Offshore Support Vessel Service Market to Reach $29.03 Billion by 2034, Expanding at 7.3% CAGR

Widespread adoption of offshore robotics and increasing number of salvage operations propelling demand for offshore support vessel services, says FactMR.

The global offshore support vessel service market size is set to account for a valuation of US$ 14.35 billion in 2024 and forecasted to reach US$ 29.03 billion by 2034-end, expanding at a robust 7.3% CAGR between 2024 and 2034. High investments in new exploration activities in the oil & gas sector are set to lead to lucrative opportunities for offshore support vessel service companies over the coming years.

Increasing focus on sustainability and rising demand for energy due to the expanding world population are also predicted to benefit offshore support vessel service market growth through 2034. This study by Fact.MR, a market research and competitive intelligence provider, suggests that demand for subsea offshore support vessel services is forecasted to lead the global market growth in terms of CAGR across the study period and beyond.

Offshore support vessel service companies are also adding new vessels to their existing fleet to meet the increasing demand on a global level.

In September 2023, Shanghai Electric announced the launch of its new Ulstein-designed service operations vessels for wind farms in China. The ULSTEIN SX195 and SX197 are also powered by a battery to provide a reduced carbon footprint while serving the renewable energy industry.

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Key Takeaways from the Market Study:

• The global offshore support vessel service market is estimated at US$ 14.35 million in 2024.
• Demand for offshore support vessel services is projected to rise at a CAGR of 7.3% from 2024 to 2034.
• The market is forecasted to reach a size of US$ 29.03 billion by the end of 2034.
• High demand for clean energy, rising global population, increasing focus on safety and maintenance of offshore sites, and growing establishment of new offshore wind farms are key market drivers.
• Increasing operational costs to run the offshore support vessel service business are projected to limit market growth.
• Offshore support vessel service demand in the North American region is set to increase at 7.5% CAGR through 2034.
• The offshore wind segment is estimated to account for 29.1% of global revenue in 2024.
• Demand for offshore support vessel services in South Korea is predicted to increase at a stellar 9.2% CAGR over the next 10 years.

“Offshore renewable and clean energy projects will present a goldmine of opportunities for offshore support vessel service companies in the future,” says a Fact.MR analyst

Winning Strategy

Offshore support vessel service companies are projected to focus on partnerships and collaborations to expand their business potential on a global scale. Offshore support vessel service providers are also projected to focus on the incorporation of advanced technologies to improve the efficiency and profitability of their business models.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global offshore support vessel service market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights on the market based on vessel type (platform supply vessels [PSVs], multirole field & ROV supply vessels [MRSVs], offshore subsea construction vessels [OSCVs], anchor handling tug supply (AHTS) vessels, emergency response and rescue vessels [ERRSVs], chase & seismic vessels, standby crew vessels, others); service type (financial services, technical services, inspection & survey, building & design, crew management, logistics & cargo management, anchor handling towage & offshore positioning, seismic support, assistance, salvage & pollution remediation, subsea services); and end-use industry (offshore oil & gas, military, civil & commercial, offshore wind, others); across six major regions of the world (North America, Europe, Latin America, East Asia, South Asia & Oceania, and MEA).

Key Companies Profiled:

VroonOffshore Services Pte Ltd.; A.P. Møller – Mærsk A/S; Bumi Armada Berhad; Swire Pacific Limited; Bourbon Corporation; Edison Chouest Offshore (Offshore Service Vessels L.L.C.); Falcon Energy Group; Tidewater Inc.; Seacor Holdings Inc.; SolstadFarstad ASA

Industry News-

In February 2022, Vroon, a renowned name in the offshore support vessel service business, announced that it had collaborated with Navarino to implement a new IT-as-a-service platform for its fleet of 120 offshore and deep sea support vessels. This move allowed Vroon to move from a CAPEX approach to an OPEX approach for all tech support, hardware, and software needs.

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