Offshore Support Vessel Market Size to Reach USD 20.72 Billion by 2027 at CAGR 6.96% - Valuates Reports

Offshore Support Vessel Market Size to Reach USD 20.72 Billion by 2027 at CAGR 6.96% - Valuates Reports

PR Newswire

BANGALORE, India, Jan. 5, 2022

BANGALORE, India, Jan. 5, 2022 /PRNewswire/ -- The Offshore Support Vessel Market is Segmented by Type (Platform Supply Vessels, Multi-purpose Supply vessels, Anchor Handling Vessels, Others), Application (Oil & Gas, Submarine Communications, Power, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.

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The Offshore Support Vessel (OSV) market size is valued at 20.72 Billion USD in 2027 & 12.71 Billion USD in 2020  at a Compound Annual Growth Rate (CAGR) of 6.96% from 2021 to 2027

Major Factors Driving The Growth Of The Offshore Support Vessel Market:

Robust investments in the offshore oil and gas and renewable energy industries are driving the Offshore Support Vessel Market expansion. The offshore support vessel industry is projected to benefit from increased deepwater activities and the decommissioning of outdated offshore infrastructure.

The increase in offshore drilling activity is driving demand for platform supply vessels. As these wells reach the production stage, demand is projected to increase even more. The overall usage of platform supply boats is likely to improve in the coming years as a result of this.

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Trends Influencing The Growth Of The Offshore Support Vessel Market:

The global Offshore Support Vessel (OSV) market is expected to develop due to rising investments in deploying renewable and non-renewable energy-producing methods in previously untapped sea depths. An OSV is a ship that assists mid-sea activities by transporting supplies and crew members to offshore locations. The units are also positioned to serve floating rigs, moored platforms, and industrial structures with critical reinforcing items and services. Various countries are rapidly ramping up the construction of offshore wind farms in order to reduce overall carbon emissions while also meeting energy demand.

The growing demand for PSVs (platform supply vessels) around the world is also helping to propel the Offshore Support Vessel market forward. Platform supply vessels are also utilized for transportation of drilling and casing pipes, cement, drilling and completion fluids, and other items in deep-water drilling operations where the offshore rig platforms have limited capacity. Another growth-inducing aspect is numerous technological improvements in the production processes of offshore support vessels and the integration of Dynamic Positioning (DP) systems in marine vessels. Manufacturers are focusing on creating computer-controlled vessels that can operate their propellers and thrusters automatically to maintain a specific location.

Furthermore, increasing exploration & production activities, and new discoveries in offshore hydrocarbon assets to further fuel the Offshore Support Vessel Market. 

Offshore support vessel owners are working on strategies to help them operate more efficiently and differentiate themselves from their competition as the offshore support vessel market steadily recovers. Equipping the vessels with battery technology has emerged as one of the most realistic choices in this circumstance. As a result, battery-hybrid offshore support vessels are likely to present considerable potential for owners and operators of offshore support vessels during the forecast period. 

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Offshore Support Vessel Market Share Analysis:

Based on region, North America is expected to be the most lucrative. The offshore rig count and offshore oil production in North America have increased significantly as a result of higher oil prices and lower drilling costs.

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Leading Players in the Offshore Support Vessel Market

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