Offshore Support Vessel Market Share

North American Market Forecast

North America offshore support vessel market is projected to hold around 37% of the revenue share by the end of 2037. Rising developmental project of offshore wind. The Biden-Harris Administration dramatically increased the areas of the United States country eligible for offshore wind development over the last year. Installation of offshore wind farms requires the need for OSV for transporting essential components and raw materials to the sites. Moreover, the falling prices of offshore wind in the region will also significantly drive the market growth in the North American region. In the United States, around 40,083 megawatts (MW) are already in various phases of development. Moreover, the offshore wind pipeline grew by 13.5% over the previous year.

APAC Market Statistics

The Asia Pacific offshore support vessel market is estimated to be the second largest, registering a share of about 25% in the upcoming years. The rising activity in deepwater oil fields will drive the need for offshore support vessels. CNOOC Ltd., China's offshore operator, has initiated a drilling project to develop the Lingshui 25-1 deepwater gas resource in the South China Sea's Qiongdongnan basin.  The total drilling depths are anticipated to go as far as 60,000 meters.