and towing operations in the offshore wind sector is expected to increase. According to a report, the cumulative installed capacity of offshore wind power is projected to reach 250 GW by 2030. The exploration and development of deepwater and ultra-deepwater oil and gas reserves require specialized vessels capable of operating in challenging offshore environments. AHTS vessels with powerful towing capabilities and dynamic positioning systems are essential for anchor handling and positioning of equipment in deepwater operations. The increasing focus on deepwater exploration, particularly in regions like the Gulf of Mexico and Brazil, drives the demand for AHTS vessels.
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Offshore Support Vessel, Segmentation by End User
- Oil & Gas
- Offshore Wind Farm
- Patrolling
Amongst these segments, the offshore wind farm segment in offshore support vessel market is anticipated to hold a significant share over the forecast period. Governments worldwide have set ambitious renewable energy targets and implemented supportive policies to reduce carbon emissions and combat climate change. Offshore wind power is a key component of these targets, leading to increased investments and favorable regulatory frameworks for offshore wind farm development. For instance, the European Union aims to have at least 60 GW of offshore wind capacity installed by 2030. The costs of offshore wind energy have been declining steadily over the years, making it more economically viable compared to conventional energy sources.
Technological advancements have resulted in larger and more efficient wind turbines, floating wind farms, improved foundation designs, and enhanced installation and maintenance techniques. These advancements have boosted the attractiveness and viability of offshore wind farms as a sustainable energy source. Coastal areas often experience strong and consistent winds, making them ideal locations for offshore wind farms. Many countries have access to abundant wind resources along their coastlines, enabling the development of large-scale offshore wind projects. The availability of favorable wind conditions contributes to the growth of offshore wind farms.
Offshore Support Vessel, Segmentation by Application
- Deepwater
- Shallow Water
Few of the well-known market leaders in the offshore support vessel market that are profiled by Research Nester are Tidewater Inc., Bourbon Corporation SA, Seacor Marine Holdings Inc., Maersk Supply Service, Solstad Offshore ASA, Swire Pacific Offshore, Vroon Offshore Services, Abdon Callais Offshore LLC, Ulstein Group ASA, Navarino, and other key market players.
Recent Development in the Market
- Navarino announced its collaboration with Vroon, a Netherlands-based operator of 120 offshore support vessels. The collaboration will help Vroon implement Quazar solutions on its ships. Quazar offers a simple and efficient way to manage and design your boat.
- Ulstein Group ASA has partnered with ESVAGT to convert two platform support vessels, the Hermit Prosper and the Hermit Fighter, into ERRV (Emergency Response Rescue Craft) battery hybrid vessels.
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