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)

Platform Supply Vessels PSV Market Overview:

As per MRFR analysis, the Platform Supply Vessels PSV Market Size was estimated at 3.75 (USD Billion) in 2022. The Platform Supply Vessels PSV Market Industry is expected to grow from 3.87(USD Billion) in 2023 to 5.2 (USD Billion) by 2032. The Platform Supply Vessels PSV Market CAGR (growth rate) is expected to be around 3.32% during the forecast period (2024 - 2032).

Key Platform Supply Vessels PSV Market Trends Highlighted

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.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Platform Supply Vessels PSV Market Drivers

Increasing Investments in Offshore Oil and Gas Exploration and Production

Offshore oil and gas exploration and production are gaining increasing investments over the growing need for energy across the globe. Platform supply vessels are highly demanded services provided for the oil and gas traditionally exploited in the remote offshore oil and gas fields in regions rich in hydrocarbons, such as the Middle East, North America, and Southeast Asia. Since the development and operation of offshore oil and gas fields are often associated with challenging conditions, the supply and service vessels are used to transport the equipment, staff, and supplies to the remote stations. High investments in offshore oil and gas development in the relevant regions increasingly demand platform supply vessels and drive the growth of the Platform Supply Vessels PSV Market Industry.

Expansion of Renewable Energy Projects Offshore

The global transition towards renewable energy sources is creating new opportunities for platform supply vessels. Offshore wind farms, in particular, are gaining traction as a sustainable alternative to fossil fuels. These wind farms are often located in deep waters and harsh environments, requiring specialized vessels for installation, maintenance, and support operations. Platform supply vessels are well-suited for these tasks, leveraging their capabilities to provide transportation, accommodation, and logistical support. The growing pipeline of offshore wind projects worldwide is expected to drive the demand for platform supply vessels tailored to the unique requirements of the renewable energy sector.

Technological Advancements and Efficiency Improvements

Technological advancements are continuously transforming the Platform Supply Vessels PSV Market Industry. Shipbuilders and operators are investing in innovative designs and technologies to enhance the capabilities and efficiency of platform supply vessels. These advancements include the adoption of hybrid and electric propulsion systems, the integration of autonomous navigation and remote monitoring technologies, and the use of lightweight materials to improve fuel efficiency and reduce emissions. By incorporating these advancements, platform supply vessels can operate more sustainably, reduce operating costs, and meet the evolving demands of the offshore industry.

Platform Supply Vessels PSV 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, MRFR 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.

Platform Supply Vessels PSV Market 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.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Platform Supply Vessels PSV Market 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 Include:

• McDermott International


• Geir Offshore


• Toisa


• Tidewater


• P Maritime Logistics


• Valaris


• Havila Shipping


• Bourbon


• Viking Supply Ships


• Maersk Supply Service


• Ulstein

Platform Supply Vessels PSV Market 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 (2024-2032). 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.

Platform Supply Vessels PSV Market Segmentation Insights

• Platform Supply Vessels PSV Market Vessel Type Outlook


• Platform Supply Vessels


• Offshore Supply Vessels


• Anchor Handling Tug Supply Vessels

• Platform Supply Vessels PSV Market Propulsion System Outlook


• Diesel Electric


• Diesel Mechanical


• Hybrid Electric


• Liquefied Natural Gas (LNG)

• Platform Supply Vessels PSV Market Tonnage Outlook


• Below 1,000 DWT


• 1,000-2,000 DWT


• 2,000-3,000 DWT


• Above 3,000 DWT

• Platform Supply Vessels PSV Market Operational Area Outlook


• Offshore


• Onshore

• Platform Supply Vessels PSV Market End User Outlook


• Oil and Gas Companies


• Service Contractors


• Ship Owners

• Platform Supply Vessels PSV Market Regional Outlook


• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa