Offshore Support Vessel Market Size/Share Estimated to Surpass USD 31.77 Billion by 2030, With 4.2% CAGR Growth: Polaris Market Research

Polaris Market Research conducted a comprehensive research study spanning over [+110] pages, revealing that the global offshore support vessel market size/share was valued at USD 21.94 Billion in 2021. The study further indicates that the market will grow at a compound annual growth rate (CAGR) of 4.2% and is projected to touch USD 31.77 Billion by 2030. The increasing number of deep-water activities, exclusion of traditional infrastructure, as well as growing investments in the oil & gas and renewable sectors are the primary factors that are attributed to the industry growth across the globe. Some of the top market leaders are Bourbon, DOF Group, Grupo CBO, Havila Shipping, Kawasaki Kisen Kaisha, Maersk, MMA Offshore, Nam Cheong Limited, Seacor Marine, Siem Offshore, and others.

New York, NY, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled *“Offshore Support Vessel Market Share, Size, Trends, Industry Analysis Report, By Type; By Application (Shallow Water, Deepwater), By End-Use (Oil & Gas, Offshore Wind); By Region; Segment Forecast, 2022 - 2030”* in its research database.

“As per the latest research analysis, the global offshore support vessel market size/share will be valued at roughly USD 21.94 Billion in 2021, and its *revenue is projected to reach about USD 31.77 Billion by 2030*. The market is forecasted to expand at a *compound annual growth rate of approximately 4.2%* between 2022 and 2030.”

*Offshore Support Vessel Market: Report Overview*

Offshore support vessels, commonly referred to as offshore supply vessels (OSVs), are specialized ships built for ocean operations and have several uses. These are a class of nautical ships that go to and from undersea construction and exploration locations carrying goods, supplies, and equipment. They make sure that offshore activities go smoothly and effectively since they are outfitted with advanced navigation and safety tools.

The movement of employees, tools, and supplies to and from offshore platforms is made easier by OSVs, which also act as lifelines, allowing for uninterrupted operations and reducing downtime. The offshore support vessel market size is expanding as a result of the growing use of these vessels for shipping persons, equipment, and supplies to far-flung offshore sites worldwide.

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· Includes Updated List of table & figures.
· Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

*Some of the Top Market Leaders Are:*

· Bourbon
· DOF Group
· Grupo CBO
· Havila Shipping
· Kawasaki Kisen Kaisha
· Maersk
· MMA Offshore
· Nam Cheong Limited
· Seacor Marine
· Siem Offshore
· Solstad Offshore
· Swire Pacific
· Tidewater
· Vroon Group

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*Prominent Growth Driving Factors*

· *Growing investment in wind farm construction: *Due to the enormous potential for oil and gas exploration, the decommissioning of conventional offshore infrastructure, as well as rising investment in wind farm construction, are contributing to the industry's favorable expansion.
· *Increased demand for energy: *In the upcoming years, the offshore support vessel market growth will be fueled by the soaring energy demand across numerous countries. The need is being supported by the expanding requirement to place offloading and floating production units in deep, shallow, and ultra-deep waters for the bulk production of hydrocarbons.
· *Developments and technological advancements: *The industry is driven by rising investments in wind farm development. For example, the floating fleet in Europe has reached about 45 MW. Additionally, it is predicted to run about 80.5 MW of offshore capacity globally. Also, the market is expanding as a result of technical development, expanding deep-water activities, and rising key player spending in E&P activities.

*Top Findings of the Report*

· The market's key driving factor for the offshore support vessel is substantial investments in the oil & gas and renewable sectors, and the expanding number of deep-water activities is driving the industry growth.
· The offshore support vessel market segmentation is primarily based on the basis of application, type, region, and end-use.
· North America accounts for the largest revenue share.

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*Top Trends Influencing the Market*

· *Rising adoption of OSVs: *To meet the expanding consumer demand for energy sources, such as gas, oil, and nuclear power, the offshore support vessel market is becoming more and more popular, which further accelerates growth across the globe.
· *Low carbon emissions:* Low carbon emissions are produced by offshore support vessels; therefore, increased efforts by numerous nations to encourage the use of low carbon power generation help to increase demand.

*Segmental Analysis*

*Anchor-Handling Tug Supply (AHTS) Sector Leads the Market*

The offshore support vessel market share is being driven by the sector called Anchor-handling Tug Supply (AHTS). The AHTS vessels can carry a lot of cargo. This vessel also offers towing and anchor handling services, which is important given the increasing need for this market on a global scale. This support vessel may also be employed in emergencies and is well-equipped for rescue, oil recovery operations, and firefighting.

Additionally, it has promoted oil drilling in maritime regions. As a result, more and more countries are using AHTS vessels to transport big products. Deck freight, gasoline, dry bulk, mud-to-oil rigs, and platform transportation are all included. Over the forecasted years, the category for platform support vessels is expected to have the highest CAGR. Drilling activity expansion is the main element driving demand for platform support vessels.

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*Geographical Overview*

*North America: *The region's expanding building, maintenance, inspection, and operations activities led to an increase in demand for offshore support vessels. The rising activity in deeper waters, together with supportive government policies and initiatives, offers a variety of profitable chances for expansion of the offshore support vessel market in North America.

*Asia Pacific: *Because there are more vessel makers in the region's numerous countries, with China leading the way, followed by South Korea, the Asia Pacific market is predicted to grow at the highest CAGR throughout the years of projection. Market expansion is encouraged by the region's ultra-deep-water activities' growing reliance on technology.

Browse the Detail Report *“Offshore Support Vessel Market Share, Size, Trends, Industry Analysis Report, By Type; By Application (Shallow Water, Deepwater), By End-Use (Oil & Gas, Offshore Wind); By Region; Segment Forecast, 2022 - 2030”* with in-depth TOC: *https://polarismarketresearch.com/industry-analysis/offshore-support-vessel-market*  

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*The Report Answers Questions Such As*

· What is the global market size of offshore support vessels?
· At what CAGR will the offshore support vessel industry is estimated to grow during the forecast period?
· Which factors are propelling the offshore support vessel market demand?
· Who are the key vendors in the industry?
· Which segment holds the largest revenue share of the market?
· What are the upcoming trends and opportunities in the market?
· Which region is leading in the market?

*Polaris Market Research has segmented the offshore support vessel market report on the basis of type, application, end-use, and region:*

*By Type Outlook*

· Anchor-handling Tug Supply
· Platform Support
· Multipurpose Support
· Emergency Response/Standby and Rescue
· Crew
· Seismic
· Chase
· Others

*By Application Outlook*

· Shallow Water
· Deep-water

*By End-Use Outlook*

· Oil & Gas
· Offshore Wind

*By Region Outlook*

· North America (U.S., Canada)
· Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
· Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
· Latin America (Brazil, Mexico, Argentina)
· Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

*About Polaris Market Research:*

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavour to deliver value-added business solutions to PMR’s customers.

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