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Multipurpose Support Vessel (MPSV) Market to Surpass $5.86 Billion by 2029 | Key Trends & Insights
Multipurpose Support Vessel (MPSV)
How Will the Multipurpose Support Vessel (MPSV) Market Grow by 2025 in Terms of Size and Growth?
In recent times, there has been a significant expansion in the market size of the multipurpose support vessel (mpsv). It is expected to surge from $4.2 billion in 2024 to reach $4.48 billion in 2025, displaying a compound annual growth rate (CAGR) of about 6.8%. Factors contributing to this growth in the preceding period include a heightened focus on offshore oil and gas exploration, an influx in deepwater drilling, the development of increasing subsea infrastructure, an upswing in offshore wind projects, and the intensification of maritime security operations.
What Are the Estimated Growth Rates for the Multipurpose Support Vessel (MPSV) Industry Through 2029?
Over the coming years, a substantial growth is projected in the multipurpose support vessel (mpsv) market, expected to reach a valuation of $5.86 billion in 2029, with a compound annual growth rate (CAGR) of 6.9%. This growth is anticipated due to factors such as escalating offshore energy needs, expansion of offshore wind farm projects, increased deep-sea mining ventures, a rise in subsea cable installations, and governmental investments in sea-based infrastructure. Key emerging trends during this forecast period include the utilization of hybrid propulsion mechanisms, implementation of smart vessel technology, innovative advancements in vessel design, progression in autonomous vessel technology, and the use of AI for handling remote operations.
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What Are the Strategic Drivers Boosting Multipurpose Support Vessel (MPSV) Market Performance?
The growth of the multipurpose support vessel market is anticipated to be driven by the expansion of the offshore renewable energy sector. This sector leverages renewable resources such as wind, solar, and tidal power, typically located in water bodies like large lakes or seas, to generate energy. This rise in the offshore renewable energy industry can be attributed to the growing demand for eco-friendly energy alternatives and the potential of offshore sites to generate substantial power. Multipurpose support vessels are integral to the production of offshore renewable energy as they aid in the installation, maintenance, and transportation of equipment for wind, wave, and tidal energy projects, thereby ensuring efficient and secure operations at sea. For example, in February 2023, the Oceantic Network, a non-profit organization based in the US, reported that new investments into the offshore wind market in 2022 reached $9.8 billion, marking an increase of more than triple from 2021. As such, the expansion of the offshore renewable energy industry is fuelling the growth of the multipurpose support vessel market.
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What Are the Segments in the Multipurpose Support Vessel (MPSV) Market?
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)
What Are the Key Adoption Trends in the Multipurpose Support Vessel (MPSV) Market?
Major firms in the Multi-Purpose Support Vessel (MPSV) market are concentrating on innovating advanced offerings like multi-role naval vessels to escalate effectiveness in numerous maritime activities. Multi-role naval vessels are adaptable military or assistance vessels engineered to perform a variety of functions to cater to the distinct operational needs in naval environments. For example, in October 2024, Samarthak, the first homemade multi-purpose vessel (MPV), was introduced by the Indian Navy, which is the marine division of the Indian Armed Forces. The vessel's diverse roles include towing other ships, target retrieval, operating unmanned vehicles, as well as testing indigenous weapons and sensors. This 106-meter-long vessel can reach speeds up to 15 knots and was constructed under the 'Aatmanirbhar Bharat' and 'Make in India' agendas.
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Which Companies Lead the Competitive Landscape of the Multipurpose Support Vessel (MPSV) Industry?
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
Where Are the Key Multipurpose Support Vessel (MPSV) Market Opportunities by Region?
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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