Offshore Support Vessel Market Size

Offshore Support Vessel Market size was valued at USD 14.91 billion in 2024 and is likely to cross USD 35.5 billion by 2037, registering more than 6.9% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of offshore support vessel is estimated at USD 15.73 billion.

Offshore support vessels (OSV) support various activities, such as drilling, installation, and supply transportation. The growing demand for energy will drive the need for OSV. Increasing middle-class development in economies that are developing boosts the consumption of energy by approximately 35%.

Higher investment influx in the oil & gas industry. Oil industry investment leads to the development of new offshore fields that increase the need for OSVs to carry out different operations. For ensuring a substantial supply of oil & gas, the investment in the oil & gas industry climbs from USD 499 billion in 2022 to USD 640 billion in 2030. Besides this, the rise in the number of offshore wind farms will also expand the growth of the OSV market. OSVs play a crucial role in transporting personnel equipment, and materials for the construction of new offshore wind farms. According to current forecasts, around 234 gigatons of offshore wind energy are expected to be built worldwide by 2030, which might equate to about 30,000 turbines.