Offshore Support Vehicle Sector: Growth Drivers and Challenges
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 |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.9% |
|
Base Year Market Size (2024) |
USD 18.22 billion |
|
Forecast Year Market Size (2037) |
USD 43.38 billion |
|
Regional Scope |
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Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of offshore support vehicle is assessed at USD 19.29 billion.
Offshore Support Vehicle Market size was valued at USD 18.22 billion in 2024 and is expected to reach USD 43.38 billion by 2037, registering around 6.9% CAGR during the forecast period i.e., between 2025-2037.
North America industry is anticipated to account for largest revenue share by 2037, 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.
