Offshore Support Vessel Market Analysis

Service Type Segment Analysis

The charter (contract) sub-segment, a part of the service type segment, is anticipated to garner the largest share of 87.5% in the market by the end of 2035. The sub-segment’s upliftment is highly driven by ensuring a fundamental transition towards capital discipline and risk mitigation by overall stakeholders. The sub-segment’s high share is further propelled by the long-cycle and complex nature of offshore projects. Besides, energy developers, whether in renewables or oil and gas, need absolute certainty of vessel availability for long-lasting maintenance, installation, and field development to protect their generous investments. Moreover, for vessel owners, gaining a multi-year contract offers crucial revenue visibility, which is the pivotal prerequisite for achieving financing for fleet upgrades or newbuilds.

Fuel Type Segment Analysis

The diesel-electric/hybrid segment, which is part of the fuel type, is projected to cater to the second-largest share in the offshore support vessel (OSV) market during the predicted period. The segment’s growth is highly driven by its significant fuel savings that lower operating expenses and diminished emissions that assist in meeting stringent environmental regulations. According to an article published by the U.S. Department of Energy (DOE) in October 2024, the 50-foot Resilience is considered the first-ever hybrid diesel-electric research vessel, which comprises a 5,000-pound payload and has the ability to enable various research capabilities. In addition, the Resilience can effectively cruise comfortably at 20 knots by utilizing diesel engines and almost 7 knots on battery power. Therefore, with the launch of this research vessel, there is a huge growth opportunity for the segment.

Application Segment Analysis

Based on the application, the deep-water segment is expected to account for the third-largest share in the offshore support vessel (OSV) market by the end of the forecast timeline. The segment’s development is highly fueled by its role as the technologically-intensive and high-value frontier of offshore activities. Besides, deep-water projects are usually capital magnets, providing the scale of reserves, particularly in oil and gas, and continuous wind resources that tend to justify the immense upfront investment. This depth has necessitated highly sophisticated and expensive vessels, such as multipurpose support vessels (MPSVs) and robust platform supply vessels (PSVs), along with advanced and dynamic positioning (DP2/DP3) systems. Moreover, the operational complexity has translated into increased day rates in comparison to shallow-water tasks, thus making it suitable for bolstering the segment.

Our in-depth analysis of the market includes the following segments: