Offshore Support Vehicle Market Trends

Growth Drivers

Increasing Investments in Offshore Oil & Gas and Renewable Sectors
Growing Number of Deep-Water Exploration Activities

Challenges

Huge Capital Requirements for Offshore Projects

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.

Offshore Support Vehicle Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	6.9%
Base Year Market Size (2023)	USD 17.04 billion
Forecast Year Market Size (2036)	USD 40.57 billion
Regional Scope	North America (U.S., and Canada) Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific) Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Latin America (Mexico, Argentina, Brazil, Rest of Latin America) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of offshore support vehicle is evaluated at USD 17.98 billion.

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. The market growth is driven by increasing investments in offshore oil & gas and renewable sectors, and growing number of deep-water exploration activities.

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.

The major players in the market are Bourbon Corporation SA, Tidewater Inc., Seacor Marine Holdings Inc., Maersk Supply Service A/S. Solstad Offshore ASA, and others.

Offshore Support Vehicle Market Trends