Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 3.08 billion

CAGR (2023-2028)

5.19%

Fastest Growing Segment

Diesel

Largest Market

North America

 

Market Overview

Global Platform Supply Vessel (PSV) Market has valued at USD 3.08 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.19% through 2028. The Platform Supply Vessel (PSV) market refers to a specialized segment of the maritime industry focused on the design, construction, operation, and leasing of vessels primarily intended for supporting offshore oil and gas exploration and production activities. PSVs are versatile vessels designed to transport essential supplies, equipment, and personnel to offshore drilling platforms, production facilities, and exploration sites. These vessels are equipped with a range of features, including dynamic positioning systems, cargo storage tanks, and advanced navigation technology, enabling them to navigate challenging offshore environments safely. They play a critical role in ensuring the smooth and efficient operation of offshore energy projects by delivering vital resources such as drilling mud, pipes, chemicals, and provisions to offshore platforms. PSVs are also responsible for assisting with crew transfers and providing emergency response capabilities. The PSV market is influenced by factors such as energy prices, offshore drilling activity, environmental regulations, and the growth of renewable energy projects. It plays a pivotal role in supporting the global energy sector and adapting to evolving industry demands, including the transition to cleaner energy sources like offshore wind farms. As a result, the PSV market remains an integral component of the broader offshore and maritime industries.

Key Market Drivers

Expanding Offshore Oil and Gas Exploration

The global PSV market is driven by the continued expansion of offshore oil and gas exploration activities. As the demand for energy resources continues to rise, oil and gas companies are venturing into deeper and more remote offshore areas to meet this demand. These offshore drilling operations require efficient logistical support, making Platform Supply Vessels indispensable. PSVs are responsible for transporting essential supplies, equipment, and personnel to offshore drilling platforms, ensuring seamless operations. The increasing exploration activities in regions like the Arctic and deepwater basins have further fueled the demand for PSVs, driving market growth.

Growing Renewable Energy Projects

Another significant driver of the global PSV market is the growth of renewable energy projects, particularly offshore wind farms. Many countries are investing heavily in renewable energy to reduce their carbon footprint and transition away from fossil fuels. Offshore wind farms require comprehensive logistical support, including the transportation of wind turbine components, maintenance crews, and materials. Platform Supply Vessels play a vital role in supporting these projects, contributing to the market's expansion. As renewable energy continues to gain momentum, the demand for PSVs is expected to increase.

Aging PSV Fleet Replacement

The global PSV market is also driven by the need for fleet renewal and modernization. Many PSVs in operation today are aging and no longer meet the industry's efficiency and environmental standards. This creates a demand for newer, technologically advanced PSVs that offer better fuel efficiency and reduced emissions. In response to stricter environmental regulations, companies are retiring older vessels and investing in modern PSVs, driving market growth. These new vessels often feature advanced technologies, such as hybrid propulsion systems and improved cargo-handling capabilities, making them more attractive to operators.

Increased Focus on Safety and Environmental Standards

Stringent safety and environmental regulations are pushing companies to upgrade their PSV fleets. Compliance with these regulations requires vessels to meet specific safety and emission standards, which often necessitate the adoption of newer and more advanced PSVs. These vessels are designed to minimize their environmental impact, reduce emissions, and enhance safety features. As the industry prioritizes sustainability and safety, there is a growing demand for PSVs that align with these objectives, bolstering market growth.

Rising Global Demand for Energy

The global demand for energy, both from traditional fossil fuels and renewables, continues to rise due to population growth, urbanization, and industrialization. This growing energy demand has a direct impact on the need for PSVs, which facilitate the transportation of essential resources to offshore facilities. Whether it's transporting equipment for oil and gas extraction or supporting renewable energy projects, PSVs remain crucial for the energy sector. As energy consumption trends upward, so does the demand for Platform Supply Vessels.

Expanding Geographical Reach

Lastly, the global PSV market is driven by the expansion of offshore activities into new geographical regions. Emerging markets, such as those in Asia-Pacific and Latin America, are witnessing increased offshore exploration and development. As these regions tap into their offshore resources, the demand for PSVs to support these activities grows. Additionally, new routes for shipping and trade, such as the Arctic Northern Sea Route, are opening up, further boosting the demand for PSVs to ensure safe and efficient maritime transportation.

In conclusion, the global Platform Supply Vessel market is being propelled by a combination of factors, including the expansion of offshore energy activities, the growth of renewable energy projects, the need for fleet modernization, stricter safety and environmental standards, increasing global energy demand, and the exploration of new geographical regions. These drivers collectively contribute to the sustained growth and relevance of the PSV market in the global maritime industry.

Government Policies are Likely to Propel the Market

Offshore Drilling Regulations and Safety Standards

Government policies and regulations governing offshore drilling activities have a substantial impact on the PSV market. These policies are put in place to ensure the safety of personnel, protect the environment, and prevent accidents such as oil spills. Governments worldwide have established stringent regulations that drilling companies must adhere to, which often require the use of PSVs for transportation, logistics, and safety support. These regulations dictate the design, equipment, and operational standards for PSVs, promoting safer offshore operations. Additionally, governments often require drilling companies to maintain emergency response plans and have a sufficient number of PSVs equipped with oil spill response capabilities in case of accidents. Compliance with these policies ensures the continued demand for PSVs in the offshore drilling sector.

Environmental Protection and Emissions Control

Environmental policies and emissions control regulations are driving changes in the PSV market. Governments worldwide are increasingly focused on reducing greenhouse gas emissions and minimizing the environmental impact of offshore activities. As a result, they have implemented policies that encourage the use of cleaner and more fuel-efficient vessels, including PSVs. Some governments offer incentives such as tax breaks or subsidies for companies that invest in eco-friendly PSVs with reduced emissions. Additionally, emissions control policies may require the installation of exhaust gas cleaning systems (scrubbers) or the use of alternative fuels, further influencing the design and operation of PSVs to comply with these regulations.

Renewable Energy Support

Government policies promoting renewable energy sources, such as offshore wind farms, have a direct impact on the PSV market. Many countries have established ambitious renewable energy targets and financial incentives to encourage the development of offshore wind projects. These policies drive the demand for PSVs, as they are essential for transporting wind turbine components, maintenance crews, and materials to offshore wind farm sites. Moreover, governments often specify requirements for vessel operators, such as safety standards and environmental regulations, to ensure the sustainable growth of the offshore wind industry. The alignment of PSVs with these policies enhances their market relevance.

Maritime Safety and Navigation Regulations

Government policies related to maritime safety and navigation are crucial for the PSV market. These policies include requirements for vessel construction and equipment, crew training and certification, and navigational safety measures. Compliance with these regulations is essential for PSV operators to ensure the safety of offshore operations and the protection of maritime ecosystems. Government agencies often conduct inspections and audits to verify compliance with these policies, which can lead to fines or the suspension of operations for non-compliant vessels. Therefore, PSV operators invest in vessel upgrades and crew training to meet these standards and maintain their licenses.

Export and Import Regulations

Government policies related to international trade and customs also affect the PSV market. These policies govern the import and export of PSVs and related equipment, impacting international trade flows within the industry. Tariffs, trade agreements, and export restrictions can influence the cost and availability of PSVs in different regions. Additionally, governments may implement policies that require PSVs to meet specific safety and environmental standards before being allowed to operate in their waters, which can affect vessel procurement and deployment strategies for global PSV operators.

Investment Incentives and Financing Programs

Government policies aimed at promoting maritime industries and boosting economic growth can indirectly impact the PSV market. These policies may include financial incentives, subsidies, or favorable financing programs to support the construction and operation of PSVs. For example, governments may offer low-interest loans or grants to domestic shipbuilders or vessel operators to stimulate the growth of the maritime sector. These incentives can reduce the financial burden on PSV operators and encourage them to invest in new vessels or fleet expansion. In turn, this supports the development of the PSV market and contributes to the industry's overall competitiveness.

In conclusion, government policies play a crucial role in shaping the global Platform Supply Vessel market by influencing safety standards, environmental regulations, support for renewable energy projects, maritime safety, international trade, and financial incentives. The alignment of PSV operations and designs with these policies is essential for ensuring continued market growth and sustainability.


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Key Market Challenges

Volatile Energy Prices and Market Uncertainty

The Platform Supply Vessel market faces a persistent challenge stemming from the volatility of energy prices and the resultant market uncertainty. Energy prices, particularly oil and gas, have historically exhibited fluctuations due to various factors, including geopolitical tensions, economic recessions, and supply-demand dynamics. These price fluctuations directly impact the level of investment and operational activity in the offshore energy sector, including drilling and exploration activities that rely heavily on PSVs. When energy prices are high, drilling companies tend to increase their exploration efforts and offshore production activities, leading to greater demand for PSVs to support these operations. Conversely, during periods of low energy prices or economic downturns, drilling companies may reduce their investments, leading to reduced demand for PSVs. This cyclical nature of the energy industry creates challenges for PSV operators, who must navigate uncertain market conditions and plan their vessel deployment and investment strategies accordingly. Operating in a market with unpredictable demand can strain financial stability, impact vessel utilization rates, and hinder long-term investment planning. To address this challenge, PSV operators often seek diversification strategies, such as expanding into other maritime sectors like renewables or geographies with more stable energy markets. Moreover, the transition towards renewable energy sources, such as offshore wind farms, introduces its own level of market uncertainty. While governments around the world are promoting renewable energy, the timing and scale of these projects can vary, making it challenging for PSV operators to predict the exact demand for their services. Overall, the PSV market's vulnerability to energy price volatility and market uncertainty requires operators to remain agile and adaptable, diversify their service offerings, and maintain financial resilience to weather economic downturns.

Regulatory Compliance and Environmental Standards

A significant challenge facing the global PSV market is the increasing complexity of regulatory compliance and environmental standards. Governments and international organizations have been implementing stricter regulations aimed at enhancing maritime safety, reducing environmental impact, and mitigating climate change. These regulations impact PSV operations in several ways, posing challenges to both existing and new vessels. One area of concern is emissions control. Regulations like the International Maritime Organization's (IMO) MARPOL Annex VI mandate the reduction of greenhouse gas emissions from vessels, including PSVs. Compliance often requires the installation of exhaust gas cleaning systems (scrubbers) or the use of alternative fuels, which can entail substantial retrofitting costs for existing PSVs and higher upfront expenses for new builds. Furthermore, many regions have established stringent regulations for vessel discharges, including ballast water management and sewage treatment. These regulations aim to protect marine ecosystems by preventing the spread of invasive species and minimizing pollution. PSV operators must invest in the necessary equipment and technologies to meet these standards, which can increase operational costs. Safety standards are also evolving, necessitating continuous training and certification for PSV crew members to meet the latest requirements. Ensuring compliance with these standards adds to operational complexity and can lead to higher staffing and training expenses. Moreover, the emergence of offshore renewable energy projects, such as wind farms, introduces new regulatory challenges. PSVs operating in these projects must adhere to specific safety, navigation, and operational standards set by governments and industry bodies. To address these challenges, PSV operators need to stay updated on evolving regulations, invest in technology and equipment upgrades, and incorporate sustainability practices into their operations. While compliance with stricter regulations can increase costs, it also presents opportunities for innovation, as companies develop and adopt cleaner and more efficient technologies to meet environmental standards.

In conclusion, the global Platform Supply Vessel market faces challenges related to energy price volatility and market uncertainty, as well as the increasing complexity of regulatory compliance and environmental standards. PSV operators must navigate these challenges by maintaining financial resilience, diversifying their service offerings, and investing in technology and practices that align with evolving regulations and sustainability goals.

Segmental Insights

Diesel Insights

The diesel segment had the largest market share in 2022 & expected to maintain it in the forecast period. Diesel engines have a long history of reliability and performance in the maritime industry. They are known for their robustness and ability to operate continuously under demanding conditions, making them a preferred choice for PSVs that often serve in remote and harsh offshore environments. Diesel engines are known for their fuel efficiency, which is a critical consideration for PSVs that frequently operate over long distances and need to transport supplies and personnel to offshore platforms. The ability to cover significant distances on a single tank of fuel is a significant advantage. Diesel engines produce high torque at low RPMs, which is advantageous for PSVs that need to navigate through varying sea conditions, including rough waters and strong currents. This torque ensures better maneuverability and control, particularly during cargo transfer operations. Diesel fuel is readily available in most parts of the world, including remote offshore locations. The existing infrastructure for diesel refueling ensures that PSVs can efficiently operate without the need for significant investment in new fueling infrastructure. Diesel engine technology is well-established, and there is a wealth of expertise in maintaining and repairing diesel engines. This means that PSV operators can access a skilled workforce and a wide range of spare parts, reducing downtime and operational risks. Diesel engines have evolved to meet stringent emissions regulations. Many modern diesel engines are equipped with advanced emission control technologies such as selective catalytic reduction (SCR) and diesel particulate filters (DPF), allowing PSVs to comply with environmental regulations. Diesel engines can be integrated into hybrid propulsion systems, allowing PSVs to benefit from both diesel power and alternative energy sources, such as batteries. This flexibility allows operators to reduce fuel consumption and emissions while maintaining the reliability of diesel power. Operational Flexibility: Diesel engines provide the power and flexibility needed for various PSV operations, from cargo transport to dynamic positioning during offshore platform support. Their adaptability to different tasks makes them a versatile choice for PSV operators.

Oil and Gas Production Insights

The oil and gas production segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. The oil and gas industry has long been a dominant source of global energy supply. Oil and gas remain crucial components of the global energy mix, fulfilling a substantial portion of the world's energy demand. As a result, offshore oil and gas production activities have consistently driven demand for PSVs to support their operations. Many of the world's significant oil and gas reserves are located in offshore areas, including deepwater and remote locations. Extracting these reserves requires specialized vessels like PSVs to transport personnel, equipment, and supplies to offshore platforms and rigs. The extensive presence of offshore reserves necessitates a substantial fleet of PSVs. Offshore oil and gas production is a highly complex and logistics-intensive industry. PSVs play a pivotal role in ensuring the smooth flow of supplies, including drilling mud, pipes, chemicals, and provisions, to offshore platforms. Their ability to navigate challenging sea conditions, provide dynamic positioning, and carry a wide range of cargo makes them essential for offshore operations. The oil and gas industry is subject to stringent safety and environmental regulations. Governments and industry bodies impose strict standards on vessel operations to safeguard the environment and personnel. PSVs are designed to meet these regulatory requirements, including safety equipment, emergency response capabilities, and adherence to environmental standards. The oil and gas industry has a long history of offshore exploration and production. This maturity has led to established supply chains and infrastructure for offshore operations, including a well-established fleet of PSVs. Market players have developed expertise in operating and maintaining PSVs, contributing to the dominance of this segment. Despite the increasing emphasis on renewable energy sources, oil and gas companies continue to invest in exploration to discover new reserves and extend the life of existing fields. This sustained exploration activity drives the demand for PSVs as exploration efforts expand into deeper waters and more remote regions. Energy prices, including oil and gas, are subject to fluctuations. During periods of high energy prices, companies often increase their exploration and production activities, leading to a greater need for PSVs. This cyclical nature of the industry influences the demand for PSVs, with operators expanding or contracting their fleets in response to price trends.


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Regional Insights

 North America:

North America had the largest market for PSVs in 2022. The growth of the market in this region is driven by the increasing offshore oil and gas production in the Gulf of Mexico and the Atlantic Ocean. The United States is the largest market for PSVs in North America, followed by Canada.

Europe:

Europe had the second-largest market for PSVs in 2022. The growth of the market in this region is driven by the increasing offshore oil and gas production in the North Sea and the Norwegian Sea. Norway is the largest market for PSVs in Europe, followed by the United Kingdom.

Asia Pacific:

The Asia Pacific market is expected to grow at the fastest CAGR during the forecast period, driven by the increasing offshore oil and gas production in countries such as China, India, and Indonesia. China is the largest market for PSVs in Asia Pacific, followed by India.

Recent Developments

  • In March 2023, Singapore-based offshore support vessel company Eastern Shipbuilding Group announced that it had received an order for two new PSVs from an undisclosed customer. The vessels are expected to be delivered in 2024 and 2025.
  • In February 2023, Norway-based offshore support vessel company Solstad Offshore announced that it had entered into an agreement to acquire three PSVs from China Merchants Heavy Industry (CMHI). The vessels are expected to be delivered in 2023 and 2024.
  • In January 2023, Dutch offshore support vessel company Vroon Offshore announced that it had signed a contract with VARD for the construction of two new PSVs. The vessels are expected to be delivered in 2024 and 2025.
  • In December 2022, Norwegian offshore support vessel company Siem Offshore announced that it had received an order for two new PSVs from an undisclosed customer. The vessels are expected to be delivered in 2024 and 2025.
  • In November 2022, UK-based offshore support vessel company Gulf Mark announced that it had received an order for two new PSVs from an undisclosed customer. The vessels are expected to be delivered in 2023 and 2024.

Key Market Players

  • Cosco Shipping Lines Co., Ltd
  • Vard Group
  • Xiamen Shipbuilding Industry Co., Ltd.
  • Nam Cheong Limited
  • VT Halter Marine, Inc
  • Damen Shipyards Group
  • Sinopacific Offshore & Engineering Co. Ltd
  • Eastern Shipbuilding Group
  • Remontowa Shipbuilding S.A
  • Harvey Gulf International Marine LLC

By DWT

By Application

By Fuel

By Type

By Region

  • PSV below 3000 DWT
  • PSV above 3000 DWT

·         Oil and Gas Production

·         Offshore Construction

·         Military

·         Others

  • Diesel
  • LNG
  • Electric
  • Hybrid
  • Cargo
  • Support
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Platform Supply Vessel (PSV) Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Platform Supply Vessel (PSV) Market, By Type:

o   PSV below 3000 DWT

o   PSV above 3000 DWT   

  • Platform Supply Vessel (PSV) Market, By Application:

o   Oil and Gas Production

o   Offshore Construction

o   Military

o   Others

  • Platform Supply Vessel (PSV) Market, By Type:

o   Cargo

o   Support  

  • Platform Supply Vessel (PSV) Market, By Fuel:

o   Diesel

o   LNG

o   Electric

o   Hybrid

  • Platform Supply Vessel (PSV) Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Platform Supply Vessel (PSV) Market.

Available Customizations:

Global Platform Supply Vessel (PSV) market report with the given market data, Tech Sci 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 Platform Supply Vessel (PSV) 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

2.    Research Methodology

3.    Executive Summary

4.    Voice of Customer

5.    Global Platform Supply Vessel (PSV) Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By DWT (PSV below 3000 DWT, PSV above 3000 DWT)

5.2.2.    By Applications (Oil and Gas Production, Offshore Construction, Military, Others)

5.2.3.    By Type (Cargo and Support)

5.2.4.    By Fuel (Diesel, LNG, Electric, Hybrid)

5.2.5.    By Region

5.2.6.    By Company (2022)

5.3.  Market Map

6.    North America Platform Supply Vessel (PSV) Market Outlook

6.1.  Market Size & Forecast       

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By DWT

6.2.2.    By Applications

6.2.3.    By Type

6.2.4.    By Fuel

6.2.5.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States Platform Supply Vessel (PSV) 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 DWT

6.3.1.2.2.           By Applications

6.3.1.2.3.           By Type

6.3.1.2.4.           By Fuel

6.3.2.    Canada Platform Supply Vessel (PSV) 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 DWT

6.3.2.2.2.           By Applications

6.3.2.2.3.           By Type

6.3.2.2.4.           By Fuel

6.3.3.    Mexico Platform Supply Vessel (PSV) 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 DWT

6.3.3.2.2.           By Applications

6.3.3.2.3.           By Type

6.3.3.2.4.           By Fuel

7.    Europe Platform Supply Vessel (PSV) Market Outlook

7.1.  Market Size & Forecast       

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By DWT

7.2.2.    By Applications

7.2.3.    By Type

7.2.4.    By Fuel

7.2.5.    By Country

7.3.  Europe: Country Analysis

7.3.1.    Germany Platform Supply Vessel (PSV) 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 DWT

7.3.1.2.2.           By Applications

7.3.1.2.3.           By Type

7.3.1.2.4.           By Fuel

7.3.2.    United Kingdom Platform Supply Vessel (PSV) 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 DWT

7.3.2.2.2.           By Applications

7.3.2.2.3.           By Type

7.3.2.2.4.           By Fuel

7.3.3.    Italy Platform Supply Vessel (PSV) 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 DWT

7.3.3.2.2.           By Applications

7.3.3.2.3.           By Type

7.3.3.2.4.           By Fuel

7.3.4.    France Platform Supply Vessel (PSV) 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 DWT

7.3.4.2.2.           By Applications

7.3.4.2.3.           By Type

7.3.4.2.4.           By Fuel

7.3.5.    Spain Platform Supply Vessel (PSV) 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 DWT

7.3.5.2.2.           By Applications

7.3.5.2.3.           By Type

7.3.5.2.4.           By Fuel

8.    Asia-Pacific Platform Supply Vessel (PSV) Market Outlook

8.1.  Market Size & Forecast       

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By DWT

8.2.2.    By Applications

8.2.3.    By Type

8.2.4.    By Fuel

8.2.5.    By Country

8.3.  Asia-Pacific: Country Analysis

8.3.1.    China Platform Supply Vessel (PSV) 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 DWT

8.3.1.2.2.           By Applications

8.3.1.2.3.           By Type

8.3.1.2.4.           By Fuel

8.3.2.    India Platform Supply Vessel (PSV) 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 DWT

8.3.2.2.2.           By Applications

8.3.2.2.3.           By Type

8.3.2.2.4.           By Fuel

8.3.3.    Japan Platform Supply Vessel (PSV) 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 DWT

8.3.3.2.2.           By Applications

8.3.3.2.3.           By Type

8.3.3.2.4.           By Fuel

8.3.4.    South Korea Platform Supply Vessel (PSV) 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 DWT

8.3.4.2.2.           By Applications

8.3.4.2.3.           By Type

8.3.4.2.4.           By Fuel

8.3.5.    Australia Platform Supply Vessel (PSV) 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 DWT

8.3.5.2.2.           By Applications

8.3.5.2.3.           By Type

8.3.5.2.4.           By Fuel

9.    South America Platform Supply Vessel (PSV) Market Outlook

9.1.  Market Size & Forecast       

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By DWT

9.2.2.    By Applications

9.2.3.    By Type

9.2.4.    By Fuel

9.2.5.    By Country

9.3.  South America: Country Analysis

9.3.1.    Brazil Platform Supply Vessel (PSV) 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 DWT

9.3.1.2.2.           By Applications

9.3.1.2.3.           By Type

9.3.1.2.4.           By Fuel

9.3.2.    Argentina Platform Supply Vessel (PSV) 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 DWT

9.3.2.2.2.           By Applications

9.3.2.2.3.           By Type

9.3.2.2.4.           By Fuel

9.3.3.    Colombia Platform Supply Vessel (PSV) 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 DWT

9.3.3.2.2.           By Applications

9.3.3.2.3.           By Type

9.3.3.2.4.           By Fuel

10. Middle East and Africa Platform Supply Vessel (PSV) Market Outlook

10.1.             Market Size & Forecast        

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By DWT

10.2.2. By Applications

10.2.3. By Type

10.2.4. By Fuel

10.2.5. By Country

10.3.             MEA: Country Analysis

10.3.1. South Africa Platform Supply Vessel (PSV) 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 DWT

10.3.1.2.2.         By Applications

10.3.1.2.3.         By Type

10.3.1.2.4.         By Fuel

10.3.2. Saudi Arabia Platform Supply Vessel (PSV) 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 DWT

10.3.2.2.2.         By Applications

10.3.2.2.3.         By Type

10.3.2.2.4.         By Fuel

10.3.3. UAE Platform Supply Vessel (PSV) 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 DWT

10.3.3.2.2.         By Applications

10.3.3.2.3.         By Type

10.3.3.2.4.         By Fuel

10.3.4. Kuwait Platform Supply Vessel (PSV) Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Value

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By DWT

10.3.4.2.2.         By Applications

10.3.4.2.3.         By Type

10.3.4.2.4.         By Fuel

10.3.5. Turkey Platform Supply Vessel (PSV) Market Outlook

10.3.5.1.     Market Size & Forecast

10.3.5.1.1.         By Value

10.3.5.2.     Market Share & Forecast

10.3.5.2.1.         By DWT

10.3.5.2.2.         By Applications

10.3.5.2.3.         By Type

10.3.5.2.4.         By Fuel

11. Market Dynamics

12. Market Trends & Developments

13. Competitive Landscape

13.1.             Business Overview

13.2.             Application Offerings

13.3.             Recent Developments

13.4.             Key Personnel

13.4.1. Cosco Shipping Lines Co., Ltd

13.4.2. Vard Group

13.4.3. Xiamen Shipbuilding Industry Co., Ltd.

13.4.4. Nam Cheong Limited

13.4.5. VT Halter Marine, Inc

13.4.6. Damen Shipyards Group

13.4.7. Sinopacific Offshore & Engineering Co. Ltd

13.4.8. Eastern Shipbuilding Group

13.4.9. Remontowa Shipbuilding S.A

13.4.10.              Harvey Gulf International Marine LLC

14. Strategic Recommendations

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Platform Supply Vessel (PSV) Market was USD 3.08 billion in 2022.

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The diesel segment had the largest market share in 2022 & expected to maintain it in the forecast period. Diesel engines have a long history of reliability and performance in the maritime industry. They are known for their robustness and ability to operate continuously under demanding conditions, making them a preferred choice for PSVs that often serve in remote and harsh offshore environments.

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The oil and gas production segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. The oil and gas industry has long been a dominant source of global energy supply. Oil and gas remain crucial components of the global energy mix, fulfilling a substantial portion of the world's energy demand. As a result, offshore oil and gas production activities have consistently driven demand for PSVs to support their operations.

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Increasing offshore oil and gas production and rising demand for military applications are the major drivers of the Global Platform Supply Vessel (PSV) Market.

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Parvati Sharma

Account Manager BD
Press Release

Platform Supply Vessel (PSV) Market to Grow with a CAGR of 5.19% through 2028

Sep, 2023

Increasing offshore oil and gas production and rising demand for military applications are likely to drive the market in the forecast period.