Offshore Supply Vessel Market size to record USD 6.00 billion growth from 2024-2028, Increasing demand for high-capacity and liquefied natural gas (LNG)-fueled OSVs is one of the key market trends, Technavio

NEW YORK, May 9, 2024 /PRNewswire/ -- The global offshore supply vessel market size is estimated to grow by USD 6.00 billion from 2024 to 2028, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of over 4.42% during the forecast period.

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Key Trends Fueling Growth

• Increasing demand for high-capacity and liquefied natural gas (LNG)-fueled OSVs 
• The market for big ships is booming lately. People want vessels that can carry lots of stuff efficiently. These ships have powerful engines, big decks, and use liquefied natural gas (LNG) instead of diesel. LNG is cheaper and better for the environment. It cuts CO2 emissions by 25%-30% compared to diesel.
• But LNG engines aren't as strong, so these ships might not be as easy to steer. Still, using LNG saves money in the long run. It's cheaper and more fuel-efficient than other options. That's why big shipping companies are making more LNG-powered ships. One example is the CREOLE SPIRI by Tekay. So, with more demand for big, LNG-powered ships, the market for offshore supply vessels is growing.

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Major Challenges:

• Rise in operational costs of OSVs 
• The global offshore supply vessel (OSV) market faces significant challenges due to the substantial capital investment and infrastructure needed for fleet construction and maintenance. Maintenance, including engine upkeep, crew expenses, and regular repairs, is costly. External funding often leads to debt, while operational risks such as technical and mechanical failures, adverse weather, piracy, and collisions add to maintenance expenses and threaten crew safety.
• OSV efficiency declines over time, with over 50% of the fleet aged over 20 years, increasing maintenance costs and operational failures. Depreciation further reduces profit margins. Consequently, rising operational costs are expected to impede market growth.

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Segmentation Overview

1. Type 
• 1.1 AHTS
• 1.2 PSV
• 1.3 FSIV
• 1.4 MPSV
• 1.5 Others
2. End-user 
• 2.1 Offshore oil
• 2.2 gas
• 2.3 Offshore wind
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1  AHTS- The AHTS segment is expected to experience significant growth in the coming years. AHTS vessels are naval ships utilized for towing and handling anchors for oil rigs, designed to withstand tough weather conditions. Valued at USD 9.14 billion in 2018, the AHTS segment is the largest within the industry. These vessels, larger than other OSVs, boast spacious docks for cranes and better resilience against harsh weather.

• Their versatility extends to assisting rescue vessels and installing oil rigs in deep waters. With global oil prices on the rise, coupled with a preference for AHTS vessels due to their capabilities, the segment is poised for expansion. This preference stems from their ability to handle challenging conditions effectively, making them the preferred choice over other OSVs. Consequently, the global market is expected to grow during the forecast period due to the increasing demand for AHTS vessels.

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Analyst Review

In the booming offshore supply vessel market, companies are focusing on maintaining drilling rigs, production facilities, and offshore exploration equipment efficiently. With offshore reserves becoming increasingly vital, energy resources need careful management. Cargo handling and loading/unloading systems ensure smooth operations, while fuel efficiency is a key concern. Aging fleet replacement is prioritized to enhance safety and productivity. Technologically advanced vessels like Anchor Handling Tug Supply Vessels, Platform Supply Vessels, and Multipurpose Support Vessels dominate the scene.

Standby & Rescue Vessels play a crucial role in emergency response. Seismic Vessels aid in shallow and deep-water exploration. Offshore wind energy projects are gaining traction, promoting clean energy initiatives. Offshore supply vessels cater to the specific needs of these projects, supporting operations efficiently. With a focus on efficiency, safety, and sustainability, the offshore supply vessel market continues to evolve to meet the demands of the industry.

Market Overview

The Offshore Supply Vessel Market encompasses various vital services and assets crucial for offshore operations. From maintenance services to fuel efficiency, these vessels play a pivotal role. They support drilling rigs and production facilities while handling cargo and loading/unloading systems efficiently. With a focus on offshore exploration and reserves, the market demands technologically advanced vessels to replace aging fleets.

These vessels facilitate the transportation of energy resources, ensuring seamless operations in the challenging offshore environment. As the industry evolves, there's a growing need for vessels equipped with advanced technologies to meet the demands of modern offshore projects. The market thrives on providing reliable and efficient solutions to support offshore activities effectively.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation

• Type 
• AHTS
• PSV
• FSIV
• MPSV
• Others
• End-user 
• Offshore Oil
• Gas
• Offshore Wind
• Geography 
• APAC
• Europe
• North America
• Middle East And Africa
• South America

 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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Website: www.technavio.com/ 

SOURCE Technavio