Asia Pacific Offshore Support Vessels Market Report and Forecast 2024-2032

Asia Pacific Offshore Support Vessels Market Outlook

The Asia Pacific offshore support vessels market size reached nearly USD 4730.60 million in 2023. The market is projected to grow at a CAGR of 7.5% between 2024 and 2032, reaching almost USD 9069.70 million by 2032.

Key Takeaways:

• The construction of 514 GW of new oil and gas capacity in the Asia Pacific is expected to drive the market growth.

• The demand for natural gas in China is expected to grow by 40% between 2021-2030.

• The application of offshore support vessels in deep water is expected to record a significant increase over the forecast period.

The global demand for natural gas is expected to witness continuous growth throughout the forecast period. This has led to a 13% increase in the global oil and gas production capacity. Nearly 3/4th of the overall capacity increase is attributed to the Asia Pacific, with countries such as China, Bangladesh, Philippines, and Vietnam leading the construction of new projects. This is expected to accelerate the Asia Pacific offshore support vessels market development.

The development of offshore oil and gas projects in the South China Sea is expected to make China a leading market for offshore support vehicles. The discovery of 100 million tons of oil in the Pearl River Delta of China in the Guangdong province has attracted significant attention from the government. This is also expected to favour foreign investments into the oil and gas sector, thereby influencing the Asia Pacific offshore support vessels market growth favourably.

As the world moves towards clean sources of energy, developing economies such as India, Bangladesh, and Vietnam are expected to boost their reliance on liquefied natural gas to power domestic households and further industrial development. This is expected to drive the expansion of the oil and gas sector in these countries, thereby contributing towards the Asia Pacific offshore support vessels market growth.

Market Segmentation

Asia Pacific Offshore Support Vessels Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Anchor Handling Tug Vessel (AHTV)

• Platform Supply Vessel

• Multipurpose Support Vessel

• Crew Vessel

• Standby and Rescue Vessel

• Others

Market Breakup by Application

• Shallow Water

• Deep Water 

Market Breakup by End Use

• Offshore Oil and Gas

• Offshore Wind

Market Breakup by Region

• China

• Japan

• India

• ASEAN

• Australia

• Others

The key Asia Pacific offshore support vessels market players are Tidewater Inc., AP Moeller - Maersk A/S, SEACOR Marine Holdings Inc., Austal Ltd., Solstad Offshore ASA, PACC Offshore Pte. Ltd., Siem Offshore Inc., Nam Cheong Limited, Damen Shipyards Group, and MMA Offshore Ltd., among others.

Key Highlights of the Report