Marine Market Forecasts to 2030 – Global Analysis By Vessel Type (Commercial Ships, Recreational Boats, Offshore Platforms, Military Vessels, Submarines, Fishing Vessels and Other Vessel Types), Application (Aquaculture, Oil and Gas, Defense, Transportati

Marine Market Forecasts to 2030 – Global Analysis By Vessel Type (Commercial Ships, Recreational Boats, Offshore Platforms, Military Vessels, Submarines, Fishing Vessels and Other Vessel Types), Application (Aquaculture, Oil and Gas, Defense, Transportation, Tourism and Other Applications) and By Geography

According to Stratistics MRC, the Global Marine Market is accounted for $97.5 billion in 2023 and is expected to reach $246.1 billion by 2030 growing at a CAGR of 15.3% during the forecast period. Marine refers to the ocean or sea. Seas, gulfs, and other large saltwater bodies are considered marine, as are the surrounding coastal regions and their ecosystems. Many different kinds of plants, animals, and microorganisms can be found in the marine environment, which supports a diverse range of biodiversity. The marine environment is essential to the security of food worldwide. Through fisheries and aquaculture, it offers a substantial source of protein and sustains millions of people globally.

Market Dynamics:

Driver:

Rising demand for seafood

The growing demand for seafood is a significant driver in the marine market. The demand for seafood has increased due to shifting dietary habits and a focus on healthier food options. Additionally, the increasing knowledge of the health benefits of eating seafood and its high protein and omega-3 fatty acid content has affected consumer choices. With a view to meeting the growing demand for seafood products, fishing operations, aquaculture businesses, seafood processing, and related industries have all seen notable growth in the marine market.

Restraint:

Climate change

The marine industry faces serious challenges as a result of climate change. Rising sea levels, ocean acidification, temperature changes, and variations in current patterns can all have an effect on marine ecosystems, fisheries, and coastal infrastructure. Extreme weather, shifting ocean conditions, and the impact of climate change on infrastructure are the challenges facing the offshore energy sector, which includes wind farms and oil and gas exploration. Offshore energy project development, operation, and maintenance may be impacted by these factors. Therefore, it creates a serious obstacle to the market's expansion.

Opportunity:

Sustainable aquaculture

Sustainable aquaculture techniques provide a workable way to meet the growing demand for seafood while reducing the damaging environmental effects of traditional fishing techniques. In order to meet the rising demand for fish and seafood products worldwide, sustainable aquaculture offers a way to boost seafood production. Especially in coastal areas, sustainable aquaculture can create economic opportunities. Additionally, it generates employment in a number of industries, such as distribution networks, processing centers, fish farms, hatcheries, and feed manufacturing. These opportunities propel market demand.

Threat:

Pollution and marine debris

Pollution from a range of sources, including plastic waste, oil spills, agricultural runoff, and industrial discharges, contaminates marine ecosystems. Chemical pollutants have the potential to cause harm to marine organisms, interfere with their ability to reproduce and feed, build up in the food chain, and endanger human health. Marine debris, particularly plastic waste, can harm habitats, entangle and suffocate marine life, and help create ""dead zones""—areas where the oxygen content is reduced. Furthermore, natural spawning and nursery grounds can be disrupted, and fishery productivity can decrease as a result of pollution-related habitat degradation. These factors hamper market growth.

Covid-19 Impact

The COVID-19 pandemic had a significant impact on the global marine industry, affecting various sectors within the maritime industry. Global supply chains and shipping were disrupted by the pandemic. Additionally, travel restrictions and safety concerns caused a sharp decline in passenger demand, which resulted in a severe downturn for the passenger ferry and cruise industries. Financial difficulties beset the cruise industry, and many cruise lines had to suspend operations. The pandemic's financial constraints and uncertainty resulted in delays or cancellations of orders, which presented challenges for the shipbuilding industry.

The military vessels segment is expected to be the largest during the forecast period

The military vessels segment is estimated to hold the largest share. Military vessels created for security and defense make up military vessels, an essential part of the maritime fleet. These ships perform a variety of tasks, including maritime surveillance, coastal defense, and naval combat. They are essential to maintaining peacekeeping missions, securing national boundaries, and guaranteeing freedom of passage in international waterways. Strict rules and international maritime laws apply to military vessels in order to defuse tensions and advance maritime peace.

The oil and gas segment is expected to have the highest CAGR during the forecast period

The oil and gas segment is anticipated to have lucrative growth during the forecast period. Exploration and production of oil and gas constitute a substantial portion of the marine industry. In offshore or subsea contexts, it entails the exploration, drilling, extraction, and transportation of natural gas and oil resources from beneath the bottom. Oil and gas must be delivered to refineries or other onshore facilities after extraction. The transportation of these fuels is mostly dependent on tankers and pipelines. The safe and effective conveyance of these materials is guaranteed by marine transportation.

Region with largest share:

North America commanded the largest market share during the extrapolated period strong presence of shipbuilding and offshore energy activities. The commercial maritime sector continues to grow throughout North America. Many seaports in the US and Canada handle the import and export of products to and from different foreign locations. The US possesses one of the biggest and most sophisticated fleets of aircraft carriers, submarines, and surface combatants in the world. The area makes investments in marine R&D with the goal of enhancing environmental sustainability, safety, and vessel efficiency.

Region with highest CAGR:

Europe is expected to witness profitable growth over the projection period, owing to its extensive coastline and maritime heritage. Europe has a long history of manufacturing marine equipment and building ships. Europe has a large number of cruise lines, ferry services, and yachting activities, making it a popular location for maritime tourism. Particularly, the Mediterranean and Baltic Sea regions draw travelers from all over the world. Europe takes a proactive approach to marine conservation, monitoring the quality of the water in coastal areas, protecting maritime environments, and conserving biodiversity.

Key players in the market

Some of the key players in the Marine Market include Wartsila Corporation, Caterpillar Inc., ABB, Siemens, MAN Energy Solutions, Volvo Penta, Yanmar Co., Ltd, Cummins Inc., Kongsberg Maritime, Naval Group and Bureau Veritas.

Key Developments:

In May 2023, Technology group Wartsila and DNV’s industry cloud platform Veracity have entered a partnership, creating secure and seamless connectivity between Wartsila’s Fleet Optimisation Solution (FOS) and Veracity.

In December 2022, Caterpillar Inc. announced collaboration with Luck Stone, the nation’s largest family-owned and operated producer of crushed stone, sand and gravel, to deploy Caterpillar’s autonomous solution to Luck Stone’s Bull Run Plant in Chantilly, Virginia.

Vessel Types Covered:
• Commercial Ships
• Recreational Boats
• Offshore Platforms
• Military Vessels
• Submarines
• Fishing Vessels
• Other Vessel Types

Applications Covered:
• Aquaculture
• Oil and Gas
• Defense
• Transportation
• Tourism
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:

- Market share assessments for the regional and country-level segments

- Strategic recommendations for the new entrants

- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030

- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)

- Strategic recommendations in key business segments based on the market estimations

- Competitive landscaping mapping the key common trends

- Company profiling with detailed strategies, financials, and recent developments

- Supply chain trends mapping the latest technological advancements