Offshore Support Vessel Market Worth $26.8 Billion by 2026

Northbrook, IL -- (SBWIRE) -- 06/23/2021 -- According to the new market research report "Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow water and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Offshore Support Vessel Market is expected to grow at a CAGR of 4.0%, from 2021 to 2026, to reach a market size of USD 26.8 billion by 2026. The market growth is driven by robust investments in the offshore oil & gas and renewable sectors. Increasing deepwater activities and decommissioning of aging offshore infrastructure is likely to offer lucrative opportunities for the Offshore Support Vessel Market. However, fluctuating crude oil prices have offset the growth of the Offshore Support Vessel Market in the past years and resulted in the oversupply of vessels. This would restrain the growth of the market during the forecast period. Government regulations and high operational risks continue to be challenges for the Offshore Support Vessel Market.