Cargo Vessel Market
Growth Factors of Cargo Vessel Market
The cargo vessel market size was valued at USD 37.07 billion in 2022, and the market is now projected to grow from USD 49.22 billion in 2023 to USD 61.77 billion by 2030, exhibiting a CAGR of 3.3% during the forecast period of 2023-2030.
The COVID-19 pandemic significantly impacted the maritime sector, which relies heavily on sea transportation for global trade. The industry's operations were disrupted as supply and demand chains were broken due to government measures like lockdowns and travel restrictions. Consequently, the sector faced challenges in maintaining efficient logistics and shipping schedules, leading to delays and increased costs. This prolonged disruption has left a lasting effect on the maritime industry as it strives to recover and adapt.
Globally, gas, oil, and other fossil fuels are the most widely used energy sources, accounting for 80% of total power consumption. However, their use in the maritime sector poses significant environmental challenges, contributing to greenhouse gas emissions and pollution. Shipping is identified as a major source of anthropogenic emissions, responsible for 13% of global SOx and 15% of global NOx emissions. Considering these environmental concerns, there is a growing interest in alternative energy sources, such as liquefied petroleum gas (LPG), LNG, methanol, and hydrogen, which could effectively replace fossil fuels and drive market growth.
The International Maritime Organization identifies air lubrication technologies as a key innovation for enhancing energy efficiency and reducing carbon emissions in shipping. The Air Lubrication System works by generating air bubbles that create a lubricating layer between the hull and seawater, significantly reducing resistance. This reduction in friction allows the ship to move more efficiently through the water, resulting in substantial energy savings. By implementing this technology, vessels can lower their fuel consumption and minimize their environmental impact.
Comprehensive Analysis of Cargo Vessel Market
The cargo vessel market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by ship type analysis, by fuel type analysis, by gross tonnage analysis and by deadweight analysis. By ship type analysis include tanker, bulk carriers, container ships, general cargo vessel, roll on/roll off ships, and others. By fuel type analysis include diesel and gasoline, hybrid, LNG, and others. By gross tonnage analysis include below 50000 GT, 50000 – 120000 GT, and above 120000 GT. By deadweight analysis include below 75000 DWT, 75000 – 200000 DWT, and above 200000 DWT.
The Asia Pacific region lead the cargo vessel market share by benefitting a market size of USD 22.44 billion in 2022 due to China, Japan, and South Korea's increased marine fleet.
The top players in the markets have a central responsibility in the aerospace & defence industry to be sure of industrial prospectus development and to establish the market norms. These players include, Hyundai Heavy Industries Co. Ltd (HHI), Namura Shipbuilding Co Ltd, Damen Shipyards Group, Korea Shipbuilding & Offshore Engineering, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering, General Dynamic NASSCO, Mitsubishi Heavy Industries, Mazagon Dock Shipbuilders Limited, China State Shipbuilding Corporation these market players provide a level-playing competitive landscape.
In June 2023, Tersan Shipyards signed a major contract with Acta Marine for the construction of two additional Construction Service Vessels (CSOVs), bringing its order book to four sister projects for Acta Marine, following the two currently under construction.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
CAGR Growth Rate of 3.3% (2023-2030)
Unit Value (USD Billion)
Segmentation By Ship Type
Tanker
Bulk Carriers
Container Ships
General Cargo Vessel
Roll on/Roll off Ships
Others
By Fuel Type
Diesel and Gasoline
Hybrid
LNG
Others
By Gross Tonnage
Below 50000 GT
50000 – 120000 GT
Above 120000 GT
By Deadweight
Below 75000 DWT
75000 – 200000 DWT
Above 200000 DWT
By Geography
North America (By Ship Type, By Fuel Type, By Gross Tonnage, By Deadweight, and Country)
- U.S. (By Gross Tonnage)
- Canada (By Gross Tonnage)
- U.K. (By Gross Tonnage)
- Norway (By Gross Tonnage)
- Germany (By Gross Tonnage)
- France (By Gross Tonnage)
- Russia (By Gross Tonnage)
- Rest of Europe (By Gross Tonnage)
- China (By Gross Tonnage)
- Japan (By Gross Tonnage)
- South Korea (By Gross Tonnage)
- India (By Gross Tonnage)
- Australia (By Gross Tonnage)
- Rest of Asia Pacific (By Gross Tonnage)
- UAE (By Gross Tonnage)
- Saudi Arabia (By Gross Tonnage)
- Turkey (By Gross Tonnage)
- South Africa (By Gross Tonnage)
- Rest of Middle East & Africa (By Gross Tonnage)
- Brazil (By Gross Tonnage)
- Mexico (By Gross Tonnage)
- Argentina (By Gross Tonnage)
- Chile (By Gross Tonnage)
- Rest of Latin America (By Gross Tonnage)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1. Key Industry Developments - Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- 4.2. Latest Technological Advancements
- 4.3. Porters Five Forces Analysis
- 4.4. Supply Chain Analysis
- 4.5. Qualitative Insights - Impact of COVID-19 Pandemic on Global Cargo Vessel Market
- 5. Global Cargo Vessel Market Analysis, Insights and Forecast, 2019-2030
- 5.1. Key Findings / Definition
- 5.2. Market Analysis, Insights and Forecast - By Ship Type
- 5.2.1. Tanker
- 5.2.2. Bulk Carrier
- 5.2.3. Container Ship
- 5.2.4. General Cargo
- 5.2.5. Roll On/Roll Off Ship
- 5.2.6. Others
- 5.3. Market Analysis, Insights and Forecast - By Fuel Type
- 5.3.1. Diesel and Gasoline
- 5.3.2. Hybrid
- 5.3.3. LNG
- 5.3.4. Others
- 5.4. Market Analysis, Insights and Forecast - By Gross Tonnage
- 5.4.1. Below 50000 GT
- 5.4.2. 50000 – 120000 GT
- 5.4.3. Above 120000 GT
- 5.5. Market Analysis, Insights and Forecast - By Deadweight
- 5.5.1. Below 75000 DWT
- 5.5.2. 75000 – 200000 DWT
- 5.5.3. Above 200000 DWT
- 5.6. Market Analysis, Insights and Forecast - By Region
- 5.6.1. North America
- 5.6.2. Europe
- 5.6.3. Asia Pacific
- 5.6.4. Middle East & Africa
- 5.6.5. Latin America
- 6. North America Cargo Vessel Market Analysis, Insights and Forecast, 2019-2030
- 6.1. Market Analysis, Insights and Forecast - By Ship Type
- 6.1.1. Tanker
- 6.1.2. Bulk Carrier
- 6.1.3. Container Ship
- 6.1.4. General Cargo
- 6.1.5. Roll On/Roll Off Ship
- 6.1.6. Others
- 6.2. Market Analysis, Insights and Forecast - By Fuel Type
- 6.2.1. Diesel and Gasoline
- 6.2.2. Hybrid
- 6.2.3. LNG
- 6.2.4. Others
- 6.3. Market Analysis, Insights and Forecast - By Gross Tonnage
- 6.3.1. Below 50000 GT
- 6.3.2. 50000 – 120000 GT
- 6.3.3. Above 120000 GT
- 6.4. Market Analysis, Insights and Forecast - By Deadweight
- 6.4.1. Below 75000 DWT
- 6.4.2. 75000 – 200000 DWT
- 6.4.3. Above 200000 DWT
- 6.5. Market Analysis, Insights and Forecast - By Country
- 6.5.1. U.S.
- 6.5.1.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 6.5.1.1.1. Below 50000 GT
- 6.5.1.1.2. 50000 – 120000 GT
- 6.5.1.1.3. Above 120000 GT
- 6.5.2. Canada
- 6.5.2.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 6.5.2.1.1. Below 50000 GT
- 6.5.2.1.2. 50000 – 120000 GT
- 6.5.2.1.3. Above 120000 GT
- 7. Europe Cargo Vessel Market Analysis, Insights and Forecast, 2019-2030
- 7.1. Market Analysis, Insights and Forecast - By Ship Type
- 7.1.1. Tanker
- 7.1.2. Bulk Carrier
- 7.1.3. Container Ship
- 7.1.4. General Cargo
- 7.1.5. Roll On/Roll Off Ship
- 7.1.6. Others
- 7.2. Market Analysis, Insights and Forecast - By Fuel Type
- 7.2.1. Diesel and Gasoline
- 7.2.2. Hybrid
- 7.2.3. LNG
- 7.2.4. Others
- 7.3. Market Analysis, Insights and Forecast - By Gross Tonnage
- 7.3.1. Below 50000 GT
- 7.3.2. 50000 – 120000 GT
- 7.3.3. Above 120000 GT
- 7.4. Market Analysis, Insights and Forecast - By Deadweight
- 7.4.1. Below 75000 DWT
- 7.4.2. 75000 – 200000 DWT
- 7.4.3. Above 200000 DWT
- 7.5. Market Analysis, Insights and Forecast - By Country
- 7.5.1. U.K.
- 7.5.1.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 7.5.1.1.1. Below 50000 GT
- 7.5.1.1.2. 50000 – 120000 GT
- 7.5.1.1.3. Above 120000 GT
- 7.5.2. Norway
- 7.5.2.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 7.5.2.1.1. Below 50000 GT
- 7.5.2.1.2. 50000 – 120000 GT
- 7.5.2.1.3. Above 120000 GT
- 7.5.3. Germany
- 7.5.3.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 7.5.3.1.1. Below 50000 GT
- 7.5.3.1.2. 50000 – 120000 GT
- 7.5.3.1.3. Above 120000 GT
- 7.5.4. France
- 7.5.4.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 7.5.4.1.1. Below 50000 GT
- 7.5.4.1.2. 50000 – 120000 GT
- 7.5.4.1.3. Above 120000 GT
- 7.5.5. Russia
- 7.5.5.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 7.5.5.1.1. Below 50000 GT
- 7.5.5.1.2. 50000 – 120000 GT
- 7.5.5.1.3. Above 120000 GT
- 7.5.6. Rest of Europe
- 7.5.6.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 7.5.6.1.1. Below 50000 GT
- 7.5.6.1.2. 50000 – 120000 GT
- 7.5.6.1.3. Above 120000 GT
- 8. Asia Pacific Cargo Vessel Market Analysis, Insights and Forecast, 2019-2030
- 8.1. Market Analysis, Insights and Forecast - By Ship Type
- 8.1.1. Tanker
- 8.1.2. Bulk Carrier
- 8.1.3. Container Ship
- 8.1.4. General Cargo
- 8.1.5. Roll On/Roll Off Ship
- 8.1.6. Others
- 8.2. Market Analysis, Insights and Forecast - By Fuel Type
- 8.2.1. Diesel and Gasoline
- 8.2.2. Hybrid
- 8.2.3. LNG
- 8.2.4. Others
- 8.3. Market Analysis, Insights and Forecast - By Gross Tonnage
- 8.3.1. Below 50000 GT
- 8.3.2. 50000 – 120000 GT
- 8.3.3. Above 120000 GT
- 8.4. Market Analysis, Insights and Forecast - By Deadweight
- 8.4.1. Below 75000 DWT
- 8.4.2. 75000 – 200000 DWT
- 8.4.3. Above 200000 DWT
- 8.5. Market Analysis, Insights and Forecast - By Country
- 8.5.1. China
- 8.5.1.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 8.5.1.1.1. Below 50000 GT
- 8.5.1.1.2. 50000 – 120000 GT
- 8.5.1.1.3. Above 120000 GT
- 8.5.2. Japan
- 8.5.2.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 8.5.2.1.1. Below 50000 GT
- 8.5.2.1.2. 50000 – 120000 GT
- 8.5.2.1.3. Above 120000 GT
- 8.5.3. South Korea
- 8.5.3.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 8.5.3.1.1. Below 50000 GT
- 8.5.3.1.2. 50000 – 120000 GT
- 8.5.3.1.3. Above 120000 GT
- 8.5.4. India
- 8.5.4.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 8.5.4.1.1. Below 50000 GT
- 8.5.4.1.2. 50000 – 120000 GT
- 8.5.4.1.3. Above 120000 GT
- 8.5.5. Australia
- 8.5.5.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 8.5.5.1.1. Below 50000 GT
- 8.5.5.1.2. 50000 – 120000 GT
- 8.5.5.1.3. Above 120000 GT
- 8.5.6. Rest of Asia Pacific
- 8.5.6.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 8.5.6.1.1. Below 50000 GT
- 8.5.6.1.2. 50000 – 120000 GT
- 8.5.6.1.3. Above 120000 GT
- 9. Middle East & Africa Cargo Vessel Market Analysis, Insights and Forecast, 2019-2030
- 9.1. Market Analysis, Insights and Forecast - By Ship Type
- 9.1.1. Tanker
- 9.1.2. Bulk Carrier
- 9.1.3. Container Ship
- 9.1.4. General Cargo
- 9.1.5. Roll On/Roll Off Ship
- 9.1.6. Others
- 9.2. Market Analysis, Insights and Forecast - By Fuel Type
- 9.2.1. Diesel and Gasoline
- 9.2.2. Hybrid
- 9.2.3. LNG
- 9.2.4. Others
- 9.3. Market Analysis, Insights and Forecast - By Gross Tonnage
- 9.3.1. Below 50000 GT
- 9.3.2. 50000 – 120000 GT
- 9.3.3. Above 120000 GT
- 9.4. Market Analysis, Insights and Forecast - By Deadweight
- 9.4.1. Below 75000 DWT
- 9.4.2. 75000 – 200000 DWT
- 9.4.3. Above 200000 DWT
- 9.5. Market Analysis, Insights and Forecast - By Country
- 9.5.1. UAE
- 9.5.1.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 9.5.1.1.1. Below 50000 GT
- 9.5.1.1.2. 50000 – 120000 GT
- 9.5.1.1.3. Above 120000 GT
- 9.5.2. Saudi Arabia
- 9.5.2.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 9.5.2.1.1. Below 50000 GT
- 9.5.2.1.2. 50000 – 120000 GT
- 9.5.2.1.3. Above 120000 GT
- 9.5.3. Turkey
- 9.5.3.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 9.5.3.1.1. Below 50000 GT
- 9.5.3.1.2. 50000 – 120000 GT
- 9.5.3.1.3. Above 120000 GT
- 9.5.4. South Africa
- 9.5.4.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 9.5.4.1.1. Below 50000 GT
- 9.5.4.1.2. 50000 – 120000 GT
- 9.5.4.1.3. Above 120000 GT
- 9.5.5. Rest of Middle East & Africa
- 9.5.5.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 9.5.5.1.1. Below 50000 GT
- 9.5.5.1.2. 50000 – 120000 GT
- 9.5.5.1.3. Above 120000 GT
- 10. Latin America Cargo Vessel Market Analysis, Insights and Forecast, 2019-2030
- 10.1. Market Analysis, Insights and Forecast - By Ship Type
- 10.1.1. Tanker
- 10.1.2. Bulk Carrier
- 10.1.3. Container Ship
- 10.1.4. General Cargo
- 10.1.5. Roll On/Roll Off Ship
- 10.1.6. Others
- 10.2. Market Analysis, Insights and Forecast - By Fuel Type
- 10.2.1. Diesel and Gasoline
- 10.2.2. Hybrid
- 10.2.3. LNG
- 10.2.4. Others
- 10.3. Market Analysis, Insights and Forecast - By Gross Tonnage
- 10.3.1. Below 50000 GT
- 10.3.2. 50000 – 120000 GT
- 10.3.3. Above 120000 GT
- 10.4. Market Analysis, Insights and Forecast - By Deadweight
- 10.4.1. Below 75000 DWT
- 10.4.2. 75000 – 200000 DWT
- 10.4.3. Above 200000 DWT
- 10.5. Market Analysis, Insights and Forecast - By Country
- 10.5.1. Brazil
- 10.5.1.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 10.5.1.1.1. Below 50000 GT
- 10.5.1.1.2. 50000 – 120000 GT
- 10.5.1.1.3. Above 120000 GT
- 10.5.2. Mexico
- 10.5.2.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 10.5.2.1.1. Below 50000 GT
- 10.5.2.1.2. 50000 – 120000 GT
- 10.5.2.1.3. Above 120000 GT
- 10.5.3. Argentina
- 10.5.3.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 10.5.3.1.1. Below 50000 GT
- 10.5.3.1.2. 50000 – 120000 GT
- 10.5.3.1.3. Above 120000 GT
- 10.5.4. Chile
- 10.5.4.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 10.5.4.1.1. Below 50000 GT
- 10.5.4.1.2. 50000 – 120000 GT
- 10.5.4.1.3. Above 120000 GT
- 10.5.5. Rest of Latin America
- 10.5.5.1. Market Analysis, Insights and Forecast - By Gross Tonnage
- 10.5.5.1.1. Below 50000 GT
- 10.5.5.1.2. 50000 – 120000 GT
- 10.5.5.1.3. Above 120000 GT
- 11. Competitive Analysis
- 11.1. Global Market Rank Analysis (2022)
- 11.2. Competitive Dashboard
- 12. Company Profiles
- 12.1. Hyundai Heavy Industries Co. Ltd (HHI) (South Korea)
- 12.1.1. Overview
- 12.1.2. Products & Services
- 12.1.3. SWOT Analysis
- 12.1.4. Recent Developments
- 12.1.5. Strategies
- 12.1.6. Financials (Based on Availability)
- 12.2. Namura Shipbuilding Co Ltd (Japan)
- 12.2.1. Overview
- 12.2.2. Products & Services
- 12.2.3. SWOT Analysis
- 12.2.4. Recent Developments
- 12.2.5. Strategies
- 12.2.6. Financials (Based on Availability)
- 12.3. Damen Shipyards Group (Netherlands)
- 12.3.1. Overview
- 12.3.2. Products & Services
- 12.3.3. SWOT Analysis
- 12.3.4. Recent Developments
- 12.3.5. Strategies
- 12.3.6. Financials (Based on Availability)
- 12.4. Korea Shipbuilding & Offshore Engineering
- 12.4.1. Overview
- 12.4.2. Products & Services
- 12.4.3. SWOT Analysis
- 12.4.4. Recent Developments
- 12.4.5. Strategies
- 12.4.6. Financials (Based on Availability)
- 12.5. Samsung Heavy Industries
- 12.5.1. Overview
- 12.5.2. Products & Services
- 12.5.3. SWOT Analysis
- 12.5.4. Recent Developments
- 12.5.5. Strategies
- 12.5.6. Financials (Based on Availability)
- 12.6. Daewoo Shipbuilding & Marine Engineering
- 12.6.1. Overview
- 12.6.2. Products & Services
- 12.6.3. SWOT Analysis
- 12.6.4. Recent Developments
- 12.6.5. Strategies
- 12.6.6. Financials (Based on Availability)
- 12.7. General Dynamic NASSCO
- 12.7.1. Overview
- 12.7.2. Products & Services
- 12.7.3. SWOT Analysis
- 12.7.4. Recent Developments
- 12.7.5. Strategies
- 12.7.6. Financials (Based on Availability)
- 12.8. Mitsubishi Heavy Industries
- 12.8.1. Overview
- 12.8.2. Products & Services
- 12.8.3. SWOT Analysis
- 12.8.4. Recent Developments
- 12.8.5. Strategies
- 12.8.6. Financials (Based on Availability)
- 12.9. Mazagon Dock Shipbuilders Limited
- 12.9.1. Overview
- 12.9.2. Products & Services
- 12.9.3. SWOT Analysis
- 12.9.4. Recent Developments
- 12.9.5. Strategies
- 12.9.6. Financials (Based on Availability)
- 12.10. China State Shipbuilding Corporation
- 12.10.1. Overview
- 12.10.2. Products & Services
- 12.10.3. SWOT Analysis
- 12.10.4. Recent Developments
- 12.10.5. Strategies
- 12.10.6. Financials (Based on Availability)
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