Offshore Support Vessel Market Size and Outlook 2031

Report Description

Forecast Period	2027-2031
Market Size (2025)	USD 20.93 Billion
CAGR (2026-2031)	5.21%
Fastest Growing Segment	Anchor-Handling Tug Supply
Largest Market	Asia Pacific
Market Size (2031)	USD 28.39 Billion

Market Overview

The Global Offshore Support Vessel Market will grow from USD 20.93 Billion in 2025 to USD 28.39 Billion by 2031 at a 5.21% CAGR. The Global Offshore Support Vessel market comprises specialized ships, such as Platform Supply Vessels and Anchor Handling Tug Supply vessels, designed to facilitate logistics and operations for offshore energy installations. Primary drivers supporting market growth include the resurgence of deepwater oil and gas exploration and the rapid expansion of offshore wind farms, both of which necessitate extensive installation and maintenance support. According to the Global Wind Energy Council, in 2024, the offshore wind sector added 8 GW of new capacity to reach a global total of 83 GW, thereby significantly increasing the demand for support vessel operations.

However, a significant impediment to market expansion is the acute shortage of modern tonnage caused by an aging global fleet and limited new building activity. High capital costs and shipyard capacity constraints further exacerbate this supply imbalance and hinder fleet renewal efforts. Underscoring this market tightness, the Norwegian Shipowners' Association reported that in 2024, the number of vessels in lay-up dropped to just 12 units, reflecting the scarcity of available assets relative to industrial needs.

Key Market Drivers

The resurgence in offshore hydrocarbon exploration and production stands as a primary catalyst for the Global Offshore Support Vessel market, fueled by renewed focus on energy security and stable commodity pricing. As operators sanction complex deepwater projects, the supply of high-specification assets has tightened considerably, driving a sharp increase in utilization and daily charter rates. According to Tidewater Inc., November 2024, in the 'Third Quarter 2024 Results', the consolidated average day rate for its global fleet rose to USD 22,275, underscoring the scarcity of available modern tonnage relative to industrial needs. This momentum is further supported by substantial capital inflows into the sector; according to Riviera Maritime, January 2025, global capital expenditure on offshore oil and gas projects was forecast to reach USD 123.1 billion in 2025, ensuring sustained demand for logistical and anchor-handling support.

The rapid expansion of global offshore wind energy capacity acts as the second significant driver, necessitating a specialized fleet for installation and long-term maintenance. Developers are increasingly moving into deeper waters with larger turbines, creating distinct requirements for sophisticated vessels capable of handling heavier payloads and precise dynamic positioning. This structural shift is evidenced by robust financial commitments to the sector, which directly translate into vessel contracts for Service Operation Vessels (SOVs) and Wind Turbine Installation Vessels (WTIVs). According to WindEurope, September 2024, in the 'Autumn 2024 Wind Energy Data' report, final investment decisions for new European offshore wind farms totaled EUR 15.4 billion in the first half of 2024, reflecting the accelerated pace of infrastructure deployment requiring maritime support.

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Key Market Challenges

The critical challenge hampering the Global Offshore Support Vessel market is the acute shortage of modern tonnage resulting from an increasingly geriatric global fleet. This structural deficiency directly restricts market expansion because a significant portion of the existing vessel inventory lacks the advanced technical capabilities, dynamic positioning systems, and environmental compliance required for complex deepwater exploration and modern offshore wind installations. As energy majors and developers enforce stricter age limitations and efficiency standards for their chartered tonnage, older vessels are rendered commercially unviable, effectively shrinking the usable supply despite the resurgence in industrial activity.

This operational bottleneck is quantified by recent data highlighting the severity of the fleet's age profile. According to the classification society DNV, in 2024, approximately 44% of the global fleet was over 25 years of age. This statistic indicates that nearly half of the sector's assets are approaching or have surpassed their optimal operational lifespans. This high prevalence of over-aged tonnage creates a profound supply-demand imbalance, as the industry cannot rapidly replace retiring units due to the high capital barriers and shipyard constraints previously noted, thereby placing a ceiling on the market's growth potential.

Key Market Trends

The Accelerating Adoption of Hybrid and Battery-Electric Propulsion Systems is fundamentally reshaping fleet compositions as operators strive to meet stringent decarbonization targets and client-imposed emission caps. Owners are increasingly retrofitting Platform Supply Vessels and Anchor Handling Tug Supply units with battery energy storage systems to enable peak shaving and spinning reserve functions, which significantly lower fuel consumption during dynamic positioning operations. This transition is technically driven by the need to optimize engine loads and reduce maintenance costs associated with running engines at low utilization rates. Underscoring this operational pivot, according to Tidewater Inc., March 2024, in the 'Sustainability Report 2023', the company's commitment to fleet efficiency was evidenced by its active inventory including 15 battery hybrid vessels, positioning it as a leader in deploying electrified assets for offshore energy support.

Simultaneously, Upgrading Vessel Connectivity for Enhanced Crew Welfare and Data Transfer has emerged as a critical standard, driven by the rapid integration of Low Earth Orbit satellite solutions. This trend represents a departure from legacy VSAT dominance, offering high-bandwidth, low-latency operational data transmission that supports real-time remote monitoring and cloud-based fleet management applications. Furthermore, superior connectivity is increasingly leveraged as a vital retention tool, providing seafarers with reliable high-speed internet comparable to onshore standards. According to Marlink, August 2024, in the press release 'Marlink upgrades hybrid network for Solstad Offshore', the company extended its connectivity agreement to deploy Starlink LEO services across Solstad Offshore's fleet of 38 vessels, ensuring seamless high-throughput data access for both business applications and crew welfare.

Segmental Insights

The Anchor-Handling Tug Supply segment is currently positioned as the fastest-growing category within the Global Offshore Support Vessel Market. This expansion is fundamentally driven by the resurgence of deepwater and ultra-deepwater oil and gas exploration, where vessels with exceptional towing and positioning capabilities are essential for rig mobilization. Furthermore, the rapid development of floating offshore wind farms has generated significant demand for these units to manage complex mooring systems. Industry analysis suggests that as energy operators increasingly target remote marine environments, the operational necessity for robust Anchor-Handling Tug Supply vessels will sustain this upward trajectory.

Regional Insights

Asia Pacific leads the Global Offshore Support Vessel Market, primarily driven by rising energy consumption in expanding economies such as China and India. This dominance is supported by extensive offshore oil and gas exploration, particularly in deepwater reserves, as national energy companies intensify production to meet domestic needs. Simultaneously, the region is experiencing a rapid shift toward renewable energy, with substantial government investments in offshore wind infrastructure across China, South Korea, and Japan. The combination of sustained hydrocarbon extraction and the transition to green energy creates robust demand for support vessels, while strong regional shipbuilding capabilities ensure a steady fleet supply.

Recent Developments

In November 2025, Damen Shipyards Group signed a significant contract with Windcat for the construction of a new class of "Innovation Series" offshore support vessels. These vessels were designed to feature dual-fuel hydrogen engines and substantial battery packs, establishing a new standard for low-emission operations in the offshore energy sector. The collaboration focused on a vessel design measuring 102 meters in length with the capacity to accommodate 190 personnel and perform heavy subsea lifting tasks. This launch highlighted the growing industry trend towards hybrid-propulsion vessels capable of sustaining long-duration maintenance projects while minimizing environmental impact.
In January 2025, Reach Subsea officially took delivery of 'Reach Remote 1', the first unit in a new fleet of uncrewed surface vessels, following a successful collaboration with Kongsberg Maritime and Trosvik AS. This 24-meter vessel was equipped with hull-mounted survey sensors and a work-class electric remotely operated vehicle, designed to reduce emissions by nearly 90% compared to traditional crewed ships. The delivery represented a technological breakthrough in the market, enabling fully remote-controlled subsea inspection, maintenance, and repair operations from a land-based control center. The vessel was immediately scheduled for deployment in the North Sea to support major offshore energy clients.
In October 2024, Solstad Offshore secured multiple charter contracts valued at approximately $53 million for operations in the Brazilian market. The agreements covered two anchor handling tug supply vessels, 'Normand Topazio' and 'Normand Turmalina', and one construction support vessel, 'Normand Cutter'. These vessels were contracted for periods ranging from nine months to one year to support subsea construction and anchor handling activities for clients in the region. This development reinforced the company's strong position in South America and demonstrated the continued high demand for specialized tonnage in the global offshore oil and gas sector.
In August 2024, VARD finalized a contract with Island Offshore to design and build a second hybrid-powered Ocean Energy Construction Vessel. Based on the advanced VARD 3 25 design, the vessel was engineered to perform complex subsea operations such as pipe laying and diving support. The ship featured a 1.7 MWh energy storage system and a heat recovery system, underscoring the companies' commitment to energy-efficient and sustainable fleet renewal. This agreement exercised an option from a previous deal, ensuring the delivery of a highly versatile vessel tailored for both renewable energy and traditional offshore projects by early 2027.

Key Market Players

Bourbon
Siem Offshore AS
Keppel Offshore & Marine Limited
Vard AS
Cosco Shipping (Qidong) Offshore Co., Ltd
Island Offshore Shipping AS
DOF Group
SEACOR Marine LLC
Solstad Offshore ASA

By Type	By Application	By End Use	By Region
Anchor-handling Tug Supply Platform Support Multipurpose Support Emergency Response/Standby and Rescue Crew Seismic Chase and Other	Shallow Water and Deepwater	Oil & Gas and Offshore Wind	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Offshore Support Vessel Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Offshore Support Vessel Market, By Type:

Anchor-handling Tug Supply
Platform Support
Multipurpose Support
Emergency Response/Standby and Rescue
Crew
Seismic
Chase
and Other

Offshore Support Vessel Market, By Application:

Shallow Water and Deepwater

Offshore Support Vessel Market, By End Use:

Oil & Gas and Offshore Wind

Offshore Support Vessel Market, By Region:

North America

United States
Canada
Mexico

Europe

France
United Kingdom
Italy
Germany
Spain

Asia Pacific

China
India
Japan
Australia
South Korea

South America

Brazil
Argentina
Colombia

Middle East & Africa

South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Offshore Support Vessel Market.

Available Customizations:

Global Offshore Support Vessel Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Offshore Support Vessel Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Offshore Support Vessel Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (Anchor-handling Tug Supply, Platform Support, Multipurpose Support, Emergency Response/Standby and Rescue, Crew, Seismic, Chase, and Other)

5.2.2. By Application (Shallow Water and Deepwater)

5.2.3. By End Use (Oil & Gas and Offshore Wind)

5.2.4. By Region

5.2.5. By Company (2025)

5.3. Market Map

6. North America Offshore Support Vessel Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Application

6.2.3. By End Use

6.2.4. By Country

6.3. North America: Country Analysis

6.3.1. United States Offshore Support Vessel Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type

6.3.1.2.2. By Application

6.3.1.2.3. By End Use

6.3.2. Canada Offshore Support Vessel Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type

6.3.2.2.2. By Application

6.3.2.2.3. By End Use

6.3.3. Mexico Offshore Support Vessel Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type

6.3.3.2.2. By Application

6.3.3.2.3. By End Use

7. Europe Offshore Support Vessel Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Application

7.2.3. By End Use

7.2.4. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Offshore Support Vessel Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type

7.3.1.2.2. By Application

7.3.1.2.3. By End Use

7.3.2. France Offshore Support Vessel Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Application

7.3.2.2.3. By End Use

7.3.3. United Kingdom Offshore Support Vessel Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Application

7.3.3.2.3. By End Use

7.3.4. Italy Offshore Support Vessel Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Type

7.3.4.2.2. By Application

7.3.4.2.3. By End Use

7.3.5. Spain Offshore Support Vessel Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Type

7.3.5.2.2. By Application

7.3.5.2.3. By End Use

8. Asia Pacific Offshore Support Vessel Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Application

8.2.3. By End Use

8.2.4. By Country

8.3. Asia Pacific: Country Analysis

8.3.1. China Offshore Support Vessel Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type

8.3.1.2.2. By Application

8.3.1.2.3. By End Use

8.3.2. India Offshore Support Vessel Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type

8.3.2.2.2. By Application

8.3.2.2.3. By End Use

8.3.3. Japan Offshore Support Vessel Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type

8.3.3.2.2. By Application

8.3.3.2.3. By End Use

8.3.4. South Korea Offshore Support Vessel Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Type

8.3.4.2.2. By Application

8.3.4.2.3. By End Use

8.3.5. Australia Offshore Support Vessel Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Type

8.3.5.2.2. By Application

8.3.5.2.3. By End Use

9. Middle East & Africa Offshore Support Vessel Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Application

9.2.3. By End Use

9.2.4. By Country

9.3. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia Offshore Support Vessel Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type

9.3.1.2.2. By Application

9.3.1.2.3. By End Use

9.3.2. UAE Offshore Support Vessel Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type

9.3.2.2.2. By Application

9.3.2.2.3. By End Use

9.3.3. South Africa Offshore Support Vessel Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Type

9.3.3.2.2. By Application

9.3.3.2.3. By End Use

10. South America Offshore Support Vessel Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type

10.2.2. By Application

10.2.3. By End Use

10.2.4. By Country

10.3. South America: Country Analysis

10.3.1. Brazil Offshore Support Vessel Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Application

10.3.1.2.3. By End Use

10.3.2. Colombia Offshore Support Vessel Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Application

10.3.2.2.3. By End Use

10.3.3. Argentina Offshore Support Vessel Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Application

10.3.3.2.3. By End Use

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)

12.2. Product Launches (If Any)

12.3. Recent Developments

13. Global Offshore Support Vessel Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Bourbon

15.1.1. Business Overview

15.1.2. Products & Services

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. SWOT Analysis

15.2. Siem Offshore AS

15.3. Keppel Offshore & Marine Limited

15.4. Vard AS

15.5. Cosco Shipping (Qidong) Offshore Co., Ltd

15.6. Island Offshore Shipping AS

15.7. DOF Group

15.8. SEACOR Marine LLC

15.9. Solstad Offshore ASA

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

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