The Business Research Company’s report on the Multipurpose Support Vessel (MPSV) Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How have key drivers contributed to the rapid growth of the multipurpose support vessel (mpsv) market?
The increasing offshore renewable energy sector is expected to propel the growth of the multipurpose support vessel market going forward. The offshore renewable energy sector refers to generating energy from renewable sources such as wind, solar, and tidal power located in bodies of water, typically at sea or in large lakes. The increasing offshore renewable energy sector is due to the increasing demand for sustainable energy solutions and the potential of offshore locations to generate large amounts of power. Multipurpose support vessels play a crucial role in producing offshore renewable energy by facilitating equipment installation, maintenance, and transportation for wind, wave, and tidal energy projects, ensuring efficient and safe operations at sea. For instance, in February 2023, according to the Oceantic Network, a US-based non-profit organization, the offshore wind market attracted $9.8 billion in new investments in 2022, more than three times the amount from 2021. Therefore, the increasing offshore renewable energy sector is driving the growth of the multipurpose support vessel market.
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How has the multipurpose support vessel (mpsv) market size evolved, and what are the latest forecasts for its expansion?
The multipurpose support vessel (MPSV) market size has grown strongly in recent years. It will grow from $4.20 billion in 2024 to $4.51 billion in 2025 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to increasing offshore oil and gas exploration, rising deepwater drilling, increasing subsea infrastructure development, a rise in offshore wind projects, and increased maritime security operations.
The multipurpose support vessel (MPSV) market size is expected to see strong growth in the next few years. It will grow to $5.90 billion in 2029 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to growing offshore energy demand, expansion of offshore wind farms, rising deep-sea mining activities, increasing subsea cable installations, and government investments in maritime infrastructure. Major trends in the forecast period include the adoption of hybrid propulsion systems, the integration of smart vessel technologies, technological advancements in vessel design, advancements in autonomous vessel technology, and AI for remote operations.
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Which major companies dominate the multipurpose support vessel (mpsv) market?
Major companies operating in the multipurpose support vessel (MPSV) market are Larsen & Toubro Limited, Damen Shipyards Group, Zamil Offshore, The CSL Group Inc., Seacor Marine, Sea1 Offshore Inc, Mazagon Dock Shipbuilders Limited, Fassmer GmbH & Co. KG, MMA Offshore Pty Ltd., Hornbeck Offshore Services Inc, Island Offshore, Greatship India Ltd., Nam Cheong Limited, Rohde Nielsen A/S, Olympic Subsea ASA, Damen Shipyards, Eidesvik Offshore ASA, Vard Group AS, Oceanteam ASA, DOF Subsea AS
What trends will shape the future of the multi-axis force torque sensor market?
Major companies operating in the multi-purpose support vessel (MPSV) market are focusing on developing advanced products such as multi-role naval vessels to improve efficiency in various maritime tasks. A multi-role naval vessel is a flexible military or support ship built to carry out various functions tailored to meet diverse operational requirements in naval settings. For instance, in October 2024, the Indian Navy, the India-based maritime branch of the Indian Armed Forces, launched Samarthak, its first indigenous multi-purpose vessel (MPV). It is designed for diverse roles such as towing ships, target recovery, operating unmanned vehicles, and testing indigenous weapons and sensors. The 106-meter-long vessel has a speed of up to 15 knots. It is built under the ‘Aatmanirbhar Bharat’ and ‘Make in India’ initiatives.
Which region dominates the multipurpose support vessel (mpsv) market, and what factors contribute to its leadership?
North America was the largest region in the multipurpose supply vessel market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multipurpose support vessel (MPSV) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How is the multipurpose support vessel (mpsv) market segmented, and which segment holds the largest share?
The multipurpose support vessel (MPSV) market covered in this report is segmented –
1) By Vessel Type: Dynamic Positioning Vessels, Non-Dynamic Positioning Vessels, Survey Vessels, Heavy Lift Vessels, Construction Support Vessels
2) By Vessel Size And Capacity: Small Vessels (Up To 50 Meters), Medium Vessels (51 To 100 Meters), Large Vessels (Over 100 Meters), Heavy-Capacity Vessels
3) By Operation Type: Exploration And Survey Operations, Construction And Installation, Maintenance And Support, Logistics And Supply Chain Operations, Emergency Response Operations
4) By Delivery And Deployment Location: Offshore Operations, Nearshore Operations, Shallow Water Operations, Deep Sea Operations
5) By End-User Industry: Oil And Gas Industry, Renewable Energy (Wind, Solar), Marine Research And Survey, Telecommunications, Fisheries And Aquaculture
Subsegments:
1) By Dynamic Positioning Vessels: DP1 Vessels, DP2 Vessels, DP3 Vessels
2) By Non-Dynamic Positioning Vessels: Anchor Handling Tug Supply (AHTS) Vessels, Platform Supply Vessels (PSV), Offshore Supply Vessels (OSV)
3) By Survey Vessels: Hydrographic Survey Vessels, Geophysical Survey Vessels, Environmental Survey Vessels
4) By Heavy Lift Vessels: Crane Vessels, Semi-Submersible Heavy Lift Vessels, Dock Ships
5) By Construction Support Vessels: Pipe-Laying Vessels, Cable-Laying Vessels, Diving Support Vessels (DSV)
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How is the multipurpose support vessel (mpsv) market defined, and what are its core characteristics?
A multipurpose support vessel (MPSV) is a type of offshore vessel designed to provide versatile support for various marine operations. These vessels are equipped with specialized equipment to handle transportation, logistics, maintenance, and offshore construction. A multipurpose support vessel (MPSV) offers flexibility for various operations, including rig support, diving support, and cable laying.
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