Multipurpose Support Vessel (MPSV) Global Market Report 2025

The multipurpose support vessel (mpsv) market size has grown strongly in recent years. It will grow from $4.2 billion in 2024 to $4.48 billion in 2025 at a compound annual growth rate (CAGR) of 6.8%. 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 $5.86 billion in 2029 at a compound annual growth rate (CAGR) of 6.9%. 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.

The forecast of 6.9% growth over the next five years indicates a slight reduction of 0.1% from the previous projection for this market.This marginal decrease is influenced by ongoing tariff-related uncertainties between the U.S. and its trade partners.This is likely to directly affect the US through supply chain disruptions for marine-grade aluminum alloys, sourced from key regions such as Japan, South Korea, and Norway, which could slow auxiliary ship construction.The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.

The growth of the offshore renewable energy sector is anticipated to drive the expansion of the multipurpose support vessel market. Offshore renewable energy involves generating power from renewable sources such as wind, solar, and tidal energy, typically in bodies of water such as seas or large lakes. This sector's growth is fueled by the increasing demand for sustainable energy solutions and the potential for offshore locations to produce significant amounts of power. Multipurpose support vessels play a vital role in offshore renewable energy production by aiding in the installation, maintenance, and transportation of equipment for wind, wave, and tidal energy projects, ensuring safe and efficient operations at sea. For example, in February 2023, the Oceantic Network, a U.S.-based non-profit, reported that the offshore wind market attracted $9.8 billion in new investments in 2022, more than three times the amount invested in 2021. This growth in the offshore renewable energy sector is driving the demand for multipurpose support vessels.

Key players in the multipurpose support vessel (MPSV) market are focusing on developing advanced products, such as multi-role naval vessels, to enhance efficiency in various maritime operations. A multi-role naval vessel is a versatile military or support ship designed to perform a wide range of functions based on specific operational requirements. In October 2024, the Indian Navy launched Samarthak, its first indigenous multi-purpose vessel (MPV). This vessel is built for diverse tasks such as towing ships, target recovery, operating unmanned vehicles, and testing indigenous weapons and sensors. The 106-meter-long vessel can reach speeds of up to 15 knots and was developed under India's "Aatmanirbhar Bharat" and "Make in India" initiatives.

In December 2024, Next Geosolutions, an Italy-based marine geosciences and offshore construction support services company, acquired a multi-purpose survey vessel from Beitveit Holding for $7.1 million. This acquisition aligns with Next Geosolutions' strategy for expansion, particularly in the offshore sector, to enhance its fleet and service offerings for renewable energy as well as oil and gas projects. Beitveit Holding, based in Norway, is a manufacturer of multi-purpose vessels.

A multipurpose support vessel (MPSV) is an offshore vessel designed to provide versatile support for a range of marine operations. These vessels are equipped with specialized equipment to facilitate transportation, logistics, maintenance, and offshore construction. MPSVs offer flexibility for various tasks, including rig support, diving support, and cable laying.

The primary types of multipurpose support vessels (MPSVs) include dynamic positioning vessels, non-dynamic positioning vessels, survey vessels, heavy lift vessels, and construction support vessels. Dynamic positioning vessels are equipped with automated systems that use thrusters and GPS to maintain their position and heading without the need for anchors. These vessels come in various sizes and capacities, including small vessels (up to 50 meters), medium vessels (51 to 100 meters), large vessels (over 100 meters), and heavy-capacity vessels. They are used for various operations, such as exploration and survey missions, construction and installation, maintenance and support, logistics and supply chain activities, and emergency response operations. MPSVs operate across different deployment environments, including offshore, nearshore, shallow water, and deep-sea operations. They serve multiple industries, such as oil and gas, renewable energy (wind, solar), marine research and survey, telecommunications, fisheries, and aquaculture.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The sharp increase in U.S. tariffs and resulting trade disputes in spring 2025 are significantly affecting the aerospace and defense sector. Prices for key materials such as titanium, carbon fiber composites, and avionics primarily sourced from international suppliers have surged. Defense contractors, constrained by fixed-price government contracts, are forced to absorb these rising costs. Meanwhile, commercial aerospace companies are encountering resistance from airlines over increased aircraft prices. In addition, customs delays are disrupting already tight production timelines for jets and satellites. In response, the industry is stockpiling essential materials, pursuing import waivers for defense-related goods, and working with allied nations to diversify supply chains.

The multipurpose support vessels market research report is one of a series of new reports that provides multipurpose support vessels market statistics, including the multipurpose support vessels industry global market size, regional shares, competitors with the multipurpose support vessels market share, detailed multipurpose support vessels market segments, market trends, and opportunities, and any further data you may need to thrive in the multipurpose support vessels industry. This multipurpose support vessels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Major players 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.

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 multipurpose support vessels (MPSV) report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the multipurpose support vessels (MPSV) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The multipurpose support vessels (MPSV) market consists of sales of hybrid-powered multipurpose support vessel, custom-built vessels, energy-efficient multipurpose support vessels, and deep-water capable vessels. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values and are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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