Summary

Market Overview
The Global Offshore Support Vessels Market reached US$ XX million in 2021 and is expected to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 7.3% during the forecast period (2022-2029).
The offshore support vessels are used for transportation and support during oil exploration and building projects. Offshore support vessels can transport medium to large loads required for offshore operations. Many businesses are trying to switch to clean fuel or cut their vessels' carbon emissions, accelerating industry expansion. For instance, Maersk's Supply Service will play a crucial role in the offshore support vessel sector's decarbonization in 2021 to cut the carbon intensity of its fleet by 50% by the end of this decade. Wärtsilä will provide Maersk Supply Service with its energy storage system and HY Module.
Market Dynamics
The rising demand for dynamic positioning (DP) systems in marine vessels, coupled with technological advancement in machine manufacturing, is a major market driver for the global offshore support vessels market. However, rising fluctuations in oil prices and high operational risks for OSVs could be a major market restraint.
Rising demand for dynamic positioning (DP) systems in marine vessels coupled with technological advancement in machine manufacturing
A Dynamic Positioning Ship is extremely useful in monitoring natural events offshore and assisting ships in maintaining their location in the deep sea by pinpointing wind and wave data that might otherwise cause a ship to lose control and wander off course. Furthermore, Dynamic Positioning eliminates the need for anchors to maintain a ship's course in deep waters, allowing it to focus on its primary mission. Thus increasing the integration of dynamic positioning systems in ships is more likely to create opportunities for offshore vessels to grow in the forecast period.
Furthermore, During the projected period, the dynamic positioning system market in the Asia Pacific is expected to increase significantly. With expanding seaborne trade in the region, the rise of the shipbuilding sector in the Asia Pacific is one of the most important elements contributing to the need for ships. Additional factors supporting the growth of the dynamic positioning system market in the Asia Pacific include increased investments in the offshore shipping industry and increased recreational water activities in New Zealand.
For instance, in August 2019, ABB added dynamic positioning 2 (DP2) functionality to ABB Ability™ Marine Pilot Control. The solution enhances vessel command execution and enables. In addition, due to changing requirements and the necessity for upgrades, DP-1 vessels are nearing the end of their service life and are only employed as crew supply vessels. The DP-2 and DP-3 vessels are becoming more popular in PSVs and are gaining market share. One example of a technology update that allows vessels to work in difficult conditions is the evolution of DP vessels
Raising fluctuations in oil prices and high operational risks for OSVs
Since the collapse in 2014, oil prices have constantly been fluctuating and the downward trend has persisted into 2016. On the other hand, prices increased in 2017 and 2018, resulting in increased demand for production enhancement operations. In 2019 and 2020, the price fell again, with a modest increase in the first quarter of 2021. Countries that are net oil exporters are facing a historic double blow: a worldwide economic slowdown brought on by the COVID-19 pandemic and an oil market meltdown, with the benchmark price for US crude oil, the West Texas Intermediate, briefly falling below zero for the first time in history (in April 2020) leading to create a challenging market for offshore support vessels.
Furthermore, The offshore industry is fraught with dangers. Hazardous and toxic liquids are transported in bulk by support vessels. Despite industry norms, backloading and carrying hazardous oil-contaminated cargo, known as slops or wet bulk garbage, can result in fatalities. These can also pose an environmental danger. Hence operators in the offshore support vessel industry must adhere to strict SOLAS and Prevention of Pollution from Ships laws (MARPOL). Working offshore entails several risks which severely hurdle the market growth of the product in recent times
COVID-19 Impact Analysis
With a global presence, offshore support vessel companies must operate around quarantine and inter-country transit restrictions, which forces crew members to overstay moorings for extended periods, compromising their health. Furthermore, businesses have experienced delays in employee changes worldwide due to different quarantine requirements. In certain cases, they had to pay for additional workers because the other crew was quarantined, hampered the companies' overall ability to increase revenue.
Medium to large loads required for offshore operations can be transported by offshore support vessels, among other things. China is a major trade partner for several countries and one of the industry's important leaders in the maritime business. Furthermore, the outbreak occurred in China when shipping businesses were experiencing weaker demand owing to the Chinese New Year (CNY), worsening the situation for the shipping industry
According to the Shanghai International Shipping Institute, the pandemic has resulted in a 20% to 50% reduction in capacity utilization at China's largest ports, as well as a substantial increase in the use of port storage facilities. The supply chain also experiences several difficulties due to international trade and transit suspension. There are considerable delays and, in some cases, cancellations concerning planned repair and building. COVID-19 has therefore caused the market for offshore support boats to slow down.
The global COVID-19 situation is improving and this has improved market conditions across various businesses. Once things start to improve, it is anticipated that the market for offshore support vessels will pick up speed during the projection period.
Segment Analysis
The global offshore support vessels market is classified based on type, application, end-user and region.
The constant rise in the number of operations on the high seas
Platform supply vessel is a type of offshore vessel mainly used for transiting essential equipment and additional workforce to reinforce the high seas’ operations. It is also known as Offshore Supply Vessels (OSVs).mIt range from 50 to 100 meters in length and accomplish various tasks. However, its primary function is logistics support and transportation of goods, tools, equipment and personnel to and from offshore platforms and other structures. It loads at a shore base. Dry bulk cargoes are carried in special pneumatic pressure tanks, liquid cargo in double bottom tanks and equipment on the aft open deck. At the rig or platform, deck cargo is handled by the rig crane while the liquid and powder cargoes are pumped up or transferred pneumatically.
A typical PSV operating profile displays the vessel spending about 25% of the time in harbor loading and unloading, 40% sailing at a service in the 14-16 knot range and 35 % discharging or loading at sea, often in strong winds, high seas and strong currents. It is a much-needed support ship at its broadest and most literal implications. In addition, platform supply vessel helps sustain the demands of the construction and maintenance projects, thus fulfilling a vital necessity like operations on the high seas. Under a broader ambit, it helps to lug heavy structural equipment, smaller yet essential structural components like paving material such as cement and concrete and chemical compounds that help in effective sub-water boring operations.
It can be custom-built to suit the operational needs of operators. Consequentially, not all PSVs are employed to transit drilling rig platforms to help oil excavation operations. They are also utilized to curb oil spillage on the high seas and as handy vessels with fire-controlling instrumentation. Its demand has increased due to the constant rise in the number of operations on the high seas. The individual fact results in the advancement in the construction of supply vessels.
For instance, SALT 100 PSV designed a new platform supply vessel called MV Juanita, constructed by Kleven Maritime for Ugland Offshore. The vessel is being chartered under a two-year contract, which is extendable by one more year. It integrates a new propulsion system based on permanent magnet technology developed by Empower in collaboration with Scana Volda. Moreover, Kongsberg Maritime designed an advanced UT 754 WP vessel featuring a wave-piercing bow. Because wave-piercing technology can pierce through waves in extreme conditions while maintaining a constant speed, it reduces fuel consumption and enhances safety. It is designed particularly to meet the needs of offshore vessels carrying hazardous and noxious liquid cargo. For instance, as recent rule changes mean that drilling mud and brine are now classified as noxious, the vessel's 1,600m³ capacity for such material makes it ideal for carrying large quantities of noxious liquid while complying with the IMO's rules. Besides, in recent years, a new generation of platform supply vessels entered the market. They are usually equipped with a Class 1 or Class 2 Dynamic Positioning System (DSP). Furthermore, military applications are also under development, as in the Status-6 Oceanic Multipurpose System.
Geographical Analysis
Modern technology and increased petroleum demand for automotive vehicles
Due to modern technology and increased petroleum demand for automotive vehicles, the region will probably own good market expansion. In 2020, U.S. produced approximately 18.40 million barrels of petroleum per day and consumed approximately 18.12 million barrels per day. The offshore oil industry in Canada is anticipated to draw in significant investment soon. Atlantic Canada currently produces around 233,000 barrels daily, accounting for five of Canada's total oil production. The Trump administration allowed novel offshore oil and gas development activities on US coastal seas in 2018, opening up over a billion acres within the Arctic and along the geographic area. Due to the increased demand for offshore support vessels to handle and transport components and embarrassing machinery levels, the demand for offshore support vessels is predicted to rise.
However, the change within the political administration might tighten the control over oil and gas drilling while favoring renewable energy. Furthermore, the offshore wind energy sector may be a major regional growth area. In 2019, the full capacity of U.S. offshore wind pipeline increased from 25,824 MW to 28,521 MW. In order to keep offshore production going, exploration and development add us is relocating to deeper waters, where oil and gas resources have yet to be discovered. This trend is projected to fuel demand for offshore support vessels during the projection period.
Because of Newfoundland and Labrador's strong drive, Canada's offshore oil industry is likely to draw increased financial interest in the coming years as prices in oil-rich Alberta collapse. Marine Renewables Canada announced in February 2018 that it would broaden its mandate to include offshore wind energy. To grow the industry and ensure that clean electricity from waves, tides, rivers and offshore wind plays a vital role in Canada's low-carbon future, the group plans to concentrate on resource similarities and synergies. The offshore rigs and offshore oil production in North America have significantly increased due to lower drilling costs and higher oil prices, indicating growth in both offshore drilling and production activity, which is expected to be driving the offshore support vessels market in the area. Since 2016, the number of new shallow-water platform installations has dropped drastically, while decommissioning activity has increased significantly, indicating a decrease in shallow-water production and drilling in the Gulf of Mexico. In order to keep offshore production going, exploration and development work in U.S. is relocating to deeper waters, where oil and gas resources have yet to be discovered. This trend is projected to fuel demand for offshore support vessels during the projection period.
Competitive Landscape
The global offshore support vessels market is extremely competitive due to major players such as Swire Pacific Offshore Operations Ltd., Solstad Offshore ASA, BOURBON, MMA Offshore Limited, Grupo CBO, Seacor Marine Holdings Inc, Tidewater Inc., Siem Offshore, Havila Shipping ASA, Maersk. The market is fragmented and market players employ market tactics such as mergers, acquisitions, product launches, contributions and collaborations to gain a competitive advantage and recognition.
Swire Pacific Offshore Operations Ltd.
Overview: The company owns and manages a various fleet of more than 50 vessels, including AHTS Vessels, PSV, SSV and a high-speed crew catamaran. The company has operational experience of 45 years and operates a diverse fleet in every significant oil exploration outside U.S. Gulf of Mexico. The company subsidiaries have more than 20 regional offices globally. This vast network of local offices enables the company to stay close to the services organization and clients to handle any technical, operational, commercial or personnel demands efficiently & promptly. SPO is a wholly recognized subsidiary of Swire Pacific Limited, a multi-national and diversified conglomerate based in Hong Kong.
Product Portfolio:
• AHTS-D Class: The D Class vessels are manufactured to Clean Class, ice notations and SPS 2008. Presented with 500 / 400-tonne RRM Brattvagg winches, these vessels are fuel-efficient, provided with the most advanced Dynamic Positioning (DP) technology and have the energy to support the latest generation semi-submersible rigs working in harsh deepwater environments and have enough cargo capacity.
Key Development:
• On October 08, 2020, Swire Pacific Offshore announced its aim to list its subsidiary Swire Blue Ocean on the Oslo Stock Exchange. The offer to take the public offshore wind turbine transport and investment authority comes on the back of the publication of vital development plans for the Danish operator. Pacific Osprey & Pacific Orca, already two of the most capable backups in the global fleet, are designed to be fitted with new cranes, allowing them to handle later turbine models.
Why Purchase the Report?
• To visualize the global offshore support vessels market segmentation based on type, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global offshore support vessels market by analyzing trends and co-development.
• Excel data sheet with numerous data points of offshore support vessels market-level with four segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players
The global depth filtration market report would provide approximately 61 tables, 58 figures and almost 207 pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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