Offshore Supply Vessels (OSV) Market Growth is attributed to the increasing demand from Offshore Wind Sector

According to Precision Business Insights (PBI), the latest report, the Offshore Supply Vessels (OSV) market will be worth USD 2.9 billion in 2022, growing at a 4.1% CAGR from 2022 to 2028. Global Offshore Supply Vessels (OSV) market is segmented into the following types: By Type (Anchor-handling Tug Supply Vessels,…

According to Precision Business Insights (PBI), the latest report, the Offshore Supply Vessels (OSV) market will be worth USD 2.9 billion in 2022, growing at a 4.1% CAGR from 2022 to 2028. Global Offshore Supply Vessels (OSV) market is segmented into the following types: By Type (Anchor-handling Tug Supply Vessels, Platform Support Vessels, Multipurpose Support Vessels, Emergency Response/Standby and Rescue Vessels, Crew Vessels, Seismic Vessels, Chase Vessels, and Others), Application (Shallow Water and Deepwater), End-User (Oil & Gas and Offshore Wind), and Geography (North America, Europe, Asia Pacific, Latin America, and MEA) Forecast to 2028. Key players’ profiles in the Offshore Supply Vessels (OSV) market report are Edison Chouest, Tidewater, Bourbon Offshore, DOF, Swires, Maersk Supply Service, and Farstad Shipping, Hornbeck, Cosl, Island Offshore Management, Gulf Mark, and Havila Shipping. The expanding global need for PSVs (platform supply boats) propels the Offshore Support Vessel industry. When the offshore rig platforms have limited capacity in deep-water drilling operations, platform supply vessels are also used to transport drilling and casing pipes, cement, drilling and completion fluids, and other materials. Numerous technological advancements in the production processes of offshore support vessels and the integration of Dynamic Positioning (DP) systems in marine vessels are also driving the market growth. Manufacturers are concentrating on developing computer-controlled vessels that can automatically run their propellers and thrusters to maintain a specific position. The industry has been driven by rising investments in offshore oil and gas drilling activities across the globe.

Offshore  Wind  Segment  to  Dominate  the  Offshore  Supply  Vessels  (OSV)  Market:
The offshore wind segment is expected to account for a larger revenue share in the global Offshore Supply Vessels (OSV) market. It is projected to grow at a 5.0% CAGR between 2022 and 2028. Offshore winds blow more uniformly than land winds, and the electricity generated by offshore wind farms is higher than that caused by onshore wind farms. Offshore support vessels help operators transfer turbines to offshore locations and provide a transportation solution for the offshore wind farm business. Offshore support vessels like Anchor Handling Tug Supply (AHTS), Platform Support Vessel (PSV), and quick supply vessels can help in the erection, installation, and maintenance of these turbines, as well as the dismantling of offshore wind farms. These ships can also transport cargo from the mainland to offshore wind turbines. The need for AHTS and PSVs is increasing as these massive turbines are deployed in deeper seas. Many offshore wind operators partner with oil and gas corporations to meet rising energy demand. For example, the Norwegian petroleum ministry accepted Equinor’s plan to build a floating offshore wind farm in the North Sea to power five oil and gas facilities in 2020.

Asia  Pacific  Offshore  Supply  Vessels  (OSV)  Market:
The Asia Pacific market is expected to hold a significant market share in the global Offshore Supply Vessels (OSV) market over the forecast period. It is projected to grow at a CAGR of 5.0% in the coming years. Globalization and the rapid rise of Asian economies were essential factors that increased marine trade. The economic environment influences short- and long-term charter rates, including bank interests and trade policies. Despite the uncertainty surrounding China’s economic outlook, the growing number of gas transport agreements in the Asia Pacific is likely to drive growth in the offshore support vessel market throughout the projection period. Gas procurement contracts are projected to be stimulated by the increased development of regasification facilities and intra-regional gas pipeline infrastructure. The market is expected to benefit from the growing number of LNG facilities and rising consumption. Furthermore, due to an increase in the number of vessel manufacturers in the market, particularly from China and South Korea, the number of offshore support vessels in the region is increasing.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Offshore Supply Vessels (OSV) market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,

  • In March 2022, Norway-based Island Offshore was awarded new support vessel contracts worth NOK 500 million. The contracts include platform supply vessels, anchor handling tug supply (AHTS) vessels, and light well intervention vessels. The agreement will be executed this year only.
  • In March 2021, Vroon Offshore Services, a subsidiary of Vroon Group, received a contract from PSE Kinsale Energy Limited (KEL) for the emergency response and rescue vessel (ERRV) VOS Pathfinder. The contract is for decommissioning campaign at the Kinsale area gas fields offshore Ireland.
  • In November 2020, Grupo CBO and Wartsila partnered to transform a vessel in the CBO fleet by enabling the use of hybrid propulsion for its operations. The CBO Flamengo is expected to be the first ship in Latin America equipped with a battery for hybrid propulsion. This is expected to improve the ship’s energy consumption and reduce its carbon footprint.

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The Offshore Supply Vessels (OSV) market detailed segmentation:

Based on the type:

  • Anchor-handling tug supply vessels
  • Platform support vessels
  • Multipurpose support vessels
  • Emergency response/standby and rescue vessels
  • Crew vessels
  • Seismic vessels
  • Chase vessels
  • Others

Based on the application, the market is segmented into the following:

  • Shallow water
  • Deepwater

Based on the end-user, the market is segmented into the following:

  • Oil & gas
  • Offshore wind

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