Global Offshore Support Vessels Market Growth Analysis - Forecast Trends and Outlook (2025-2034)

Global Offshore Support Vessels Market Outlook

The global offshore support vessels market size reached USD 17.80 billion in 2024. The market is projected to grow at a CAGR of 6.8% between 2025 and 2034, reaching almost USD 32.20 billion by 2034.

Key Takeaways

• Offshore oil and gas projects are expected to dominate the market over the forecast period.

• Deep water is expected to dominate the global offshore support vessels market.

• The Middle East and Africa is expected to emerge as a leading region in the market.

The Middle East and Africa is expected to constitute a major portion of the global offshore support vessels market share. This is because of the high rate of offshore support vessel (OSV) utilisation (85-90%) in the region, driven by increasing government and foreign direct investments into the construction and maintenance of new oilfields and natural gas projects in Saudi Arabia, Qatar, and the United Arab Emirates. The offshore support vessels market growth is also being driven by the expansion of the offshore oil drilling facilities in the region.

Geopolitical tensions are expected to prompt major military powers to boost cross border collaboration for the procurement of OSVs. This is expected to enhance the security preparedness of nations at sea and propel the global offshore support vessels market expansion in the forecast period.

Ocean exploration is becoming a vital part of many nations’ climate action and energy security strategies. The United States of America, Australia, Iceland, and South Africa are undertaking seabed mapping and exploration activities to discover new mineral and biological sources of energy and study marine hazards and plate tectonics to improve their security against natural disasters. This is expected to drive the offshore support vessels market development in the forecast period.

Market Segmentation

Global Offshore Support Vessels Market Report and Forecast 2025-2034 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

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

The key global offshore support vessels market players are Tidewater Inc., AP Moeller - Maersk A/S, Royal IHC, SEACOR Marine Holdings Inc., Austal Ltd., Damen Shipyards Group, Hornbeck Offshore Services, Inc., Siem Offshore Inc., Harvey Gulf International Marine, LLC, Horizon Maritime Services Ltd., and Otto Candies, LLC, among others.

Key Highlights of the Report

Offshore Support Vessels Market Report Snapshots

Offshore Support Vessels Market Size