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The global offshore support vessel market to grow from USD 20.1 billion in 2018 to USD 25.7 billion by 2023, at a CAGR of 5.04% from 2018 to 2023.
The global offshore support vessel market is projected to grow at a CAGR of 5.04% from 2018 to 2023. The market in Asia Pacific is estimated to be the largest market for offshore support vessels, followed by Europe and North America in 2018. This trend is expected to continue until 2023. Also, the North American market is projected to be the fastest-growing market during the forecast period. The growth of the offshore support vessel market is driven by rising offshore investments in the US and the Gulf of Mexico, and a focus on the potential deepwater discoveries in the US.