Offshore Support Vessel Market size is set to grow by USD 525.58 million from 2022 to 2027; Rise in global demand for oil and natural gas to boost the market - Technavio

NEW YORK, May 31, 2023 /PRNewswire/ -- The global offshore support vessel market size is estimated to grow by USD 525.58 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.41%, however, the growth momentum will progress during the forecast period. North America is estimated to account for 53% of the global market growth during the forecast period. The region's shale revolution causes oil prices to plummet, however, a modest rise has led the region to resume deepwater and ultra-deepwater oil and gas projects in the Gulf of Mexico. This encourages chartering of offshore supply vessels in the region. This dominated the focused regional market in 2022 and is expected to maintain its dominance during the forecast period. Hence, such factors drive regional growth during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
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Offshore Support Vessel Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on application (oil and gas and offshore wind), product (AHTS, PSV, MPSV, FSIV, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). 

• The market share growth by the oil and gas segment will be significant for overall market growth during the forecast period. The growth can be attributed to the shift of the oil and gas business from land-based activities to locations such as deep water areas, away from end-users. Furthermore, the growing demand for liquid fuels is attributed to increasing demand from developing countries in Asia such as China and India. For instance, Oil and Natural Gas Corporation (ONGC) Ltd. in India in February 2023 will invest approximately USD 2 billion over the next two to three years to conduct offshore exploration in 103 wells. Hence, such factors drive segment growth during the forecast period.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Offshore Support Vessel Market – Market Dynamics
Key factor driving market growth

• One of the key factors that drive the global offshore support vessel market growth is the rise in global demand for oil and natural gas.
• Even though the costs involved in the production of oil and gas from offshore locations are higher than that of onshore locations, the proven reserves in offshore wells are far higher when compared to onshore wells.
• Such vast reserves are expected to attract upstream companies to exploit and produce oil and gas.
• Hence, with the rise in fuel consumption from developing economies such as China and India, the demand for natural gas is expected to grow significantly during the forecast period.

Leading trends influencing the market 

• Reduction in cost of offshore E&P activities is one of the emerging offshore support vessel market trends that is expected to impact the industry positively in the forecast period. 
• The global price of crude oil has been gradually increasing. It is expected to average USD 74/bbl in 2022.
• Furthermore, the biggest factor that bodes well for offshore E&P activities and the demand for new offshore support vessels is technological and managerial initiatives taken by oil E&P companies that have decreased the cost of offshore exploration, drilling, and production.
• Hence, this trend is likely to positively impact the demand for offshore support vessels during the forecast period.

Major challenges hindering the market growth

• One of the key challenges hindering the global offshore support vessel market growth is the environmental concerns associated with offshore E&P activities. 
• Owing to the pollution of air and water by the accidental release of toxic chemicals and global warming due to large emissions of greenhouse gases such as methane.
• Additionally, produced water accounts for about one-fifth of the waste generated during the process, in offshore drilling.
• Moreover, offshore exploration activities also involve the firing of air guns, which sends a strong shock across the seabed and can damage the hearing ability of marine animals.
• Hence, such factors are expected to limit the growth of the market in the forecast period.

Get Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Offshore Support Vessel Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the offshore support vessel market between 2023 and 2027
• Precise estimation of the size of the offshore support vessel market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the offshore support vessel market across North America, Europe, APAC, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of offshore support vessel market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global offshore support vessel market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on global offshore support vessel market 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 Product Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Oil and gas - Market size and forecast 2022-2027
• Exhibit 34: Chart on Oil and gas - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Oil and gas - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Oil and gas - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Oil and gas - Year-over-year growth 2022-2027 (%)

• 6.4 Offshore wind - Market size and forecast 2022-2027
• Exhibit 38: Chart on Offshore wind - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Offshore wind - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Offshore wind - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Offshore wind - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Application 
• Exhibit 42: Market opportunity by Application ($ million)
• Exhibit 43: Data Table on Market opportunity by Application ($ million)

7 Market Segmentation by Product

• 7.1 Market segments 
• Exhibit 44: Chart on Product - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Product - Market share 2022-2027 (%)

• 7.2 Comparison by Product 
• Exhibit 46: Chart on Comparison by Product
• Exhibit 47: Data Table on Comparison by Product

• 7.3 AHTS - Market size and forecast 2022-2027
• Exhibit 48: Chart on AHTS - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on AHTS - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on AHTS - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on AHTS - Year-over-year growth 2022-2027 (%)

• 7.4 PSV - Market size and forecast 2022-2027
• Exhibit 52: Chart on PSV - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on PSV - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on PSV - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on PSV - Year-over-year growth 2022-2027 (%)

• 7.5 MPSV - Market size and forecast 2022-2027
• Exhibit 56: Chart on MPSV - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on MPSV - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on MPSV - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on MPSV - Year-over-year growth 2022-2027 (%)

• 7.6 FSIV - Market size and forecast 2022-2027
• Exhibit 60: Chart on FSIV - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Data Table on FSIV - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Chart on FSIV - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on FSIV - Year-over-year growth 2022-2027 (%)

• 7.7 Others - Market size and forecast 2022-2027
• Exhibit 64: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 67: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.8 Market opportunity by Product 
• Exhibit 68: Market opportunity by Product ($ million)
• Exhibit 69: Data Table on Market opportunity by Product ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 70: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 71: Chart on Market share by geography 2022-2027 (%)
• Exhibit 72: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 73: Chart on Geographic comparison
• Exhibit 74: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027
• Exhibit 83: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 91: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 95: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 Germany - Market size and forecast 2022-2027
• Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.10 China - Market size and forecast 2022-2027
• Exhibit 103: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.11 Canada - Market size and forecast 2022-2027
• Exhibit 107: Chart on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 108: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 109: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.12 United Arab Emirates - Market size and forecast 2022-2027 
• Exhibit 111: Chart on United Arab Emirates - Market size and forecast 2022-2027 ($ million)
• Exhibit 112: Data Table on United Arab Emirates - Market size and forecast 2022-2027 ($ million)
• Exhibit 113: Chart on United Arab Emirates - Year-over-year growth 2022-2027 (%)
• Exhibit 114: Data Table on United Arab Emirates - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 115: Market opportunity by geography ($ million)
• Exhibit 116: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 117: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 118: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 119: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 120: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 121: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 122: Matrix on vendor position and classification

• 12.3 AP Moller Maersk AS 
• Exhibit 123: AP Moller Maersk AS - Overview
• Exhibit 124: AP Moller Maersk AS - Business segments
• Exhibit 125: AP Moller Maersk AS - Key news
• Exhibit 126: AP Moller Maersk AS - Key offerings
• Exhibit 127: AP Moller Maersk AS - Segment focus

• 12.4 BOURBON Corp 
• Exhibit 128: BOURBON Corp - Overview
• Exhibit 129: BOURBON Corp - Business segments
• Exhibit 130: BOURBON Corp - Key offerings
• Exhibit 131: BOURBON Corp - Segment focus

• 12.5 China National Offshore Oil Corp. 
• Exhibit 132: China National Offshore Oil Corp. - Overview
• Exhibit 133: China National Offshore Oil Corp. - Business segments
• Exhibit 134: China National Offshore Oil Corp. - Key offerings
• Exhibit 135: China National Offshore Oil Corp. - Segment focus

• 12.6 COSCO Shipping Co. Ltd. 
• Exhibit 136: COSCO Shipping Co. Ltd. - Overview
• Exhibit 137: COSCO Shipping Co. Ltd. - Product / Service
• Exhibit 138: COSCO Shipping Co. Ltd. - Key offerings

• 12.7 Damen Shipyards Group 
• Exhibit 139: Damen Shipyards Group - Overview
• Exhibit 140: Damen Shipyards Group - Product / Service
• Exhibit 141: Damen Shipyards Group - Key news
• Exhibit 142: Damen Shipyards Group - Key offerings

• 12.8 DP World 
• Exhibit 143: DP World - Overview
• Exhibit 144: DP World - Business segments
• Exhibit 145: DP World - Key news
• Exhibit 146: DP World - Key offerings
• Exhibit 147: DP World - Segment focus

• 12.9 Edison Chouest Offshore Co. 
• Exhibit 148: Edison Chouest Offshore Co. - Overview
• Exhibit 149: Edison Chouest Offshore Co. - Product / Service
• Exhibit 150: Edison Chouest Offshore Co. - Key offerings

• 12.10 Fincantieri Spa 
• Exhibit 151: Fincantieri Spa - Overview
• Exhibit 152: Fincantieri Spa - Business segments
• Exhibit 153: Fincantieri Spa - Key offerings
• Exhibit 154: Fincantieri Spa - Segment focus

• 12.11 Harvey Gulf International Marine LLC
• Exhibit 155: Harvey Gulf International Marine LLC - Overview
• Exhibit 156: Harvey Gulf International Marine LLC - Product / Service
• Exhibit 157: Harvey Gulf International Marine LLC - Key offerings

• 12.12 John Swire and Sons Ltd. 
• Exhibit 158: John Swire and Sons Ltd. - Overview
• Exhibit 159: John Swire and Sons Ltd. - Business segments
• Exhibit 160: John Swire and Sons Ltd. - Key offerings
• Exhibit 161: John Swire and Sons Ltd. - Segment focus

• 12.13 Nam Cheong Ltd. 
• Exhibit 162: Nam Cheong Ltd. - Overview
• Exhibit 163: Nam Cheong Ltd. - Product / Service
• Exhibit 164: Nam Cheong Ltd. - Key offerings

• 12.14 Siem Offshore Inc. 
• Exhibit 165: Siem Offshore Inc. - Overview
• Exhibit 166: Siem Offshore Inc. - Business segments
• Exhibit 167: Siem Offshore Inc. - Key offerings
• Exhibit 168: Siem Offshore Inc. - Segment focus

• 12.15 Singapore Technologies Engineering Ltd.
• Exhibit 169: Singapore Technologies Engineering Ltd. - Overview
• Exhibit 170: Singapore Technologies Engineering Ltd. - Business segments
• Exhibit 171: Singapore Technologies Engineering Ltd. - Key offerings
• Exhibit 172: Singapore Technologies Engineering Ltd. - Segment focus

• 12.16 Tidewater Inc. 
• Exhibit 173: Tidewater Inc. - Overview
• Exhibit 174: Tidewater Inc. - Business segments
• Exhibit 175: Tidewater Inc. - Key offerings
• Exhibit 176: Tidewater Inc. - Segment focus

• 12.17 Zamil Offshore Services Co. 
• Exhibit 177: Zamil Offshore Services Co. - Overview
• Exhibit 178: Zamil Offshore Services Co. - Product / Service
• Exhibit 179: Zamil Offshore Services Co. - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 180: Inclusions checklist
• Exhibit 181: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 182: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 183: Research methodology
• Exhibit 184: Validation techniques employed for market sizing
• Exhibit 185: Information sources

• 13.5 List of abbreviations 
• Exhibit 186: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
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Email: [email protected]
Website: www.technavio.com/

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