Offshore Supply Vessel (OSV) Market 2022 Size, Share, Growth, Trends, COVID-19 Impact Analysis and Forecasts to 2028

The global offshore support vessels market size has been estimated at USD 22.27 billion in 2021 and USD 23.66 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.40% to reach US$34.33 billion by 2028.

Offshore Support Vessels (OSV) Market 2022-2028

A new market study titled Offshore Supply Vessel (OSV) Market Upcoming Trends, Growth Drivers and Challenges has been published on fusionmarketresearch.

The global offshore support vessels market size has been estimated at USD 22.27 billion in 2021 and USD 23.66 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.40% to reach US$34.33 billion by 2028.

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The COVID-19 pandemic had negatively impacted the market by reducing or canceling offshore drilling contracts. It was found that around 10% of contract volumes were revoked in 2020, resulting in an estimated $3 billion loss for offshore drilling companies on a global scale. Offshore support vessel market growth is expected to accelerate in the near future due to increasing demand for deep sea oil and gas drilling and improved profitability of offshore oil and gas projects. However, the volatility of the prices of the extracted raw materials makes it difficult for the market to grow.

The offshore support vessel market has experienced strong growth in recent years, driven by a strong increase in exploration activity, supported by rising demand for oil attributed to increasing industrialization and manufacturing activities, as well as increased urbanization. This has resulted in higher demand for rigs, platforms and floating, production, storage, and offloading (FPSO) units.

A large part of the OSV market comprises smaller and older vessels, particularly in developing and emerging countries, but in recent years there has been a shift towards higher-end vessels with cleaner designs, stronger winds, more bollard pull and greater ROV capacity than these Sophisticated ships are better able to support complex operations in deep water. Certain factors that may inhibit growth in the market are volatile steel and equipment prices and escalating costs of propulsion systems, double hulls and stricter crew comfort requirements.

Cumulative Impact of COVID-19: COVID-19 is an unparalleled global public health emergency that has affected almost every industry and the long-term impact is expected to impact the industry growth over the forecast period. Our ongoing research is expanding our research framework to ensure underlying COVID-19 issues and potential avenues for the future are included. The report provides insights into COVID-19 considering the changes in consumer behavior and demand, buying patterns, supply chain diversion, dynamics of current market forces and significant government interventions. The updated study provides insights, analysis, estimates and forecasts considering the impact of COVID-19 on the market.

Cumulative Impact of the 2022 Russia-Ukraine Conflict: We continuously monitor and update reports of political and economic uncertainties due to the Russian invasion of Ukraine. Negative impacts are clearly foreseen worldwide, particularly in Eastern Europe, the European Union, East and Central Asia and the United States. This dispute has severely impacted lives and livelihoods and represents wide-ranging disruptions in trade dynamics. The potential impact of the ongoing war and uncertainty in Eastern Europe is expected to have a negative impact on the global economy, with particularly long-term harsh implications for Russia.

Company Coverage (Company Profile, Revenue, Price, Gross Margin, Main Products, etc.):

  • Edison Chouest
  • tidal water
  • Bourbon offshore
  • Maersk supply service
  • Farstad Shipping
  • Hornbeck
  • wires
  • DOF
  • deep sea supply
  • Gulf of Harvey
  • Seacor Navy
  • Siem offshore
  • Solstad Offshore
  • Cosl
  • island off the coast
  • havila
  • PACC offshore service
  • Gulf Market Offshore
  • Swire Pacific Offshore
  • GC Rieber
  • Group CBO
  • Kawasaki Kisen Kaisha
  • MMA abroad
  • Nam Cheong Limited
  • Ostensjo Rederi
  • Royal IHC
  • Vroon group
  • Ostenjso Rederi
  • GulfMark Offshore Inc.

Offshore Support Vessels Market by Type

  • AHTS – Volume, Value and Forecast
  • PSV – Volume, Value and Forecast

Other – Crew Boats, ERRV, FSV, Seismic Support Vessel, Installation Vessels – Volume, Value and Prognosis

  • Offshore Support Vessels Market by method
  • shallow water
  • Deep water

market by application

  • Oil and gas exploration and production
  • offshore construction
  • military

Market segment by region, regional analysis includes

  • North America (United States, Canada and Mexico)
  • Europe (Germany, France, UK, Russia, Italy and Rest of Europe)
  • Asia Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
  • South America (Brazil, Argentina, Colombia and Rest of South America)
  • Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, South Africa and Rest of Middle East and Africa)

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