Offshore Support Vessel Services Market Emerging Trends, Size, Share and Growth Analysis Forecast to 2031

Offshore Support Vessel Services Market

Global Offshore Support Vessel (OSV) service sales are set to be valued at nearly US$ 11.7 Bn in 2021, with stable long-term projections, according to latest insights by Persistence Market Research. The report estimates the market to expand at over 7% CAGR from 2021 to 2031. The offshore renewables (wind) business has continued to grow strongly, with solid revenues and a record number of new projects sanctioned, which is projected to complement market growth over the coming years.

Request for Free Sample Copy of this Report@

2020 was a year of stark differences for offshore support vessel services as the traditional offshore market is mostly centered on the oil & gas industry, which had a disappointing year with considerable drop in activity, utilization, and day rates. However, the oil & gas industry is in a recovery mode, which bodes well for the OSV market over the coming years. Considering the possibility of a stimulus in many countries, the long-term outlook of the market remains positive.

  • In October 2020, Edison Chouest Offshore affiliate entered into a long-term charter agreement with Orsted and Eversource for the provision of the first U.S. Jones Act-compliant windfarm service operation vessel.

Key Takeaways from Market Study

  • With a growing wind energy industry, demand for support vessels to build and service wind farms is on the rise. Because of the rapid growth of wind farms, new vessels will be required to support their installation and operation on a never-before-seen scale.
  • Although each type of offshore service vessel holds fairly important positions in assisting development, exploring and learning, and navigating the ocean, market participants should focus on deploying existing fleets of PSVs and AHTSs.
  • In the last decade, there has been an increase in the need for aftersales services. Due to increased demand from this industry, the market for high-value-added retrofits and aftersales services has grown increasingly crucial for equipment suppliers.
  • Companies are heading in the direction of a data-driven industry. Operators of OSVs are working together to enhance digitalization. The goal is to test and deploy various digital technologies in order to reduce emissions, improve safety, and lower costs.
  • According to service type, technical services account for around 23% market share in 2021.
  • Based on regional analysis, Europe is expected to hold the highest market value share in the global market. Faced with production halts, temporary layoffs, and liquidity concerns as a result of the COVID-19 epidemic, the European shipbuilding and maritime equipment manufacturing industry called for sector-specific support measures in addition to horizontal industrial policy and financial support.

“Increasing offshore wind business and several government initiatives for stimulating and cultivating an indigenous industry in recent years are expected to drive demand for offshore support vessel services over the coming years,” says a Persistence Market Research analyst.


Competitive Landscape

The market is fragmented with key players accounting for around one-fourth market share. These players are heading in the direction of a data-driven industry to enhance digitalization and promote remote inspections in order to maintain their market share and position.

Some of the key players in this industry are: BOURBON Corporation, Tidewater Inc, Edison Chouest Offshore(Offshore Service Vessels L.L.C. ), SolstadFarstad ASA, A.P. Møller – Mærsk A/S , Swire Pacific Limited, Seacor Holdings Inc., Bumi Armada Berhad, and VroonOffshore Services Pte Ltd.


Have a Look at Related Research Reports: 

Green Data Center Market: Green Data Center Market Segmented By Solutions, Services Components in Small and Medium and Large Size in BFSI, IT and Telecom, Media and Entertainment, Healthcare, Government and Defense, Retail, Manufacturing Vertical

India Industrial Racking System Market: India Industrial Racking System Market Segmented By Selective Racking Systems, Cantilever Racking Systems, Push Back Racking Systems, Narrow & Wide Aisle Racking Systems, Drive-In-Racking Systems, Pallet Flow Racking Systems, Carton Flow Racking Systems, Mobile Racking Systems, Pigeon Hole Racking Systems, FIFO Racking Systems Design

Americas Pipe Fittings Market: Americas Pipe Fittings Market Segmented By Steel & Steel Alloys, Copper, Brass, Aluminium, Plastic, Composite Material in Push-fit Pipe Fittings, Press-fit Pipe Fittings Function with Elbow Pipe Fittings, Tee Pipe Fittings, Reducer Pipe Fittings, Union Pipe Fittings, Coupling Pipe Fittings, Adapter Pipe Fittings, Cross Pipe Fittings, Pipe Fitting Caps, Pipe Fitting Flanges Type

About us: –

Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.

Contact Us:

Persistence market research
Address – 305 Broadway, 7th Floor, New York City, NY 10007 United States
U.S. Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353
Sales – [email protected]


%d bloggers like this: