Offshore Support Vessel in Thailand Trends and Forecast
The future of the offshore support vessel market in Thailand looks promising with opportunities in the oil & gas, offshore wind, patrolling, and research & surveying markets. The global offshore support vessel market is expected to reach an estimated $25 billion by 2031 with a CAGR of 7.0% from 2025 to 2031. The offshore support vessel market in Thailand is also forecasted to witness strong growth over the forecast period. The major drivers for this market are increasing investments in offshore oil and gas exploration and production activities, expansion of offshore renewable energy projects, as well as, rising trend of upgrading older vehicle fleets.
• Lucintel forecasts that, within the vessel type category, anchor handling tug supply vessel will remain the largest segment over the forecast period because the AHTS units provide a strong design and variety of extra characteristics to push massive oil and gas buildings from shore to the appropriate site.
Emerging Trends in the Offshore Support Vessel Market in Thailand
The offshore support vessel market in Thailand is experiencing significant transformations driven by several emerging trends. These trends are a result of growing demand for energy, particularly offshore oil and gas exploration, the expansion of renewable energy sources, and evolving regulatory and environmental pressures. Technological advancements and the increasing need for sustainable solutions are reshaping the market, positioning Thailand as a competitive hub in Southeast Asia for offshore support vessel services. The following trends are central to Thailand’s offshore vessel market growth and sustainability.
• Growth of Offshore Wind Energy: Thailand is actively pursuing offshore wind energy as part of its renewable energy expansion plans. With an emphasis on achieving carbon neutrality by 2065, the government is promoting the development of offshore wind farms. This trend drives demand for specialized offshore support vessels for installation, maintenance, and logistics. The need for these vessels in the renewable energy sector presents a lucrative opportunity for operators in Thailand, ensuring that the country’s maritime industry becomes a critical player in global renewable energy projects.
• Focus on Sustainability and Eco-friendly Technologies: The growing demand for environmentally sustainable solutions is a key driver in the offshore support vessel market. Operators in Thailand are increasingly adopting technologies that reduce carbon emissions, such as hybrid propulsion and LNG-powered vessels. This trend aligns with global environmental goals and helps operators meet stricter regulations. It also positions Thailand as a competitive market for eco-conscious investors and enhances the country’s ability to meet both regional and international environmental standards in the offshore sector.
• Digitalization and Automation in Vessel Operations: The introduction of digital technologies, such as automation, remote monitoring, and predictive analytics, is transforming offshore vessel operations in Thailand. These technologies allow for more efficient and safer operations by reducing human error and increasing operational efficiency. Automation and real-time data analytics enable faster decision-making and more streamlined maintenance processes. This trend is making offshore support vessels more reliable and cost-effective, improving Thailand’s competitiveness in the offshore industry and contributing to enhanced safety standards.
• Expansion of Offshore Oil and Gas Exploration: As Southeast Asia’s energy demand continues to grow, Thailand’s offshore oil and gas sector is seeing a resurgence in exploration activities. With discoveries in the Gulf of Thailand, the demand for offshore support vessels to assist in drilling, production, and logistics is rising. This trend boosts the need for specialized vessels such as platform supply vessels, anchor handling tug supply vessels, and diving support vessels. These developments ensure continued growth in Thailand’s offshore vessel market, with a significant contribution to the country’s energy security.
• Increased Government Investment and Regulation: The Thai government has ramped up its investment in the offshore support vessel market, with an emphasis on improving infrastructure and meeting international regulatory standards. As part of its economic development plans, the government is incentivizing the maritime industry to modernize and align with global best practices. This includes funding for vessel upgrades and supporting the training of a skilled workforce. These initiatives ensure that Thailand remains compliant with international regulations, such as those set by the International Maritime Organization (IMO), helping the country maintain its competitive edge in the offshore sector.
The emerging trends in Thailand’s offshore support vessel market are driving the industry toward greater sustainability, technological advancement, and competitiveness. The growth of offshore wind energy, the adoption of eco-friendly technologies, and the digitalization of vessel operations provide ample growth opportunities. Simultaneously, the country’s expanding offshore oil and gas exploration and increasing government support and regulation ensure a continued upward trajectory. Collectively, these trends are reshaping Thailand’s offshore support vessel market, positioning it for long-term success in both renewable energy and traditional oil and gas sectors.
Recent Developments in the Offshore Support Vessel Market in Thailand
The offshore support vessel market in Thailand has witnessed several key developments in recent years. These advancements are mainly driven by the country’s growing energy demands, a shift toward sustainable practices, and a commitment to advancing offshore capabilities. The Thai government’s support for infrastructure expansion, along with technological advancements, is shaping a more robust and competitive offshore industry. Below are some of the notable developments currently reshaping the offshore support vessel market in Thailand.
• Increased Focus on Offshore Wind Energy: Thailand is increasingly investing in offshore wind energy, with the government setting ambitious targets for renewable energy capacity. This shift towards green energy is driving the demand for specialized offshore support vessels, such as service operation vessels (SOVs) and crew transfer vessels (CTVs), required for offshore wind farm installation and maintenance. The focus on offshore wind projects aligns with global sustainability goals and positions Thailand as a key player in Southeast Asia’s offshore renewable energy sector.
• Investment in Vessel Modernization and Upgrades: As part of its commitment to sustainability and competitiveness, Thailand is heavily investing in upgrading its offshore support fleet. The modernization of vessels is aimed at improving efficiency, reducing emissions, and complying with international regulations. Operators are increasingly adopting hybrid propulsion systems and low-carbon technologies to enhance vessel performance and minimize environmental impact. These improvements contribute to the overall sustainability of Thailand’s offshore support fleet and ensure the country’s vessels meet the evolving demands of the global market.
• Growth in Offshore Oil and Gas Exploration: Thailand’s offshore oil and gas exploration activities are expanding, driven by increased demand for energy and discoveries in the Gulf of Thailand. This development is stimulating a surge in the demand for offshore support vessels such as platform supply vessels (PSVs), anchor handling tug supply vessels (AHTS), and diving support vessels (DSVs). These vessels play a critical role in ensuring the efficient transportation of equipment, materials, and personnel to and from offshore drilling sites. As a result, this growth is positively impacting the Thai offshore support vessel market by creating more opportunities for local and international operators.
• Technological Advancements in Automation and Digitalization: Technological advancements, particularly in automation and digitalization, are revolutionizing operations in the Thai offshore support vessel market. The introduction of remote monitoring systems, predictive maintenance, and automated vessel operations is increasing operational efficiency and safety. These innovations are reducing operational costs and downtime, enhancing real-time decision-making, and streamlining maintenance procedures. The shift towards digital technologies also positions Thailand as a competitive hub for offshore vessel operations, attracting international investment and fostering innovation in the region.
• Regulatory Changes and Government Incentives: Thailand’s government has implemented various regulatory reforms to enhance the efficiency and sustainability of its offshore industry. These regulations include stricter environmental standards and incentives for operators to adopt cleaner technologies. The government has also introduced policies that encourage local vessel operators to modernize their fleets, which in turn drives the demand for new offshore support vessels. By improving regulatory compliance and offering incentives for investment, the government is helping create a more sustainable and competitive offshore vessel market in Thailand.
The recent developments in Thailand’s offshore support vessel market are centered around expanding the offshore wind energy sector, modernization of the fleet, and technological advancements in automation. These trends are further supported by the growth in offshore oil and gas exploration and government incentives. Together, these developments are enhancing Thailand’s competitive edge in the offshore sector, driving the demand for specialized vessels, and ensuring a sustainable and efficient future for the country’s offshore industry.
Strategic Growth Opportunities for Offshore Support Vessel Market in Thailand
The offshore support vessel market in Thailand is experiencing rapid growth driven by advancements in energy exploration, technological innovation, and sustainable practices. Thailand’s commitment to renewable energy, oil and gas exploration, and fleet modernization offers significant strategic opportunities. Below are key growth opportunities across various applications that are reshaping the offshore support vessel market in Thailand.
• Offshore Wind Farm Development: The Thai government’s push for renewable energy has opened up substantial growth opportunities for offshore wind farms, leading to an increasing demand for specialized vessels such as service operation vessels (SOVs) and crew transfer vessels (CTVs). These vessels are essential for the construction and maintenance of offshore wind turbines. As Thailand works toward a goal of increasing its renewable energy capacity, operators in the offshore support vessel market are capitalizing on these projects, positioning themselves as leaders in the regional offshore wind sector.
• Oil and Gas Exploration Expansion: Thailand’s offshore oil and gas exploration activities, especially in the Gulf of Thailand, continue to expand, providing growth opportunities for offshore support vessels such as platform supply vessels (PSVs), anchor handling tug supply vessels (AHTS), and diving support vessels (DSVs). These vessels are crucial for ensuring the safe transport of equipment, supplies, and personnel to offshore platforms. As new reserves are discovered, the demand for these vessels will continue to rise, allowing companies to secure long-term contracts and increase their market share in the region.
• Fleet Modernization and Green Technology Adoption: The shift toward environmentally sustainable operations has led to a surge in demand for vessels equipped with green technologies, such as hybrid propulsion systems, energy-efficient designs, and alternative fuel sources. The Thai market is ripe for the adoption of these technologies, as operators modernize their fleets to comply with international environmental regulations. This presents a significant opportunity for vessel owners and operators to differentiate themselves by investing in innovative and eco-friendly solutions that reduce emissions and improve fuel efficiency.
• Digitalization and Automation in Operations: As technological advancements in automation and digitalization continue to reshape the maritime industry, Thailand’s offshore support vessel market is embracing these innovations to increase operational efficiency. The integration of remote monitoring systems, predictive maintenance, and automation allows operators to reduce operational costs, enhance safety, and improve vessel uptime. This digital transformation also enables better real-time decision-making, providing operators with a competitive edge. Companies investing in automation and digital tools can optimize their fleet management and increase the attractiveness of their services to international clients.
• Expanding Offshore Infrastructure Projects: With growing demand for energy and economic development, Thailand’s offshore infrastructure projects, such as pipelines, subsea cables, and deep-water terminals, are expanding. This opens up new opportunities for specialized offshore support vessels to assist in the installation, maintenance, and inspection of these infrastructures. Vessels equipped with advanced diving systems, remotely operated vehicles (ROVs), and cranes are needed to support these complex projects. The increased focus on offshore infrastructure development will continue to create demand for a variety of offshore support services and vessels, further boosting the market.
The strategic growth opportunities in the offshore support vessel market in Thailand are driven by the expansion of offshore wind energy, oil and gas exploration, fleet modernization, digitalization, and the growth of offshore infrastructure projects. These opportunities are enabling operators to diversify their service offerings, improve operational efficiency, and position themselves as leaders in the regional offshore sector. As Thailand continues to invest in sustainable energy and infrastructure, the offshore support vessel market is set to experience sustained growth, offering long-term prospects for operators and investors in the industry.
Offshore Support Vessel Market in Thailand Driver and Challenges
The offshore support vessel market in Thailand is shaped by several key drivers and challenges. These factors are primarily influenced by technological advancements, economic conditions, and regulatory changes. The market benefits from a growing demand for energy, advancements in vessel technology, and a push toward sustainability. However, it also faces challenges, including the high cost of modernizing fleets, regulatory hurdles, and competition in the region. Below, we examine these key drivers and challenges impacting the market in Thailand.
The factors responsible for driving the offshore support vessel market in Thailand include:
• Technological Advancements: Technological progress is a major driver for the offshore support vessel market in Thailand. Innovations such as hybrid propulsion systems, energy-efficient designs, and automation are helping to reduce operational costs, enhance safety, and improve overall vessel performance. These technological improvements allow operators to meet both domestic and international standards, enabling greater fleet optimization and reducing fuel consumption. As companies invest in these advanced technologies, they position themselves for long-term competitiveness, driving demand for modern, high-performance vessels.
• Expansion of Renewable Energy Projects: Thailand’s commitment to renewable energy is driving demand for offshore support vessels, particularly in the offshore wind sector. As the country expands its renewable energy infrastructure, new projects such as offshore wind farms will require specialized vessels like service operation vessels (SOVs) and crew transfer vessels (CTVs). This growth is supported by government policies that promote the adoption of clean energy. As Thailand moves towards a more sustainable energy mix, the offshore support vessel market will continue to benefit from the rise in demand for these renewable energy-related services.
• Oil and Gas Exploration Growth: The growth in oil and gas exploration activities, particularly in the Gulf of Thailand, remains a major driver for offshore support vessels. As the demand for hydrocarbons continues to rise, offshore operations require a wide range of vessels, including platform supply vessels (PSVs), anchor handling tug supply vessels (AHTS), and diving support vessels (DSVs). These vessels play a crucial role in supporting oil and gas production by transporting supplies, equipment, and personnel. As exploration activities expand, the need for specialized offshore support vessels will continue to grow.
• Fleet Modernization and Efficiency: Fleet modernization is essential for operators to remain competitive and meet new environmental and safety regulations. Vessel owners in Thailand are increasingly upgrading their fleets to adopt greener technologies, reduce emissions, and comply with stricter international regulations. The use of vessels with advanced propulsion systems and eco-friendly designs ensures that companies can maintain cost-effective operations while contributing to sustainability goals. Fleet modernization also allows operators to improve efficiency, reduce downtime, and offer more reliable services, increasing their market appeal.
• Government Regulations and Incentives: Government policies and regulations play a significant role in shaping the offshore support vessel market in Thailand. The government has introduced various incentives and regulations aimed at boosting investment in renewable energy, reducing carbon emissions, and ensuring safety in offshore operations. For example, the Thai government’s commitment to renewable energy has driven the demand for specialized vessels to support offshore wind farms. Regulatory changes can impact vessel operations, influencing everything from environmental standards to vessel design requirements. These regulations create both opportunities and challenges for operators in the market.
Challenges in the offshore support vessel market in Thailand are:
• High Capital and Operational Costs: One of the key challenges in the offshore support vessel market in Thailand is the high capital and operational costs associated with fleet acquisition and maintenance. Modern vessels with advanced technology require significant upfront investments, and maintaining these vessels can be costly. Additionally, the increasing demand for specialized vessels that meet environmental and safety standards means higher operational expenses. For smaller operators, these costs may create barriers to entry or force them to scale down their operations, limiting their ability to compete with larger, well-established companies.
• Competitive Market: The offshore support vessel market in Thailand faces intense competition, particularly from other regional players. Neighboring countries with developed offshore energy sectors, such as Malaysia and Indonesia, are also expanding their markets, offering services to international oil and gas operators. This competition drives down prices and puts pressure on profit margins. Smaller firms may find it difficult to compete with larger, more resourceful operators, and this can lead to market consolidation as smaller firms are absorbed into larger entities, reducing the diversity of service offerings in the market.
• Fluctuating Global Oil Prices: Global oil prices have a significant impact on the offshore support vessel market in Thailand. When oil prices drop, exploration and production activities often decline, reducing demand for offshore support services. Conversely, when prices rise, there is typically an increase in offshore exploration, leading to a higher demand for vessels. This volatility makes the market unpredictable, and operators must be agile enough to adapt to changing conditions. The ability to remain profitable during downturns is a challenge that many companies in the offshore support vessel market face.
The offshore support vessel market in Thailand is driven by technological advancements, the growth of renewable energy, and expanding oil and gas exploration activities. However, challenges such as high costs, intense competition, and the fluctuating nature of oil prices can impede market growth. Companies must adapt to these challenges by investing in fleet modernization, adopting innovative technologies, and navigating regulatory landscapes. These factors will ultimately shape the future of Thailand’s offshore support vessel market, determining the ability of companies to thrive in an evolving environment.
List of Offshore Support Vessel Market in Thailand Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies, offshore support vessel companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the offshore support vessel companies profiled in this report include:
• Company 1
• Company 2
• Company 3
• Company 4
• Company 5
• Company 6
• Company 7
Offshore Support Vessel Market in Thailand by Segment
The study includes a forecast for the offshore support vessel market in Thailand by water depth, vessel type, and application.
Offshore Support Vessel Market in Thailand by Water Depth [Analysis by Value from 2019 to 2031]:
• Shallow Water
• Deepwater
• Ultra-Deepwater
Offshore Support Vessel Market in Thailand by Vessel type [Analysis by Value from 2019 to 2031]:
• Anchor Handling Tug Supply Vessel
• Platform Supply Vessels
• Crew Vessel
• Others
Offshore Support Vessel Market in Thailand by Application [Analysis by Value from 2019 to 2031]:
• Oil & Gas
• Offshore Wind
• Patrolling
• Research & Surveying
• Others
Features of the Offshore Support Vessel Market in Thailand
Market Size Estimates: Offshore support vessel in Thailand market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends and forecasts by various segments.
Segmentation Analysis: Offshore support vessel in Thailand market size by water depth, vessel type, and application in terms of value ($B).
Growth Opportunities: Analysis of growth opportunities in different water depth, vessel type, and application for the offshore support vessel in Thailand.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the offshore support vessel in Thailand.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q.1 What are the major drivers influencing the growth of the offshore support vessel market in Thailand?
Answer: The major drivers for this market are increasing investments in offshore oil and gas exploration and production activities, expansion of offshore renewable energy projects, as well as, rising trend of upgrading older vehicle fleets.
Q2. What are the major segments for offshore support vessel market in Thailand?
Answer: The future of the offshore support vessel market in Thailand looks promising with opportunities in the oil & gas, offshore wind, patrolling, and research & surveying markets.
Q3. Which offshore support vessel market segment in Thailand will be the largest in future?
Answer: Lucintel forecasts that anchor handling tug supply vessel will remain the largest segment over the forecast period because the AHTS units provide a strong design and variety of extra characteristics to push massive oil and gas buildings from shore to the appropriate site.
Q4. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 10 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the offshore support vessel market in Thailand by water depth (shallow water, deepwater, and ultra-deepwater), vessel type (anchor handling tug supply vessel, platform supply vessels, crew vessel, and others), and application (oil & gas, offshore wind, patrolling, research & surveying, and others)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.4. What are the business risks and competitive threats in this market?
Q.5. What are the emerging trends in this market and the reasons behind them?
Q.6. What are some of the changing demands of customers in the market?
Q.7. What are the new developments in the market? Which companies are leading these developments?
Q.8. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.9. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.10. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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