Market Size of Offshore Support Vessels Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.95 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Offshore Support Vessel Market Analysis
The offshore support vessel market is estimated to be at USD 71.24 billion by the end of this year and is projected to reach USD 95.11 billion in the next five years, registering a CAGR of over 5.95% during the forecast period.
- Over the medium term, the offshore support vessel market's growth is likely to accelerate in the near future due to the increasing demand for deepwater oil and gas drilling operations and the improved viability of offshore oil and gas projects.
- On the other hand, the volatility in the prices of commodities extracted makes the path to growth a bit cumbersome for the market.
- Nevertheless, new technologies that help offshore vessels deal with environmental problems open up a lot of opportunities for the market. For example, Maersk Supply Service has started its Stillstrom offshore vessel-charging business to reduce carbon emissions in the shipping industry by getting rid of emissions from ships that aren't moving. It will steadily phase out fossil-fuel-based vessels in the long run.
- North America is predicted to dominate the market during the forecast period due to major offshore oil and gas discoveries that happened in the region recently.
