Increasing offshore oil and gas production and rising demand for military applications are likely to drive the market in the forecast period.
According to TechSci Research report, “Platform Supply Vessel (PSV) Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Platform Supply Vessel (PSV) Market stood at USD 3.08 billion in 2022 and is anticipated to grow with a CAGR of 5.19% in the forecast period. One of the key drivers of the Platform Supply Vessel (PSV) market is the continual expansion of offshore oil and gas exploration activities. As the global demand for energy resources continues to rise, oil and gas companies are increasingly venturing into deeper and more remote offshore areas to tap into new reserves. This surge in offshore drilling operations demands efficient logistical support, and PSVs are indispensable in this regard. PSVs are tasked with the transportation of critical supplies, equipment, and personnel to offshore drilling platforms, ensuring seamless and uninterrupted operations. The exploration and extraction of hydrocarbons from offshore reserves require a reliable fleet of PSVs to transport drilling mud, pipes, chemicals, and other essential materials to offshore rigs. This growing trend in offshore exploration, especially in regions with untapped reserves, such as deepwater basins and the Arctic, has substantially boosted the demand for PSVs, making them a vital component of the global offshore oil and gas industry. As long as offshore exploration activities continue to expand to meet the world’s energy needs, the PSV market will remain a crucial player in facilitating these operations.
The second significant driver of the PSV market is the proliferation of renewable energy projects, notably offshore wind farms. Many countries are increasingly investing in renewable energy sources to reduce their carbon footprint and transition away from fossil fuels. Offshore wind farms, in particular, have witnessed significant growth, requiring comprehensive logistical support, which is where PSVs come into play. These specialized vessels are responsible for transporting wind turbine components, maintenance crews, and construction materials to offshore wind farm sites. As governments around the world promote renewable energy and set ambitious targets for offshore wind capacity, the demand for PSVs continues to surge. PSVs play a pivotal role in supporting the construction, maintenance, and operation of these offshore wind farms, ensuring their long-term viability. The transition to cleaner energy sources is driving innovation in the PSV market as operators invest in vessels with improved efficiency, reduced emissions, and enhanced cargo-handling capabilities, aligning them with the sustainability goals of the renewable energy sector. Therefore, the growth of renewable energy projects, particularly offshore wind, is a key driver shaping the future of the PSV market.
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The Global Platform Supply Vessel (PSV) Market is segmented into DWT, application, fuel, type, and region. Based on fuel, The diesel segment had the largest market share in 2022 & expected to maintain it in the forecast period. Diesel engines have a long history of reliability and performance in the maritime industry. They are known for their robustness and ability to operate continuously under demanding conditions, making them a preferred choice for PSVs that often serve in remote and harsh offshore environments. Diesel engines are known for their fuel efficiency, which is a critical consideration for PSVs that frequently operate over long distances and need to transport supplies and personnel to offshore platforms. The ability to cover significant distances on a single tank of fuel is a significant advantage. Diesel engines produce high torque at low RPMs, which is advantageous for PSVs that need to navigate through varying sea conditions, including rough waters and strong currents. This torque ensures better maneuverability and control, particularly during cargo transfer operations. Diesel fuel is readily available in most parts of the world, including remote offshore locations. The existing infrastructure for diesel refueling ensures that PSVs can efficiently operate without the need for significant investment in new fueling infrastructure. Diesel engine technology is well-established, and there is a wealth of expertise in maintaining and repairing diesel engines. This means that PSV operators can access a skilled workforce and a wide range of spare parts, reducing downtime and operational risks. Diesel engines have evolved to meet stringent emissions regulations.
Based on application, The oil and gas production segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. The oil and gas industry has long been a dominant source of global energy supply. Oil and gas remain crucial components of the global energy mix, fulfilling a substantial portion of the world’s energy demand. As a result, offshore oil and gas production activities have consistently driven demand for PSVs to support their operations. Many of the world’s significant oil and gas reserves are located in offshore areas, including deepwater and remote locations. Extracting these reserves requires specialized vessels like PSVs to transport personnel, equipment, and supplies to offshore platforms and rigs. The extensive presence of offshore reserves necessitates a substantial fleet of PSVs. Offshore oil and gas production is a highly complex and logistics-intensive industry. PSVs play a pivotal role in ensuring the smooth flow of supplies, including drilling mud, pipes, chemicals, and provisions, to offshore platforms. Their ability to navigate challenging sea conditions, provide dynamic positioning, and carry a wide range of cargo makes them essential for offshore operations. The oil and gas industry is subject to stringent safety and environmental regulations. Governments and industry bodies impose strict standards on vessel operations to safeguard the environment and personnel.
Major companies operating in the Global Platform Supply Vessel (PSV) Market are:
- Cosco Shipping Lines Co., Ltd
- Vard Group
- Xiamen Shipbuilding Industry Co., Ltd.
- Nam Cheong Limited
- VT Halter Marine, Inc
- Damen Shipyards Group
- Sinopacific Offshore & Engineering Co. Ltd
- Eastern Shipbuilding Group
- Remontowa Shipbuilding S.A
- Harvey Gulf International Marine LLC
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“The Global Platform Supply Vessel (PSV) market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. PSVs are also used for military applications, such as providing logistical support to naval vessels and conducting search and rescue operations. The increasing demand for PSVs for military applications is expected to boost the market growth. There is a growing investment in offshore infrastructure development projects, such as offshore wind farms and oil and gas pipelines. This investment will create demand for PSVs, which are used to transport materials and equipment to offshore construction sites. Therefore, the market of Platform Supply Vessel (PSV) is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Platform Supply Vessel (PSV) Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By DWT (PSV below 3000 DWT, PSV above 3000 DWT), By Applications (Oil and Gas Production, Offshore Construction, Military, Others), By Type (Cargo and Support), By fuel, (Diesel, LNG, Electric, Hybrid), By Region, By Competition”, has evaluated the future growth potential of Global Platform Supply Vessel (PSV) Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Platform Supply Vessel (PSV) Market.
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