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    Platform Supply Vessels PSV Market

    ID: MRFR/E&P/24474-HCR
    128 Pages
    Priya Nagrale
    October 2025

    Platform Supply Vessels PSV Market Research Report By Vessel Type (Platform Supply Vessels, Offshore Supply Vessels, Anchor Handling Tug Supply Vessels), By Propulsion System (Diesel Electric, Diesel Mechanical, Hybrid Electric, Liquefied Natural Gas (LNG)), By Tonnage (Below 1,000 DWT, 1,000-2,000 DWT, 2,000-3,000 DWT, Above 3,000 DWT), By Operational Area (Offshore, Onshore), By End User (Oil and Gas Companies, Service Contractors, Ship Owners) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) -...

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    Platform Supply Vessels PSV Market Infographic
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    Summary Table of Contents Segmentation Download PDF

    Platform Supply Vessels PSV Market Summary

    The Global Platform Supply Vessels PSV Market is projected to grow from 4.14 USD Billion in 2024 to 5.93 USD Billion by 2035.

    Key Market Trends & Highlights

    Platform Supply Vessels PSV Key Trends and Highlights

    • The market is expected to experience a compound annual growth rate (CAGR) of 3.32% from 2025 to 2035.
    • By 2035, the market valuation is anticipated to reach 5.93 USD Billion, indicating robust growth potential.
    • in 2024, the market is valued at 4.14 USD Billion, laying a strong foundation for future expansion.
    • Growing adoption of advanced vessel technologies due to increasing offshore oil and gas exploration is a major market driver.

    Market Size & Forecast

    2024 Market Size 4.14 (USD Billion)
    2035 Market Size 5.93 (USD Billion)
    CAGR (2025-2035) 3.32%

    Major Players

    Tidewater Inc., Swire Pacific Offshore Operations Pte Ltd, McDermott International, Geir Offshore, Toisa, P Maritime Logistics, Valaris, Havila Shipping, Bourbon, Viking Supply Ships, Maersk Supply Service, Ulstein

    Platform Supply Vessels PSV Market Trends

    The Platform Supply Vessels (PSV) market is experiencing a surge in demand driven by the increasing offshore oil and gas exploration activities. The need for vessels to support offshore operations, such as drilling, platform maintenance, and crew transportation, is fueling the growth of the market. The trend toward deepwater exploration and production is creating opportunities for specialized vessels capable of operating in challenging environments.

    The adoption of environmentally friendly technologies and regulations is also shaping the market, leading to the development of vessels with lower emissions and improved fuel efficiency. Furthermore, the rise of the renewable energy sector is presenting new opportunities for PSVs to support offshore wind farms and other renewable energy projects.

    The Platform Supply Vessels market is poised for growth as the demand for offshore oil and gas exploration continues to rise, driven by advancements in technology and increasing investments in renewable energy sectors.

    U.S. Energy Information Administration

    Platform Supply Vessels PSV Market Drivers

    Increasing Offshore Exploration Activities

    The Global Platform Supply Vessels PSV Market Industry is experiencing growth due to the rising offshore exploration activities. As energy demands escalate, oil and gas companies are investing in offshore projects, necessitating efficient supply vessels for transporting equipment and personnel. For instance, the global offshore oil and gas exploration expenditure is projected to rise, contributing to the expected market value of 4.14 USD Billion in 2024. This trend indicates a robust demand for PSVs, which are essential for supporting these operations, thereby enhancing the industry's overall growth trajectory.

    Market Segment Insights

    Platform Supply Vessels PSV Market Vessel Type Insights

    The Global Platform Supply Vessels (PSV) Market is segmented by Vessel Type into Platform Supply Vessels, Offshore Supply Vessels, and Anchor Handling Tug Supply Vessels. Among these segments, Platform Supply Vessels held the largest market share in 2023, accounting for around 40% of the global PSV market revenue. This dominance is attributed to the increasing demand for these vessels for various offshore support operations, such as transporting supplies, equipment, and personnel to and from offshore platforms and rigs.

    Offshore Supply Vessels (OSVs) are expected to witness significant growth over the forecast period, owing to their versatility and ability to perform a wide range of tasks, including cargo transportation, towing, and emergency response. The growing demand for OSVs in the offshore wind industry is further anticipated to drive segment growth.

    Anchor Handling Tug Supply Vessels (AHTSVs) are specialized vessels used for anchor handling, towing, and offshore construction activities. This growth is attributed to the increasing demand for PSVs in the offshore oil and gas industry, as well as the growing adoption of these vessels in the offshore wind and renewable energy sectors.

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

    Platform Supply Vessels PSV Market Propulsion System Insights

    The propulsion system of the Platform Supply Vessels PSV Market presents significant growth, whereby the market is expected to accrue in the coming years. In particular, this will follow from an increased demand for fuel-efficient and environmentally friendly vessels. According to the forecast, Diesel Electric propulsion systems will continue to dominate the market, generating over 50% of the revenue in 2024.

    They will be followed by Diesel Mechanical Systems, which will generate 30% of the revenue. However, it seems certain that Hybrid Electric and Liquefied Natural Gas LNG systems will also gain an increased role in the forthcoming years, as they convey significant benefits to their users in terms of fuel efficiency and reduced emissions.

    Platform Supply Vessels PSV Market Tonnage Insights

    The tonnage segment plays a crucial role in the Global Platform Supply Vessels (PSV) Market. Categorized into four sub-segments - Below 1,000 DWT, 1,000-2,000 DWT, 2,000-3,000 DWT, and Above 3,000 DWT - each segment caters to specific operational requirements. In 2023, the Below 1,000 DWT segment held a significant market share due to its versatility and suitability for shallow water operations.

    However, the 2,000-3,000 DWT segment is projected to witness substantial growth during the forecast period, driven by increasing demand for larger vessels capable of handling heavier loads and operating in deeper waters.The Above 3,000 DWT segment is expected to account for a notable portion of the Platform Supply Vessels PSV Market revenue by 2024.

    These vessels offer superior cargo capacity and advanced capabilities, making them ideal for complex offshore projects and transportation of large equipment. Overall, the tonnage segmentation in the Platform Supply Vessels PSV Market provides insights into the diverse operational needs of the offshore industry. Understanding the specific requirements of different tonnage segments enables market players to tailor their offerings and cater to the evolving demands of the sector.

    Platform Supply Vessels PSV Market Operational Area Insights

    The Platform Supply Vessels PSV Market segmentation by Operational Area into Offshore and Onshore provides valuable insights into the industry dynamics.

    The Offshore segment held a dominant share of the market in 2023, accounting for nearly 85% of the global revenue. This dominance is attributed to the increasing exploration and production activities in deepwater and ultra-deepwater regions, where PSVs play a crucial role in supporting offshore operations. The Offshore segment is expected to maintain its leading position throughout the forecast period, driven by the growing demand for energy resources and the expansion of offshore wind farms.

    On the other hand, the Onshore segment is anticipated to witness a moderate growth rate during the forecast period. Onshore PSVs are primarily used for inland waterway transportation, supporting onshore oil and gas production, and decommissioning activities. The growth of this segment is expected to be influenced by the increasing focus on unconventional oil and gas resources, such as shale oil and gas, as well as the decommissioning of aging offshore infrastructure.

    Platform Supply Vessels PSV Market End User Insights  

    The Platform Supply Vessels PSV Market segmentation includes various End Users such as Oil and Gas Companies, Service Contractors, and Ship Owners. In 2023, Oil and Gas Companies held the dominant position in the market, accounting for around 55% of the Platform Supply Vessels PSV Market revenue. This dominance is attributed to the increasing exploration and production activities in offshore oil and gas fields.

    Service Contractors are expected to witness significant growth in the coming years, owing to the rising demand for specialized services such as maintenance, repair, and operation of platform supply vessels.Ship Owners, who own and operate platform supply vessels, are also expected to contribute to the market growth. The increasing need for efficient and reliable transportation of personnel and equipment to offshore platforms is driving the growth of the Platform Supply Vessels PSV Market.

    Get more detailed insights about Platform Supply Vessels PSV Market Research Report — Global Forecast till 2034
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    Regional Insights

    The Platform Supply Vessels PSV Market revenue is expected to grow significantly in the coming years, with a CAGR of 3.32% between 2024 and 2032. The market is segmented into various regions, including North America, Europe, APAC, South America, and MEA.

    North America is expected to hold a significant share of the Platform Supply Vessels PSV Market, owing to the presence of many offshore oil and gas exploration activities. Europe is also expected to be a major market for Platform Supply Vessels PSV, driven by the growing demand for oil and gas in the region.

    The APAC region is expected to witness a high growth rate in the Platform Supply Vessels PSV Market due to the increasing investments in offshore oil and gas exploration and production activities. South America and MEA are also expected to contribute to the growth of the Platform Supply Vessels PSV Market, as these regions have a significant potential for offshore oil and gas exploration and production.

    Overall, the Platform Supply Vessels PSV Market is expected to witness steady growth in the coming years, driven by the increasing demand for oil and gas, as well as the growing investments in offshore exploration and production activities.

    Platform Supply Vessels PSV Market 3

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

    Key Players and Competitive Insights

    Major players in the Platform Supply Vessels PSV Market industry are continuously developing new technologies to meet the changing needs of the market. Leading Platform Supply Vessels PSV Market players are focusing on mergers and acquisitions to expand their market presence and product portfolios.

    The Platform Supply Vessels PSV Market is expected to witness significant growth in the coming years, driven by the increasing demand for offshore oil and gas exploration and production activities. The competitive landscape of the Platform Supply Vessels PSV Market is expected to remain fragmented, with several key players competing for market share. However, the market is expected to witness consolidation in the long term as smaller players are acquired by larger players.A leading company in the Platform Supply Vessels PSV Market is Tidewater Inc.

    The company provides a wide range of marine support services, including offshore supply, towing, and mooring services.

    Tidewater Inc. operates a fleet of over 200 vessels and has a global presence in over 50 countries. The company's strong financial performance and commitment to innovation have enabled it to maintain a leading position in the Platform Supply Vessels PSV Market.A competitor to Tidewater Inc. in the Platform Supply Vessels PSV Market is Swire Pacific Offshore Operations Pte Ltd.

    The company provides a comprehensive range of offshore support services, including platform supply, anchor handling, and subsea construction services. Swire Pacific Offshore Operations Pte Ltd. has a fleet of over 90 vessels and operates in over 20 countries worldwide. The company's focus on safety, quality, and reliability has enabled it to gain a strong reputation in the Platform Supply Vessels PSV Market.

    Key Companies in the Platform Supply Vessels PSV Market market include

    Industry Developments

    The global Platform Supply Vessels (PSV) market is projected to grow from USD 3.87 billion in 2023 to USD 5.2 billion by 2032, exhibiting a CAGR of 3.32% during the forecast period (2025-2034). The market's growth is attributed to the increasing offshore oil and gas exploration and production activities, particularly in regions with deepwater reserves.

    The rising demand for efficient and versatile vessels capable of supporting offshore operations has fueled the growth of the PSV market. Furthermore, the adoption of advanced technologies, such as dynamic positioning systems and automated control systems, has enhanced the capabilities and safety of PSVs, making them more attractive to operators in the offshore industry.

    Future Outlook

    Platform Supply Vessels PSV Market Future Outlook

    The Global Platform Supply Vessels PSV Market is poised for growth at 3.32% CAGR from 2025 to 2035, driven by increasing offshore activities and technological advancements.

    New opportunities lie in:

    • Invest in eco-friendly vessel designs to meet regulatory standards.
    • Leverage digital technologies for enhanced operational efficiency.
    • Expand service offerings to include logistics and supply chain management.

    By 2035, the market is expected to exhibit robust growth, reflecting evolving industry demands and innovations.

    Market Segmentation

    Platform Supply Vessels PSV Market Tonnage Outlook

    • Offshore
    • Onshore

    Platform Supply Vessels PSV Market End User Outlook

    • North America
    • Europe
    • South America
    • Asia Pacific
    • Middle East and Africa

    Platform Supply Vessels PSV Market Regional Outlook

    • North America
    • Europe
    • South America
    • Asia Pacific
    • Middle East and Africa

    Platform Supply Vessels PSV Market Vessel Type Outlook

    • Diesel Electric
    • Diesel Mechanical
    • Hybrid Electric
    • Liquefied Natural Gas (LNG)

    Platform Supply Vessels PSV Market Operational Area Outlook

    • Oil and Gas Companies
    • Service Contractors
    • Ship Owners

    Platform Supply Vessels PSV Market Propulsion System Outlook

    • Below 1,000 DWT
    • 1,000-2,000 DWT
    • 2,000-3,000 DWT
    • Above 3,000 DWT

    Report Scope

    Report Attribute/Metric Details
    Market Size 2024    4.14 (USD Billion)
    Market Size 2025    4.27 (USD Billion)
    Market Size 2035 5.93 (USD Billion)
    Compound Annual Growth Rate (CAGR) 3.32% (2025 - 2035)
    Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    Base Year 2024
    Market Forecast Period 2025 - 2035
    Historical Data 2019 - 2023
    Market Forecast Units USD Billion
    Key Companies Profiled McDermott International, Geir Offshore, Toisa, Tidewater, P Maritime Logistics, Valaris, Havila Shipping, Bourbon, Viking Supply Ships, Maersk Supply Service, Ulstein
    Segments Covered Vessel Type, Propulsion System, Tonnage, Operational Area, End User, Regional
    Key Market Opportunities Increase in offshore exploration Expansion into deepwater regions Growing demand for subsea installations Rise in renewable energy projects Improved safety regulations.
    Key Market Dynamics Rising oil prices Increased offshore drilling activities Growing demand for efficient supply vessels Technological advancements Fleet renewal and expansion
    Countries Covered North America, Europe, APAC, South America, MEA

    FAQs

    What is the expected valuation of the Platform Supply Vessels (PSV) Market in 2024?

    The Platform Supply Vessels (PSV) Market is anticipated to reach an overall valuation of 4.14 billion USD in 2024.

    What is the projected valuation of the Global PSV Market in 2034?

    The Global PSV Market is projected to reach an overall valuation of 5.74 billion USD by 2034.

    What is the estimated Compound Annual Growth Rate (CAGR) of the Global PSV Market from 2025 to 2034?

    The Global PSV Market is estimated to grow at a CAGR of 3.32% from 2025 to 2034.

    Which regions are expected to drive growth in the Global PSV Market?

    North America is expected to hold a significant share of the Platform Supply Vessels PSV Market, owing to the presence of many offshore oil and gas exploration activities.

    What are the primary applications of Platform Supply Vessels?

    Platform Supply Vessels are primarily used for transporting supplies, equipment, and personnel to offshore oil and gas platforms.

    Who are the key competitors in the Global PSV Market?

    Key competitors in the Global PSV Market include Bourbon Offshore, Tidewater Inc., DOF ASA, Swire Pacific Offshore, and Vroon Offshore Services.

    What are the growth opportunities in the Global PSV Market?

    Growth opportunities in the Global PSV Market include the increasing demand for offshore oil and gas exploration and production, as well as the development of new technologies and advancements in the industry.

    What are the challenges faced by the Global PSV Market?

    Challenges faced by the Global PSV Market include fluctuating oil prices, regulatory changes, and competition from alternative transportation methods.

    What are the key trends shaping the Global PSV Market?

    Key trends shaping the Global PSV Market include the adoption of digital technologies, the use of cleaner fuels, and the focus on safety and efficiency.

    What is the expected impact of the COVID-19 pandemic on the Global PSV Market?

    The COVID-19 pandemic had a negative impact on the Global PSV Market, leading to a decline in demand for offshore oil and gas exploration and production. However, the market is expected to recover as the global economy improves and the demand for energy increases.

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