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.

 

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1212

 

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.

 

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1212

 

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.

Shore Power Market: Rising Power Demand From Ports to drive Market

 According to the new market research report "Shore Power Market by Installation (Shoreside, Shipside), Connection (New Installation, Retrofit), Component (Transformers, Frequency Converters, and More), Power Output (Up to 30 MVA, 30 to 60 MVA, Above 60 MVA) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Shore Power Market size will grow to USD 2.8 billion by 2027 (forecast year) from USD 1.6 billion in 2022 (estimated year), at a CAGR of 11.2% during the forecast period. Shore power, shore-to-ship power, or cold ironing is a technique of supplying electricity from the shore to ships to fulfill their power requirements for onboard electrical systems. This technique is also called an alternative maritime power, wherein the provided electricity can either be derived from a combination of port-owned renewable energy sources and local grids or solely from the local grids. The incoming power is fed to a substation at the port, converted into the required form, and transmitted to special power connectors, enabling the connection between the shore and ship.

The shoreside segment is expected to grow at the highest CAGR from 2022 to 2027

Based on the installation type of shore power systems, the shoreside segment is estimated to be the fastest-growing market from 2020 to 2027. The strict environmental regulations implemented by governments worldwide have led port authorities to highly focus on reducing noise and emission levels through port operations, which has increased the shoreside installation of shore power systems and fueled the market growth.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=34338697

Frequency converters segment is expected to grow at the highest CAGR from 2022 to 2027

Based on the frequency converters of shore power systems, the component is estimated to be the fastest-growing market from 2020 to 2027. The shore power frequency converters power the ships through the port’s electrical grid, even if they have different operating voltages, which can be witnessed in ships traveling internationally. The frequency converters change the local grid power to match the input frequency and voltage of the ship. Their use helps save costs as they consume less diesel fuel. They also reduce air pollution caused by the engine’s operation while at the port.

Asia Pacific is expected to lead the Shore Power Market

Asia Pacific accounted for a 33.4% share of the Shore Power Market in 2022. The countries covered in the region are China, Japan, South Korea, India, Australia, Singapore, and Rest of Asia Pacific. Asia Pacific is projected to hold the largest size of the Shore Power Market during the forecast period as multiple countries in the region have been emphasizing reducing their carbon footprint by utilizing several techniques such as shore power, which would help them achieve their goals.

Asia Pacific is the world’s most populated region and is expected to become the largest energy-consuming region globally in the near future. The growing population and rising per capita income are the key factors for the increasing demand for energy in Asia Pacific. It comprises several developing nations that eventually require more energy for different purposes. According to the Asian Development Bank (ADB), the region’s share of global energy consumption is expected to increase to 56% by 2035 from 34% in 2010.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=34338697

The leading players in the Shore Power Market include GE (US), Siemens (Germany), Schneider Electric (France), ABB (Switzerland), and Eaton (Ireland).