Offshore Support Vehicle Market size was valued at USD 17.04 billion in 2023 and is set to cross USD 40.57 billion by 2036, registering more than 6.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of offshore support vehicle is evaluated at USD 17.98 billion. Escalating demand for dynamic positioning drilling rigs, and rapidly rising requirement of energy globally are expected to drive market growth in the forthcoming years. Furthermore, upsurge in the development of regasification terminals and intra-regional gas pipeline infrastructure is projected to offer ample growth opportunities to the market in the near future.
Growth Drivers
Challenges
The growth of the market can also be attributed to the increasing investments in the offshore oil & gas and renewable sectors, and growing number of deep-water exploration activities across the world. According to the International Energy Agency, the global oil and gas upstream capital spending was valued at USD 497 billion in 2019, up from USD 475 billion and USD 450 billion in 2018 and 2017 respectively.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.9% |
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Base Year Market Size (2023) |
USD 17.04 billion |
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Forecast Year Market Size (2036) |
USD 40.57 billion |
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Regional Scope |
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The market is segmented by end user into oil & gas, patrolling, offshore wind, research & surveying, and others, out of which, the offshore wind segment is anticipated to observe notable growth in the global offshore support vehicle industry. This can be accounted to the favorable government initiatives to promote the generation of clean energy and curb harmful GHF discharges. Apart from this, the oil & gas segment is assessed to gather the largest share during the forecast period owing to the growing investments in exploration and production (E&P) operations. Additionally, on the basis of vessel type, the anchor handling tug vessels (AHT) segment is predicted to occupy the largest share by the end of 2030 ascribing to the high usage of these type of vessels to supply equipment such as anchors, tugs and winches to hydrocarbon E&P sites.
Our in-depth analysis of the global market includes the following segments:
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By Vessel Type |
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By End-User |
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North America Market Analysis
On the basis of geographical analysis, the global offshore support vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. North America industry is likely to hold largest revenue share by 2036, ascribed to rise in investments for E&P activities from oil & gas companies, and increasing production from conventional and unconventional oil reservoirs in the region. In addition, deployment of various clean energy initiatives is also expected to boost the market growth in the region in the coming years. As per the Center for Climate and Energy Solutions, renewables made up about 20 percent of utility scale US electricity generation in 2020, whereas solar generation made up for 3.3 percent of the total electricity. Moreover, the market in Asia Pacific is projected to grab the largest share during the forecast period, which can be credited to the growing emphasis on exploring the untapped potential reserves, and surging number of vessel manufacturers in the region.
June 2020- Houston headquartered Seacor Marine Holdings sealed and agreement with Cosco shipping to acquire the Chinese company’s 50 percent stake in Seacosco offshore.
March 2020- Offshore supply vessel operator Tidewater planned to dispose of 46 vessels for improving its balance sheet.
Author Credits: Dhruv Bhatia
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