Platform Supply Vessel (PSV) Market Size and Outlook 2031

Report Description

Forecast Period	2027-2031
Market Size (2025)	USD 3.95 Billion
CAGR (2026-2031)	5.74%
Fastest Growing Segment	Diesel
Largest Market	North America
Market Size (2031)	USD 5.52 Billion

Market Overview

The Global Platform Supply Vessel (PSV) Market will grow from USD 3.95 Billion in 2025 to USD 5.52 Billion by 2031 at a 5.74% CAGR. Platform Supply Vessels are specialized maritime assets designed to transport essential stores, equipment, and drilling fluids from onshore bases to offshore production platforms and drilling rigs. The primary drivers fueling market expansion include the resurgence of deepwater oil and gas exploration and the rapidly increasing logistical requirements of the offshore wind energy sector. Furthermore, the reactivation of dormant offshore fields to meet global energy security needs provides sustained demand for these logistical units independent of temporary market trends.

Despite this growth, the market faces a significant challenge regarding the aging global fleet and the limited availability of shipyard slots for new vessels. This supply constraint restricts the industry's ability to meet rising service demands efficiently. According to the International Marine Contractors Association, in 2025, member companies reported a record 1,015 million working hours, which highlights the intense operational pressure on the existing fleet. Consequently, operators must navigate a tight tonnage market while maintaining strict safety and environmental compliance standards.

Key Market Drivers

The resurgence in offshore oil and gas exploration activities serves as a primary catalyst for the Platform Supply Vessel market, driven by renewed confidence in long-term energy projects. As major energy companies redirect capital toward deepwater and ultra-deepwater assets, the demand for specialized logistical support to transport drilling fluids, pipes, and provisions has intensified. This trend is quantitatively supported by the sector's financial commitment; according to the International Energy Agency, June 2024, in the 'World Energy Investment 2024' report, global upstream oil and gas investment was projected to rise by 7 percent to reach USD 570 billion in 2024. This substantial capital injection directly correlates with higher vessel utilization rates, as operators require reliable supply chains to maintain continuous production in remote offshore locations.

Simultaneously, the rapid development of the offshore wind energy sector is compounding demand for the global fleet by requiring vessels for installation support and commissioning logistics. As wind farms expand into deeper waters, the operational profile of supply vessels has evolved to handle complex cargo transfers and subsea construction tasks essential for renewable infrastructure. According to the Global Wind Energy Council, June 2024, in the 'Global Offshore Wind Report 2024', the industry installed 10.8 GW of new offshore wind capacity globally in the preceding year, underscoring the scale of maritime support required. The dual pressure from both fossil fuel and renewable sectors has significantly tightened vessel availability; according to Tidewater Inc., in November 2024, the company reported a consolidated average day rate of USD 22,275 for the third quarter, reflecting the premium operators must now pay for available tonnage.

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Key Market Challenges

The significant challenge regarding the aging global fleet and limited shipyard slots serves as a primary constraint hampering the growth of the Global Platform Supply Vessel (PSV) Market. As the industry cannot swiftly commission new vessels due to full shipyard order books, operators are compelled to extend the operational life of older tonnage. This reliance on aging assets results in lower mechanical reliability and increased maintenance requirements, which directly disrupts the precise logistical schedules required by offshore clients. Consequently, the market faces a bottleneck where the inability to deploy efficient, modern vessels prevents operators from fully capitalizing on the surging demand from deepwater and renewable energy projects.

Furthermore, the intense utilization of this finite and aging fleet elevates operational risks, forcing strict safety measures that can limit productivity. The strain on existing assets often leads to a higher frequency of incidents, necessitating costly downtimes and regulatory interventions. According to the G+ Global Offshore Wind Health and Safety Organisation, in 2024, the sector reported a 19% increase in the Lost Time Injury Frequency (LTIF), highlighting the escalating risks associated with high asset utilization. This deterioration in safety performance restricts the market's ability to scale operations efficiently, as adherence to safety standards forces operators to reduce the tempo of their logistical support.

Key Market Trends

The widespread adoption of hybrid and battery-electric propulsion systems is reshaping the operational profile of the Global Platform Supply Vessel (PSV) Market as operators actively retrofit fleets to reduce carbon footprints and operating costs. This technical shift is distinct from general fleet expansion; it prioritizes the installation of energy storage systems (ESS) to optimize engine loads during dynamic positioning and standby operations, thereby lowering maintenance needs and emissions. Shipowners are increasingly leveraging these upgrades to secure premium contracts with energy majors that now mandate strict environmental performance criteria. The tangible efficiency gains from this technology are substantial; according to Solstad Offshore, April 2024, in the 'Sustainability Report 2023', the company achieved an annual fuel reduction of 10-15% on vessels upgraded with battery hybrid systems, validating the commercial and environmental viability of this trend.

Simultaneously, the integration of IoT and Artificial Intelligence for real-time fleet monitoring is transforming how PSVs are managed, moving beyond simple tracking to predictive maintenance and automated operational optimization. By utilizing advanced sensor networks, operators can now capture high-frequency data on vessel performance, enabling onshore control centers to optimize route planning and fuel consumption in real-time. This digitalization is critical for unlocking operational efficiencies that physical hardware upgrades alone cannot achieve, particularly as logistics become more complex in remote offshore locations. This potential for optimization is significant; according to DNV, August 2024, in the 'Maritime Forecast to 2050', operational and technical energy efficiency measures, driven by such digital advancements, can reduce fuel consumption by between 4 and 16% by 2030, highlighting the strategic value of intelligent fleet management.

Segmental Insights

The Diesel segment currently demonstrates the fastest growth within the Global Platform Supply Vessel (PSV) market, fueled by the resurgence of offshore oil and gas exploration activities. This expansion is primarily attributed to the proven operational flexibility and high power density of diesel engines, which are indispensable for dynamic positioning and heavy cargo transport in deepwater environments. Operators continue to rely on this propulsion technology due to the extensive availability of established global infrastructure and its distinct cost advantages over emerging alternatives. These factors collectively drive the robust demand for diesel-powered vessels to support immediate energy production requirements.

Regional Insights

North America holds a commanding position in the Global Platform Supply Vessel (PSV) market, driven primarily by extensive offshore oil and gas exploration in the Gulf of Mexico. This dominance is sustained by deepwater drilling projects that necessitate consistent logistical support for transporting drilling materials, equipment, and personnel. Furthermore, the Merchant Marine Act of 1920, commonly known as the Jones Act, enforces strict requirements for vessels operating between U.S. ports to be U.S.-built, owned, and crewed. This regulatory framework protects the domestic fleet, ensuring a stable and exclusive market for local vessel operators.

Recent Developments

In October 2024, Kongsberg Maritime was awarded a contract to supply a comprehensive suite of propulsion and automation equipment for ten new Platform Supply Vessels ordered by Capital Offshore. These vessels, constructed at Fujian Mawei Shipbuilding in China, were designed to feature integrated electrical systems and battery hybrid capabilities to ensure optimal energy efficiency. The contract, valued at approximately NOK 800 million, highlighted Capital Offshore's strategic expansion into the global PSV market. The new fleet was intended to support offshore oil and gas operations, specifically targeting the Brazilian market.
In August 2024, Eidesvik Offshore and the technology group Wärtsilä signed a landmark collaboration agreement to convert the Platform Supply Vessel Viking Energy to operate on ammonia fuel. The project, which also involved the charterer Equinor, aimed to make the vessel the world’s first in-service offshore ship to use ammonia as its primary fuel source. Wärtsilä was contracted to supply the engine, fuel gas supply system, and exhaust after-treatment technology necessary for the conversion. This initiative represented a major research and development breakthrough in the maritime sector's transition toward carbon-free fuels.
In April 2024, SEACOR Marine announced the successful completion of a hybrid power system installation on its Platform Supply Vessel, the SEACOR Yangtze. This upgrade was part of a broader fleet modernization initiative, with the vessel receiving a containerized Deckhouse Energy Storage System supplied by Kongsberg Maritime. The integration of battery technology was designed to enhance the vessel's energy efficiency, reduce fuel consumption, and lower environmental emissions during offshore operations. The company also disclosed plans to retrofit additional vessels in its fleet with similar hybrid systems to meet growing industry demand for sustainable marine solutions.
In March 2024, Rem Offshore secured a significant contract with Vår Energi for the Platform Supply Vessel (PSV) Rem Arctic. The agreement, which was scheduled to commence in July 2024, covered a firm period of one year and included additional options for extension. Market reports indicated that the daily rate for the vessel was set at approximately NOK 310,000. This deal reinforced the long-standing cooperation between the two companies, as the vessel had previously supported Vår Energi's operations on the Norwegian Continental Shelf under a prior charter.

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 Applications	By Type	By fuel,	By Region
PSV below 3000 DWT PSV above 3000 DWT	Oil and Gas Production Offshore Construction Military Others	Cargo and Support	Diesel LNG Electric Hybrid	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 DWT:

PSV below 3000 DWT
PSV above 3000 DWT

Platform Supply Vessel (PSV) Market, By Applications:

Oil and Gas Production
Offshore Construction
Military
Others

Platform Supply Vessel (PSV) Market, By Type:

Cargo and Support

Platform Supply Vessel (PSV) Market, By fuel,:

Diesel
LNG
Electric
Hybrid

Platform Supply Vessel (PSV) 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 Platform Supply Vessel (PSV) Market.

Available Customizations:

Global Platform Supply Vessel (PSV) 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 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

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 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 (2025)

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. France 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. United Kingdom 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. Italy 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. Middle East & Africa 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. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia 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. UAE 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. South Africa 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. South America 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. South America: Country Analysis

10.3.1. Brazil 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. Colombia 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. Argentina 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,

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 Platform Supply Vessel (PSV) 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. Cosco Shipping Lines Co., Ltd

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. Vard Group

15.3. Xiamen Shipbuilding Industry Co., Ltd.

15.4. Nam Cheong Limited

15.5. VT Halter Marine, Inc

15.6. Damen Shipyards Group

15.7. Sinopacific Offshore & Engineering Co. Ltd

15.8. Eastern Shipbuilding Group

15.9. Remontowa Shipbuilding S.A

15.10. Harvey Gulf International Marine LLC

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

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