Market Size of Middle East Offshore Support Vessels Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 25.59 Billion |
| Market Size (2029) | USD 35.06 Billion |
| CAGR (2024 - 2029) | 6.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East Offshore Support Vessels Market Analysis
The Middle East Offshore Support Vessels Market size is estimated at USD 25.59 billion in 2024, and is expected to reach USD 35.06 billion by 2029, growing at a CAGR of 6.5% during the forecast period (2024-2029).
- Over the medium term, factors such as increasing offshore exploration and production activities and development of offshore wind energy, are expected to be one of the most significant drivers for the Middle East offshore support vessels market during the forecast period.
- On the other hand, increasing demand for dynamic positioning (DP) drilling rigs. This poses a threat to the Middle East offshore support vessels market during the forecast period.
- Nevertheless, several support vessel manufacturers are focused on developing battery-hybrid offshore support vessels. This factor is expected to create several opportunities for the market in the future.
- Saudi Arabia is expected to witness significant growth during the forecast period. The region is witnessing increased offshore drilling activities and increasing offshore exploration.
Middle East Offshore Support Vessels Industry Segmentation
Offshore support vessels (OSVs) are specialized maritime vessels that provide various services and support to offshore oil and gas exploration and production activities. These vessels support offshore operations by providing logistical assistance, transportation, and accommodation for personnel working in offshore installations such as oil rigs, platforms, and floating production facilities.
The Middle Eastern offshore support vessels market is segmented by type and geography. By type, the market is segmented into anchor handling tug/anchor handling towing supply vessels (AHT/AHTS), platform supply vessels (PSV), and other types). The report also covers the market size and forecasts across major regions. For each segment, the market sizing and forecasts have been done based on revenue in USD.
| Type | |
| Anchor Handling Tug/Anchor Handling Towing Supply Vessels (AHT/AHTS) | |
| Platform Supply Vessels (PSV) | |
| Other Types |
| Geography | |
| Saudi Arabia | |
| United Arab Emirates | |
| Qatar | |
| Iran | |
| Rest of Middle East |
Middle East Offshore Support Vessels Market Size Summary
The Middle East offshore support vessel market is poised for substantial growth over the forecast period, driven by increasing offshore exploration and production activities, as well as the development of offshore wind energy projects. The region's strategic focus on expanding its oil and gas fields, particularly in Saudi Arabia, is expected to significantly boost the demand for offshore support vessels. This demand is further supported by the rise in offshore rig counts and substantial investments from major oil companies aiming to meet the growing global demand for energy. The market is characterized by a semi-fragmented landscape with key players such as Tidewater Inc., Bourbon Corporation SA, and Maersk AS actively participating in the sector.
Despite the promising growth prospects, the market faces challenges, including the rising demand for dynamic positioning drilling rigs, which could potentially impact the demand for traditional offshore support vessels. However, the development of battery-hybrid vessels presents new opportunities for innovation and sustainability within the industry. The acquisition of companies like Zakher Marine International by ADNOC Logistics & Services and the strategic investments in offshore wind energy by entities such as the Public Investment Fund of Saudi Arabia highlight the ongoing efforts to enhance fleet capabilities and diversify offshore activities. These developments are expected to further solidify the Middle East's position as a key player in the global offshore support vessel market.
Middle East Offshore Support Vessels Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Middle East Offshore Support Vessels Market in USD, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Increasing Offshore Exploration and Production Activities
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1.5.1.2 Development of Offshore Wind Energy
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1.5.2 Restraints
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1.5.2.1 Rising Demand for Dynamic Positioning (DP) Drilling Rigs
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Anchor Handling Tug/Anchor Handling Towing Supply Vessels (AHT/AHTS)
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2.1.2 Platform Supply Vessels (PSV)
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2.1.3 Other Types
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2.2 Geography
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2.2.1 Saudi Arabia
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2.2.2 United Arab Emirates
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2.2.3 Qatar
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2.2.4 Iran
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2.2.5 Rest of Middle East
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Middle East Offshore Support Vessels Market Size FAQs
How big is the Middle East Offshore Support Vessels Market?
The Middle East Offshore Support Vessels Market size is expected to reach USD 25.59 billion in 2024 and grow at a CAGR of 6.5% to reach USD 35.06 billion by 2029.
What is the current Middle East Offshore Support Vessels Market size?
In 2024, the Middle East Offshore Support Vessels Market size is expected to reach USD 25.59 billion.
