Offshore Vessels Market Size, Share, Growth, and Industry Analysis, By Type (AHTS, MPSV, ERRV, Seismic), By Application (Shallow water, Deepwater & ultra-Deepwater) and Regional Forecast to 2033

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OFFSHORE VESSELS MARKET OVERVIEW

The global Offshore Vessels Market size was  USD 4.56 billion in 2024, is expected to rise to USD 4.71 billion in 2025, and is forecasted to reach USD 6.13 billion by 2033, expanding at a CAGR of about 3.4% throughout the period 2025-2033..

The global Offshore Support Vessels (OSV) market is growing steadily due to increasing levels of offshore oil and gas exploration, offshore wind farm installations, and the need to refresh fleet ahead of economic decommissioning. OSV revenues are valued today in the tens of billions, and the market is forecasted to enjoy slow and steady growth with a modest compound annual growth rate (CAGR) through the late 2020s and early 2030s. The OSV market is comprised of several vessel types, including platform supply vessels, anchor-handling tug-supply vessels, and multipurpose support vessels, and work that supports work related to transporting equipment, supplies, and personnel, as well as supports subsea construction and maintenance. The new technological innovations in dynamic positioning systems, fuel-efficient vessel designs and automation have directly helped support efficiency and more precise offshore operations and commissioning technologies. Environmental regulations are accelerating the movement to clean and eco-vessels. The Asia‑Pacific region currently holds the greatest segment of the market share for OSV, while North America rapidly increasing due to deep water developments, in close succession from Asia-Pacific. Emerging demand generators include offshore mineral mining, subsea cable/cable-laying, further diversifying the offshore support vessel market.

OFFSHORE VESSELS MARKET KEY FINDINGS

• Market Size and Growth: The market for offshore vessels is expected to grow from USD 4.54 billion in 2024 to USD 6.12 billion by 2033.
• Key Market Driver: In 2023, upstream oil and gas investment increased 11% to USD 528 billion, which increased need for support vessels and encouraged offshore exploration.
• Major Market Restraint: By the end of 2023, just 16 new platform supply vessels (PSVs) weighing more than 4,000 dwt had been delivered, suggesting that fleet renewal is slowing down due to aging assets.
• Emerging Trends: Operators' need for accurate station-keeping for Deepwater projects caused a 22% increase in demand for dynamic positioning (DP2/DP3) boats in 2024.
• Regional Leadership: Over 25% of all OSV deployments worldwide occurred in Asia Pacific in 2024, mostly due to the region's expanding offshore wind farms.
• Competitive Landscape: Together, Bram Offshore and Starnav secured 31.5% of Petrobras' R$ 16.5 billion OSV purchase, demonstrating the intense rivalry in the Brazilian industry.
• Market Segmentation: In 2024, crew transfer vessels for windfarms constituted a separate USD 0.1 billion market, demonstrating diversification beyond oil and gas uses.
• Recent Development: Petrobras signed a R$ 16.5 billion deal for 12 new OSVs in December 2024, requiring 40% local content over a 12-year charter and four-year build term.

US TARIFF IMPACT

U.S. Tariffs Affecting the Offshore Vessels Market

U.S. tariffs (especially on Chinese-built or owned vessels) are having major implications in the offshore vessels market by elevating operating costs through large per-port-call charges. These tariffs were designed to help domestic shipbuilding, however, they stand to disrupt global supply chains, delay offshore wind projects, and push operators to globalize their supply chains that have relied on Chinese shipyards. The increased costs for vessel owners and operators, together with uncertainty in trade policy, result in delayed investment, potential volatility in freight rates, and a strategic direction toward alternative manufacturing in countries in Southeast Asia.

LATEST TRENDS

Hybrid and Dual‑Fuel Lead Offshore Vessel Revolution is a Latest Trend

In the offshore support vessel (OSV) market, one of the most recent innovations is the implementation of hybrid and dual-fuel propulsion systems. There is a growing trend among shipyards and operators to deploy resources that feature these technologies for improved fuel efficiency, reduced emissions, and compliance with increasingly strict environmental regulations. For example, Damen Shipyards launched hybrid OSVs in 2023 with fuel reductions of up to 25%, and other companies have developed their own dual fuel versions that will run on both traditional marine diesel fuel and liquefied natural gas (LNG). The evolution aligns with the global trend towards decarbonization, while also providing operational flexibility and savings. As a result, hybrid and dual-fuel vessels are quickly becoming the new normal for next-generation OSVs deployed by operators in offshore wind and deep-water hydrocarbon operations.

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OFFSHORE VESSELS MARKET SEGMENTATION

By Type

• Anchor-handling tug supply (AHTS) vessels: Heavily-built ships with high power engines that are used for anchoring, towing, rig assistance with powerful winches and deck gear.

• Platform supply vessels (PSV): Large deck carriers that carry fuel, water, drilling mud and equipment.

• Multipurpose support vessels (MPSV): Multi-design support vessels used for work such as subsea construction, diving, remotely operated vehicle (ROV) work, and cable-laying.

• Crew and standby/rescue vessels (ERRV): Fast boats used for carrying personnel, and safety/rescue boats.

• Seismic/survey/chase vessels: These vessels are specialized ships used mainly for seismic data retrieval and bathymetry and IMR work.

• Other types: Well-intervention units, liftboats (self-elevating platforms).

By Application

• Shallow water: Slim draft, nimble boats that operate on the continental shelf - drilling boat, construction vessels.

• Deepwater & ultra-Deepwater: DP-equipment boats that service deep-sea rigs or floating structures.

• Oil and gas: Original use-case - oil and gas exploration, support production, rig moves, decommissioning.

• Offshore renewables: Wind farm O&M, cable laying, installation of wind turbines.

• Survey/research/patrol: Science/research - environmental, environmental protection, naval support.

• Other: Emergent uses, offshore mining, aquaculture support.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factors

Expanding Offshore Exploration & Production Drives Growth

A primary engine behind Offshore Vessels Market Growth is the surge in offshore oil and gas exploration and production. Energy companies are continuing to explore deepwater and ultra-deepwater resources around the world, particularly in the Gulf of Mexico, Brazil, West Africa, and the Asia-Pacific region. This trend has created demand for specialty vessels, such as AHTS, PSVs, and subsea support vessels used to transport equipment and station rigs as well as to perform drilling and construction activities. As global energy demand accelerates and offshore wind farm development increases, these uninterrupted offshore activities will lead to continuing investment in expanding and updating OSV fleets to satisfy increasingly complex operational requirements.

Environmental Regulations & Clean Propulsion Adoption Fuels Demand

Another major driver for Offshore Vessels Market Growth comes from tightening environmental regulations and the movement towards clean propulsion. Regulatory bodies and agencies like IMO and the EU are now imposing stricter emissions restrictions which mandate operators to use LNG, hybrid, dual-fuel and even ammonia capable systems. These eco-efficient technologies meet regulations, but also deliver economic benefits on operational costs. They also allow access to clean or green contracts including offshore wind and new offshore renewables. With sustainability firmly embedded in marine operations now, vessel designers and fleet owners are making clean propulsion an important consideration when procuring their next generation of support vessels.

Restraining Factor

High Costs & Demand Volatility Slowing Offshore Vessels Market Growth

An important restraining factor limiting Offshore Vessels Market Growth is the combination of large capital and operational expenditure with lots of uncertain demand. Building specialized vessels such as AHTS, PSV and MPSV requires significant early cash outlay in the form of funding shipbuilding, outfitting and acquiring special personnel, tools and infrastructure. Once built, the costs of running these vessels in terms of fuel, specialized crew and maintenance as well as ensuring compliance and facing upcoming regulations cut into margins. In addition, volatile oil prices and cycle nature of investing in offshore projects dissuades people from spending in developing a fleet at a known charter rate for longer periods of time. Oversupply of vessels in certain areas drives down day-rates creating less income for vessel owners. All these costs/uncertainties act as a deterrent to new orders and also dissuades smaller operators from entering speciality niche OSV markets or expanding.

Undersea Cable Boom Expands Offshore Vessel Roles

Opportunity

Offshore Vessels Market Share is increasingly capitalizing on the surge in undersea cable-laying services. This is a trend accelerated by the rapid growth of both offshore wind farms and telecommunications infrastructure. Due to increased investments in subsea power and subsea data networks, cable-laying vessels are enjoying a surge of demand globally, primarily in Europe, North America and Asia-Pacific.

The market clearly shows an upward growth trajectory—cable-laying vessel market segments are predicted to grow at a CAGR of 7–9% over the next decade. OSV operators that invest in or retrofit vessels with specialized cable-laying capabilities can capitalize on this opportunity, gaining new revenue through renewable energy- and digital infrastructure-led projects, and extending their services beyond oil & gas associated support activities.

Overcapacity and Volatile Charter Rates Restrict Offshore Vessels Market Growth

Challenge

A significant difficulty confronting Offshore Vessels Market Growth is sustained overcapacity, as well as volatile charter rates. The Offshore Vessel Market is loaded with surplus vessels built in previous high demand cycles – that did not get fully consumed - that drive competition and downward pressure on day rates. Many of these ships are laid up, idle, or engaged in activity only at break-even points - all of this contributes to owners being unprofitable and not willing to make new investment and procurement into an Offshore Vessel.

On the other hand, the Offshore Market is very sensitive to oil price fluctuations and offshore project cycles. Slowdowns in oil price or projects are almost instantaneous, with drops in vessel utilization and declines in valuation respectively. Taken together, ongoing oversupply and indeterminate demand - seriously restricts fleet renewal and expansion – globally across the OSV industry.

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OFFSHORE VESSELS MARKET REGIONAL INSIGHTS

• North America 

The United States Offshore Vessel Market dominates North America, buoys by the deepwater oil and gas of the Gulf of Mexico as well as the fast-tracking offshore wind development along the Atlantic. The principle fleet is made up of platform supply and anchor-handling vessels and are being supplemented by advanced dynamic positioning vessels and hybrid propulsion. In Canada, we are providing support through renewables; in Mexico, increased momentum via new exploration projects. That said, we are also experiencing capacity imbalances and fluctuations in charter rates. The strength of our shipping infrastructure and ongoing regulatory changes will continue to transform the way vessels deploy and the way companies invest throughout the region.

• Europe

In Europe, demand for offshore vessels remains focused on oil and gas, as well as on the developing offshore wind farm industry. The North Sea is still vital for subsea support, turbine installation, and cable-laying operations, thus continual fleet upgrades remain critical; to this end, ship owners are utilizing dynamic-positioning (DP) systems and proposing alternative lower-emission vessel designs. The United Kingdom and Germany are investing, the North Sea and the Norwegian North Sea focus on oil/gas and deepwater support, and both Norway and the UK have oil and gas stock. While existing operational vessels face challenges in terms of aging fleets, regulations, and supply chains (especially with relation to specialized turbine vessels), there is stable work coiling decommissioning, replacing older vessels, as well as decommissioning. With the ongoing push to decarbonize Europe, and being supported by strong energy transition policies, demand remains consistent for the supply of this modern support vessel.

• Asia

The offshore vessel market in Asia-Pacific is growing quickly, driven by increasing deepwater oil and gas exploration in countries such as China, India, Malaysia and Indonesia, alongside rapidly advancing offshore wind projects in China, Japan, South Korea, and Australia. Platform supply vessels (PSVs) and anchor‑handling tug supply vessels (AHTS) dominate regional fleets. The market also uses multipurpose vessels for subsea construction and cable‑laying. Increasing technology advancements—automation, DP systems, hybrid propulsion and digital fleet-management—improve efficiency. The large shipbuilding market within the region can rapidly replace or modernise fleets amid historically high newbuild demand. There is government support for renewables and energy security, driving demand for cable‑laying services and new green OSVs. The Asia-Pacific region is cementing its leading position in both hydrocarbon and renewable markets. It remains the largest regional market in the world for offshore support vessels.

KEY INDUSTRY PLAYERS

Strong Strategies Boost Survival and Growth Amid Fierce Competition Among Key Competitors Globally

Tidewater Inc., headquartered in the U.S., is a leading supplier of OSVs and is also unique in having a leading global fleet, that was recently bolstered through the acquisition of Solstad's high-spec PSVs. Several other industry leaders use their large fleets of PSVs, AHTS, and ROV vessels. Edison Chouest Offshore and Seacor Marine are leading players that operate in the traditional oil, gas, and renewables sectors. Bourbon (France) and Maersk Supply Service (Denmark) are leaders in subsea construction and heavy offshore logistics. In CSV, AHTS, and PSV vessels, Solstad Offshore (Norway) maintains its leadership role. DOF Subsea, Harvey Gulf, Hornbeck Offshore, Siem Offshore, and China Oilfield Services also compete with large, diversified fleets and a regional market presence.

List of Top Offshore Vessels Companies

• Tidewater Inc. (U.S.)
• Edison Chouest Offshore (U.S.)
•  Seacor Marine Holdings (U.S.)
•  Hornbeck Offshore Services (U.S.)
•   Harvey Gulf International Marine (U.S.)
•  Bourbon (France)
•  Maersk Supply Service (Denmark)
• Solstad Offshore ASA (Norway)
•  Siem Offshore AS (Norway)
• DOF Group ASA (Norway)
• China Oilfield Services (China)
• island Offshore (Norway)

 KEY INDUSTRY DEVELOPMENTS

May 2025: Edison Chouest Offshore launched the 262′×62′ service operations vessel ECO Liberty, specifically designed to support Equinor’s Empire Wind project off New York—marking a strategic enhancement to U.S. offshore wind operations.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Offshore Vessels Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic
and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market
dynamics professionally and understandably.