North America Offshore Support Vessels Market Report and Forecast 2024-2032

North America Offshore Support Vessels Market Outlook

The North America offshore support vessels market size is projected to grow at a CAGR of 5.3% between 2024 and 2032. The growing interest in deep sea exploration in the region is propelling the market growth.

Key Takeaways:

• The increasing demand for AHTVs is expected to influence the market growth favourably.

• The United States of America is expected to constitute a major portion of the North America offshore support vessels market share.

• Canada is expected to record an 8% increase in new oil well drillings in 2024.

The increasing emphasis on deep sea exploration is expected to propel the North America offshore support vessels market expansion. For instance, the Jet Propulsion Laboratory of NASA is developing an autonomous underwater vehicle named Orpheus to study the diversity of marine life in the Hadal zone, where high temperature and low-pressure environments make life difficult. The increasing collaboration of NASA with the Massachusetts-based Woods Hole Oceanographic Institution is also expected to increase the opportunities for ocean exploration, thereby contributing towards the North America offshore support vessels market growth.

In 2023, the United States and Canada produced 41 billion barrels of oil per day, while the Middle East produced a relatively lesser quantity. The anticipated increase in the drilling of (500) new oil wells in Canada is expected to drive the North America offshore support vessels market development over the forecast period. The introduction of favourable government policies aimed at increasing oil and gas exploration, along with a well-developed infrastructure, is expected to increase the demand for offshore support vessels in the coming years.

Surging deep water applications are expected to become a major driver for the growth of the North America offshore support vessels market in the forecast period.

Market Segmentation

North America 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 Country

• United States of America

• Canada

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

Key Highlights of the Report