Offshore Support Vessels Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Offshore Support Vessels Market Analysis:

The offshore support vessel market is expected to reach USD 71.24 billion by the end of this year and is projected to grow at a CAGR of over 5.95% to reach USD 95.11 billion in the next five years. The market’s growth is likely to accelerate in the medium term due to the increasing demand for deepwater oil and gas drilling operations and the improved viability of offshore oil and gas projects. However, the market may face challenges due to the volatility in the prices of commodities extracted. Despite this, the market presents opportunities for growth with the emergence of new technologies that help offshore vessels deal with environmental problems. For instance, Maersk Supply Service has launched its Stillstrom offshore vessel-charging business to reduce carbon emissions in the shipping industry. North America is expected to dominate the market during the forecast period, driven by major offshore oil and gas discoveries in the region.

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