Marine Vessel Market Forecasts to 2030 – Global Analysis By Type (Commercial, Passenger Ship, Liquefied Petroleum Gas Carrier and Special Purpose Vessel), System (Sensor System, Marine Engine, Electrical Systems, Control System, Communication Systems and

Marine Vessel Market Forecasts to 2030 – Global Analysis By Type (Commercial, Passenger Ship, Liquefied Petroleum Gas Carrier and Special Purpose Vessel), System (Sensor System, Marine Engine, Electrical Systems, Control System, Communication Systems and Auxiliary Systems ), Distribution Channel and By Geography

According to Stratistics MRC, the Global Marine Vessel Market is accounted for $179.2 billion in 2023 and is expected to reach $226.5 billion by 2030 growing at a CAGR of 3.4% during the forecast period. Marine vessels, also known as ships or boats, are watercraft designed for navigation on the seas, rivers, or other bodies of water. Marine vessels are used for many different things, including cargo and passenger transportation, offshore operations, fishing, leisure and delight, research, and the military. These vessels are equipped with propulsion systems, navigational tools, and comforts tailored to their intended function and are designed to endure the rigours of the sea environment.

According to Maritime Publications, around 80% of the global trade by volume and over 70% of the global trade by value are carried out by sea and are controlled by ports worldwide.

Market Dynamics

Driver

Rising offshore activities & industrialization

With the rising need for oil and gas as well as renewable energy sources like wind and solar, the market for offshore activities has also experienced rapid growth in recent years. By providing essential services for the transportation of personnel and equipment to offshore sites, the marine vessel sector plays an important role in supporting offshore activities. The marine vessel market has expanded in part due to the increasing industrialization of the world. The global movement of equipment, finished products, and raw materials depends in large part on the market.

Restraint

Size restrictions

The largest vessels that can fit in many ports, canals, and waterways are a certain size. These limitations may be brought on by small rivers and lakes, low bridges, or other natural barriers. As a result, when designing and building vessels, shipbuilders and operators must take these limitations into account. The effectiveness and affordability of maritime transportation are also impacted by size constraints. Larger ships usually utilise economies of scale, which increases cargo capacity and lowers per-unit transportation costs. However, if a vessel is too large for some ports or waterways, it can be unable to access important trading hubs or forced to use transhipment, which may complicate the supply chain and increase expenses.

Opportunity

Cruise and tourism industries

The market for marine vessels has sizable potential due to the cruise and tourism industries. As more individuals look for unique and immersive vacation experiences, the demand for cruise ships and luxury yachts is only increasing. Increased disposable incomes, an ageing population that enjoys leisure travel and the increasing popularity of cruise trips are some of the trends driving this one. The cruise business has chances for shipbuilders, outfitters, and suppliers to design and build elegant, cutting-edge vessels that accommodate changing traveller demands. To draw and keep passengers, cruise lines continually need to build bigger, newer ships with more amenities, entertainment, and onboard services.

Threat

Restrictive environmental regulations

Even though shipping is thought to be the least polluting option for transportation, countries and international organisations have introduced a number of environmental protection measures to limit the harm that ships can do to the environment. It is difficult to implement these norms in the older fleet, and doing so could impede market expansion. The shipbuilding industry is anticipated to be impacted by the continuing global shift to a clean, green maritime sector. The expansion of the market is anticipated to be constrained by an increase in international maritime environmental rules for greenhouse gas emissions, sulphur emissions, ship recycling, and others.

Covid-19 Impact

The COVID-19 epidemic has significantly impacted the market for maritime vessels, interrupted worldwide supply chains and trade, and decreased demand for transportation services. Additionally, the pandemic has raised regulatory pressure on the sector, leading to tighter safety and hygiene standards and a rising emphasis on sustainability. The sector, nevertheless, has proven resilient in the face of the pandemic, adjusting to new difficulties and figuring out how to keep operating and making money.

The passenger ship segment is expected to be the largest during the forecast period

The passenger ship segment is estimated to hold the largest share. The market for marine boats includes an important portion of passenger ships, which serve the transportation and leisure activity requirements of tourists. With a variety of amenities and services, these ships are built and outfitted to give passengers relaxing and secure trips. Cruise ships, ferries, and opulent yachts are just a few examples of the diverse types of ships that are classified as passenger ships. The objective of every kind of passenger ship is to transport passengers by sea; however, their uses and target markets vary. Opportunities exist for shipbuilders, outfitters, suppliers, and service providers in the marine vessel market's passenger ship segment.

The marine engine segment is expected to have the highest CAGR during the forecast period

The marine engine segment is anticipated to have lucrative growth during the forecast period. Marine engines are an essential component of the market for marine vessels since they supply the power required for boats and ships to traverse across water. These engines offer dependable power, efficiency, and durability while being specifically made to function in the demanding marine environment. The most popular marine engines are diesel ones due to their excellent efficiency, durability, and easy access to diesel fuel. They are renowned for their high torque, dependability, and long lifespan. To maintain safety, environmental compliance, and efficiency, marine engines must adhere to strict regulations and standards.

Region with largest share

Asia Pacific commanded the largest market share during the extrapolated period due to have extensive experience in shipbuilding and have cutting-edge infrastructure, technology, and experienced employees. They have the ability to build a variety of ships, including LNG carriers, bulk carriers, container ships, and offshore support boats. The offshore oil and gas sector has expanded significantly in the Asia-Pacific area, generating a demand for specialist boats. Drill ships, floating production storage and offloading (FPSO) units, and offshore support vessels have all been built in nations such as China, Singapore, and Malaysia. For offshore exploration, production, and maintenance tasks, these vessels are essential.

Region with highest CAGR

Europe is expected to witness profitable growth over the projection period. Cruise ships, luxury yachts, offshore vessels, and professional ships like icebreakers and research ships are just a few of the many types of vessels that European shipyards are skilled at building. The ability of Germany to construct container ships, vehicle carriers, and other cargo vessels is well known. Due to their specialisation, European shipbuilders may fill specialised markets and cater to particular consumer needs. Leading cruise companies involved European shipyards to build their cruise ships, including opulent facilities, creative aesthetics, and cutting-edge security measures to meet the growing demand for unique and immersive travel experiences.

Key players in the market

Some of the key players in the Marine Vessel Market include Samsung Heavy Industries Co. Ltd., Mitsubishi Heavy Industries, Ltd., Hyundai Samho Heavy Industries Co. Ltd., Fincantieri S.P.A., Hyundai Heavy Industries Co., Ltd., Al Masaood LLC, Imabari Shipbuilding Co. Ltd., Seapride Marine Engineering Ltd., Daewoo Shipbuilding & Marine Engineering Co., Ltd, Kawasaki Shipbuilding Corporation, VM Marine International Ltd, Al Seer Marine Supplies & Equipment Co, Hyundai Mipo Dockyard Co. Ltd., Israel Shipyards Ltd, Nautic Africa (Pty) Ltd, Oman Oil Marketing Company SAOG and Abu Dhabi Ship Building PJSC.

Key Developments

In May 2023, Abu Dhabi Shipbuilding (ADSB), a company working in the design, new build, repair, maintenance, refit, and naval and commercial vessels’ conversion, announced the launch of a 92-meter corvette designed by ADSB in the UAE.

In March 2023, Samsung Heavy partners with Kongsberg for next-gen autonomous LNG carrier. Kongsberg Maritime, a provider of navigation systems and digital solutions for ships, has also been active in the development of the world’s first autonomous and fully electric containership.

Types Covered
• Commercial
• Passenger Ship
• Liquefied Petroleum Gas Carrier
• Special Purpose Vessel

Systems Covered
• Sensor System
• Marine Engine
• Electrical Systems
• Control System
• Communication Systems
• Auxiliary Systems

Distribution Channels Covered
• Aftermarket
• Original Equipment Manufacturer

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