The Ultimate Guide to Understanding Offshore Support Vessel Market

 The global Offshore Support Vessel Market is expected to grow from USD 25.6 billion in 2024 to USD 36.3 billion by 2029, at a CAGR of 7.2% during the 2024-2029. An offshore support vessel (OSV) is specially designed to support offshore exploration, drilling, production, and construction activities in the oil & gas industry. These vessels provide a range of services, such as transportation of personnel, equipment and supplies, maintenance and repair, and oil spill response. OSVs are also used for specialized tasks such as platform installation, decommissioning, seismic surveying, providing firefighting, towing, and positioning of drilling rigs and other offshore structures, and subsea construction. These vessels are equipped with dynamic positioning systems to maintain their position in rough seas and are built to withstand harsh offshore conditions. Different types of offshore support vessels are used in offshore oil & gas and offshore wind applications. OSVs play a crucial role in offshore oil & gas and offshore wind farms by enabling safe and efficient operations.

 

The global offshore support vessel market is anticipated to grow at a higher level. There are various drivers responsible for the growth of the market such as government policies and incentives and technological advancements among others. The rising global demand for energy, particularly from developing countries, pushes the need for increased offshore exploration and production, subsequently driving the OSV market.

 

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The expansion of exploration and production activities in emerging offshore markets, particularly in deepwater reserves and Arctic regions, is creating significant new opportunities for offshore support vessel operators and manufacturers. These frontier areas are attracting substantial investments from oil and gas companies seeking to tap into previously unexplored or underexplored hydrocarbon reserves.

 

Deepwater reserves often found off the coasts of countries like Brazil, Guyana, and West Africa, present unique challenges and opportunities. The complex and demanding nature of deepwater drilling operations necessitates specialized support vessels equipped with advanced technology and capabilities. These vessels must be able to operate in harsh conditions, provide reliable support for drilling rigs, transport personnel and supplies, and ensure safety and efficiency in deepwater environments.

 

Regional Analysis

 

The relentless global demand for energy continues to drive significant growth in offshore exploration and production activities, especially in resource-rich regions like the Gulf of Mexico. This area's abundant oil and gas reserves attract major energy companies and independent operators, making it a prime target for exploration and production initiatives. Offshore support vessels (OSVs) play a crucial role in these ventures, providing essential services such as transporting supplies, equipment, and personnel, as well as performing specialized functions like anchor handling and subsea construction support. Technological advancements in OSV design, including dynamic positioning systems and automated tools, have enhanced operational efficiency and safety, further boosting their importance in offshore operations.

 

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Key Market Players:

 

Some of the major players in the Offshore Support Vessel Companies are A.P. Moller-Maersk (Denmark), Tidewater Inc. (US), BOURBON (France), Edison Chouset Offshore (US), and Deltamarin Ltd (Europe).

 

A.P. Moller-Maersk

 

A.P. Moller-Maersk, commonly known as Maersk, is a global leader in container shipping, logistics, and energy sectors. While historically renowned for its container shipping operations, Maersk has also ventured into the offshore support vessel market. The company's presence in the OSV market is backed by its extensive fleet, modern technology, and global reach. Maersk Supply Service focuses on delivering efficient and reliable solutions to its customers, leveraging its expertise in maritime operations and commitment to safety and sustainability. The company offers offshore support services through its Towage & Marine Services business segment. Maersk Group offers marine services and integrated energy industry solutions with its anchor-handling tug supply (AHTS) fleet and subsea support vessels. A.P. Moller - Maersk has offices in Angola, Australia, Brazil, Canada, Equatorial Guinea, Ghana, Mexico, the Philippines, Singapore, and the UK.

 

Tidewater

 

Tidewater Inc., established in 1956 and headquartered in Houston, Texas, is a prominent provider in the offshore support vessel (OSV) market. The company operates a diverse fleet of vessels, including platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSVs), fast crew supply vessels (FCSVs), and specialty vessels. These vessels support offshore exploration, production, and transportation activities globally, with a significant presence in key regions such as the Gulf of Mexico, North Sea, Southeast Asia, West Africa, and the Middle East. Tidewater focuses on maintaining a modern fleet, pursuing strategic acquisitions like GulfMark Offshore, and emphasizing sustainability through energy-efficient operations.

Engines Market Size will Escalate Rapidly in the Near Future

The global Engines Market is anticipated to grow from estimated USD 377.83 billion in 2024 to USD 477.89 billion by 2029, at a CAGR of 4.8% during the forecast period. 

The major factors owing to the growth of Engines Market are rising demand for fuel efficient and low emission engines. Engines are machines used in converting fuels into mechanical energy. This helps in major industries such as automotive, marine, aerospace, and power generation. The Engines Market has grown significantly due to increased demand for efficient energy solutions across industries. Engines are widely used in transportation vehicles, heavy machinery, ships, and backup power systems, providing a reliable source of power. The durability, scalability and the ability of engines to handle high loads make them essential for small as well as large scale applications.

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Gasoline by Fuel type, is expected to be the second largest Engines Market during the forecast period

 

Gasoline is expected to account for the second largest market share by fuel type during the forecast period. According to the U.S. Energy Information Administration (EIA), gasoline consumption in the transportation sector accounted for more than 90 % which fueled more than 270 million vehicles. Continuous advancements in gasoline engine technology, such as turbocharging, direct fuel injection, and variable valve timing, have significantly improved the fuel efficiency of gasoline engines. Gasoline engines are also widely used in light commercial vehicles (LCVs), motorcycles, and recreational vehicles. Gasoline engines account for a substantial portion of the overall engine market and help sustain gasoline’s dominant position.

 

Power Generation segment by end-user, is expected to be the fastest Engines Market during forecast period

 

The market for engines by end user is anticipated to be the fastest growing segment in the market during the forecast period owing to the rising demand for reliable and efficient energy sources worldwide. The provision of such backup power solutions is what drives this growth, and it is primarily in areas that experience frequent outages. Furthermore, during the increasing integration of renewable energy, flexible engine systems are needed to accommodate variable power supply. Investments in power generation engines are supported by government initiatives to create energy independence and sustainability. The performance and efficiency of engines used in this segment become better every day, and adoption follows.

 

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Asia Pacific is expected to be the fastest region in the Engines Market during the forecast period

 

The demand for the Engines Market is expected to increase in the Asia pacific region which is primarily due to the rapid industrialization and urbanization, thus resulting in high demand for the energy as well as transportation solutions. Several emerging economies live in this region, such as China and India, where the infrastructure development and the auto production are booming fast. Government initiatives to clean up the environment are also creating deeper pockets for innovative and investment in advanced engine technologies. Having a rising population and urban centers, increases the demand for efficient power generation systems and transportation systems. Additionally, the strong manufacturing sector of the Asia Pacific region is likely to help its production and adoption of various engine types to provide the market with gains.

 

Key Players

 

The report profiles key players such as Caterpillar (US), Cummins Inc. (US), General Electric Company (US), RTX (US), General Motors (US), Rolls-Royce Plc (UK), Mitsubishi Heavy Industries, Ltd. (Japan), Honeywell International Inc. (US), AB Volvo (Sweden), Scania (Sweden).

Air Starter Market: Future Opportunities, Market Analysis & Outlook to 2021

The air starter market is projected to grow from an estimated market size of USD 329.7 Million in 2016 to USD 397.0 Million by 2021, at a CAGR of 3.8% from 2016 to 2021. Increase in demand for compact and explosion-proof devices in industries such as offshore oil & gas and others; high power-to-weight ratio; and low maintenance are driving the global air starter market.

The oil & gas industry is expected to occupy the largest share of the air starter market, by end-user

The oil & gas industry is the largest end-user segment for air starters, due to the large-scale application of heavy equipment in the potentially explosive and space-constrained environment. Aviation, mining, and marine industries are the other major end-users that employ air starters. The air starter market in the aviation industry is expected to grow at the highest CAGR during the forecast period. This growth is attributed to rising air traffic and investments in civil and military aviation.

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Turbine starter segment is expected to account for the largest share of the air starter market, by type

Turbine starters are estimated to constitute the largest segment of the air starter market. They are widely employed within the industry, owing to simple design, low maintenance, robust construction, and compatibility with almost all industrial applications. Major end-user industries such as oil & gas, aviation, mining, and marine employ turbine starters for diverse applications. Vane starters constitute a very small share, and is projected to grow at a slower rate as compared to the turbine starter market.

North America is currently the largest market; however, it is projected to dominate the global air starter market during the forecast period

North America is estimated to be the largest air starter market in 2016, with the U.S. expected to lead the market in terms of growth rate from 2016 to 2021. In this report, the air starter market has been analyzed with respect to five regions, namely, Asia-Pacific, Europe, North America, South America, and the Middle East & Africa. The air starter market is expanding in developed countries, owing to the rising preference for such devices in large-size engine-starting applications.

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Some of the leading players in the air starter market, including Ingersoll Rand (U.S.), Maradyne Corporation (U.S.), Tech Development (TDI) (U.S.), Gali Internacional (Spain), Air Starter Components, Inc., (ASC) (U.S.), and KH Equipment Pty Ltd. (Australia).