Offshore Support Vessels: Navigating a Downturn in 2024

In 2024, the offshore support vessel (OSV) sector faced a sharp downturn, with total sales falling to US$1.79 billion—down 43% from US$3.12 billion in 2023. This decline was mirrored by a significant drop in the number of vessels sold, from 364 transactions in 2023 to only 172 in 2024.

Growth Prospects for Offshore Support Vessels Market

Despite the current downturn, the global offshore support vessel market is expected to rebound, driven by expanding offshore oil and gas exploration activities. The market is projected to grow at a compound annual growth rate (CAGR) of 6.8% from 2024 to 2032, reaching an estimated value of USD 32.20 billion by 2032, compared to USD 17.80 billion in 2023.

Decline in Global Boat Sales in 2024

According to Boats Group, global boat sales experienced a 9.1% year-over-year decline in 2024. This downturn was largely driven by a 12.4% drop in used boat sales, while new boat sales saw a modest increase of 5.3%. The shift in buyer behavior suggests that consumers are capitalizing on lower new-build prices and more favorable financing options available for new boats.

Optimistic Outlook for U.S. Boating Market in 2025

The National Marine Manufacturers Association (NMMA), which represents approximately 85% of the U.S. recreational boating market, projects a 3-5% increase in U.S. boating expenditures in 2025. This growth is expected to be fueled by economic resilience and rising consumer interest in recreational boating.

A table summarizing the key data and facts from the article: