Middle East & Africa Marine Vessel Market Forecast to 2030 - COVID-19 Impact and Regional Analysis by Type (Commercial Vessels, LNG/LPG, Passenger Ships, and Special Purpose Vessels) and System (Marine Engine, Control System, Communication System, and Others)
The Middle East & Africa marine vessel market is expected to grow from US$ 8.85 billion in 2022 to US$ 13.24 billion by 2030; it is estimated to grow at a CAGR of 5.6% from 2022 to 2030.
Growing oceanic pollution and increasing CO2 emissions are the major concerns associated with marine trade that are raising the demand for electric and hybrid vessels. In December 2021, Shipbuilder Naval Group unveiled its first Gowind 2500 Corvette for the UAE Navy. It has a combined diesel-electric and diesel-mechanical propulsion system, which can propel the vessel to a maximum speed of 13.12 m/s (25.5kts). Similarly, in March 2023, Crown Electric Ships and Boats Dubai made a deal with the Badr Sultan Group of Kuwait to develop and supply a fleet of zero-emission electric yachts. The deal was valued at an initial order of US$ 10 million. Under this deal, the company would develop a fleet of electric vessels ranging from 7.3-meter electric cabin cruisers to 23.9-meter electric catamarans for the Middle East market. Thus, the growing development of electric and hybrid vessels is expected to fuel the growth of the Middle East & Africa marine vessel market.
Further, new charging infrastructure is being constructed in the region to increase the adoption of electric and hybrid vessels, propelling the growth of the Middle East & Africa marine vessel market. For instance, in May 2022, Al Masaood Group, one of Abu Dhabi’s leading business conglomerates, announced the launch of SHAMS+ (SHAMSPLUS) for EVs and hybrid marine vessels. The solution has a multiple-user capability, and it would enable sustainable battery charging through solar energy at the highest charging speed starting from 25 minutes. With this, Al Masaood Group is contributing to electrification and green mobility, which are perceived as the future of transportation in the Middle East. Such innovations and developments by the companies would encourage the adoption of electric and hybrid vessels, creating an opportunity for the growth of the Middle East & Africa marine vessel market during the forecast period.
The Middle East & Africa marine vessel market growth in this region is attributed to the growing seaborne trade. According to the Standard Bank Group, 90% of goods in the UAE are shipped via ocean and sea freight. In addition, the region has also seen growth in the volume of merchandise trade. Maritime Transport 2022 report by the United Nations Conference on Trade and Development (UNCTAD) forecasted that Africa’s export volume will increase by 6% and import volume will be 7.2% in 2022 compared to 2021, which were 5.2% and 7.7%, respectively. Similarly, the Middle East’s export volume will increase by 14.6%, and import volume will increase by 11.1% in 2022 than 2021, which were 1.4% and 8.4%, respectively. Thus, the growing seaborne trade is fueling the Middle East & Africa marine vessel market growth.
Large groups of tourists are attracted to Dubai due to its picturesque coastline and luxury marinas, making the city a preferred destination for yacht owners, charters, and cruise travellers. Thus, the growing ocean tourism in the UAE is propelling the demand for cruises and luxury yachts. In addition, the market players in the region are taking strategic initiatives for the development of ocean tourism, boosting the Middle East & Africa marine vessel market. For instance, in April 2023, Dubai-based airline “Emirates” announced its expansion by launching a new cruise line division, Emirates Sealine. This new division will offer ultra-luxury cruise experiences to customers across the globe. For this, the company has placed a multi-billion-dollar order for an initial fleet of 10 cruise ships with the most luxurious amenities. Thus, the growing seaborne trade and ocean tourism propel the growth of the Middle East & Africa marine vessel market.
Al Masaood LLC, VM Marine International Ltd, Al Seer Marine Supplies & Equipment Co, Seapride Marine Engineering Ltd, Nautic Africa (Pty) Ltd, Israel Shipyards Ltd, Marisol Qatar, ADNOC Drilling Co, QatarEnergy, Oman Oil Marketing Company SAOG, Abu Dhabi Ship Building PJSC, Mitsubishi Heavy Industries Ltd, and Saudi Arabian Oil Co are few other notable Middle East & Africa marine vessel market players profiled in the report.
Impact of COVID-19 Pandemic on Middle East & Africa Marine Vessel Market
The Middle East & Africa marine vessel market was negatively affected by the COVID pandemic, as the government restricted all the transportation and manufacturing activities in the region. However, in Q3 of 2020, with the lifting of restrictions all the activities restarted. After an extended stay at home, various billionaires were looking for freedom and escape, raising the demand for passenger ships such as cruises and yachts. Due to this rising demand, various global marine vessel market players expanded their business in the region. For example, in October 2022, MB92 inked a memorandum of understanding with Al Seer Marine and P&O Marinas to develop a superyacht refit and repair facility in Dubai. This high-capacity shipyard will provide world-class refit services to superyacht owners in the Gulf. The shipyard construction is expected to be completed in 2026. Thus, all the above factors are raising the demand for marine vessels post-lockdown, further fuelling the growth of the Middle East & Africa marine vessel market.
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- 1. Introduction
- 1.1 Study Scope
- 1.2 The Insight Partners Research Report Guidance
- 1.3 Market Segmentation
- 2. Key Takeaways
- 3. Research Methodology
- 3.1 Coverage
- 3.2 Secondary Research
- 3.3 Primary Research
- 4. Marine Vessel Market Landscape
- 4.1 Market Overview
- 4.2 PEST Analysis
- 4.3 Ecosystem Analysis
- 4.4 Expert Opinion
- 5. Marine Vessel Market- Key Market Dynamics
- 5.1 Market Drivers
- 5.1.1 Upsurge in Seaborne Trade
- 5.1.2 Increasing Cruise Tourism in Middle East
- 5.2 Market Restraints
- 5.2.1 Limitations Posed by Environmental Regulations
- 5.3 Market Opportunities
- 5.3.1 Rising Demand for Electric and Hybrid Vessels
- 5.4 Future Trends
- 5.4.1 Advancement in Maritime Communication Technology
- 5.5 Impact Analysis of Drivers and Restraints
- 6. Marine Vessel Market– Middle East & Africa Market Analysis
- 6.1 Marine Vessel Market Middle East & Africa Overview
- 6.2 Middle East & Africa Marine Vessel Market Forecast and Analysis
- 6.3 Market Positioning- Top Five Players
- 7. Marine Vessel Market Revenue and Forecast to 2030 –Type.
- 7.1 Overview
- 7.2 Marine Vessel Market, By Type (2022 and 2030)
- 7.3 Commercial Vessel
- 7.3.1 Overview
- 7.3.2 Commercial Vessel: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
- 7.4 LPG/LNG
- 7.4.1 Overview
- 7.4.2 LPG/LNG: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
- 7.5 Passenger Ships
- 7.5.1 Overview
- 7.5.2 Passenger Ships: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
- 7.6 Special Commercial Vessel
- 7.6.1 Overview
- 7.6.2 Special Commercial Vessel: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
- 8. Marine Vessel Market Revenue and Forecast to 2030 – System
- 8.1 Overview
- 8.2 Marine Vessel Market, By System (2022 and 2030)
- 8.3 Marine Engine
- 8.3.1 Overview
- 8.3.2 Marine Engine: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
- 8.4 Control System
- 8.4.1 Overview
- 8.4.2 Control System: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
- 8.5 Communication System
- 8.5.1 Overview
- 8.5.2 Communication System: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
- 8.6 Others
- 8.6.1 Overview
- 8.6.2 Others: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
- 9. Marine Vessel Market– Country Analysis
- 9.1.1.1 South Africa: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
- 9.1.1.1.1 South Africa: Marine Vessel Market, By Type
- 9.1.1.1.2 South Africa: Marine Vessel Market, By System
- 9.1.1.2 UAE: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
- 9.1.1.2.1 UAE: Marine Vessel Market, By Type
- 9.1.1.2.2 UAE: Marine Vessel Market, By System
- 9.1.1.3 Qatar: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
- 9.1.1.3.1 Qatar: Marine Vessel Market, By Type
- 9.1.1.3.2 Qatar: Marine Vessel Market, By System
- 9.1.1.4 Israel: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
- 9.1.1.4.1 Israel: Marine Vessel Market, By Type
- 9.1.1.4.2 Israel: Marine Vessel Market, By System
- 9.1.1.5 Oman: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
- 9.1.1.5.1 Oman: Marine Vessel Market, By Type
- 9.1.1.5.2 Oman: Marine Vessel Market, By System
- 9.1.1.6 Rest of MEA: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
- 9.1.1.6.1 Rest of MEA: Marine Vessel Market, By Type
- 9.1.1.6.2 Rest of MEA: Marine Vessel Market, By System
- 10. Impact of COVID-19 Pandemic on Marine Vessel Market
- 10.1 Overview
- 11. Industry Landscape
- 11.1 Overview
- 11.2 Market Initiative
- 11.3 Product Development
- 11.4 Mergers & Acquisitions
- 12. Company Profiles
- 12.1 Al Masaood LLC
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
- 12.2 VM Marine International Ltd
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
- 12.3 Al Seer Marine Supplies & Equipment Co
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
- 12.4 Seapride Marine Engineering Ltd
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
- 12.5 Nautic Africa (Pty) Ltd
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
- 12.6 Comarco Group
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
- 12.7 Israel Shipyards Ltd
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
- 12.8 Marisol Qatar
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
- 12.9 ADNOC Drilling Co
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments
- 12.10 Oman Oil Marketing Company SAOG
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis
- 12.10.6 Key Developments
- 12.11 Abu Dhabi Ship Building PJSC
- 12.11.1 Key Facts
- 12.11.2 Business Description
- 12.11.3 Products and Services
- 12.11.4 Financial Overview
- 12.11.5 SWOT Analysis
- 12.11.6 Key Developments
- 12.12 Mitsubishi Heavy Industries Ltd
- 12.12.1 Key Facts
- 12.12.2 Business Description
- 12.12.3 Products and Services
- 12.12.4 Financial Overview
- 12.12.5 SWOT Analysis
- 12.12.6 Key Developments
- 12.13 Saudi Arabian Oil Co
- 12.13.1 Key Facts
- 12.13.2 Business Description
- 12.13.3 Products and Services
- 12.13.4 Financial Overview
- 12.13.5 SWOT Analysis
- 12.13.6 Key Developments
- 12.14 Qatar Gas Transport Co Ltd (Nakilat)
- 12.14.1 Key Facts
- 12.14.2 Business Description
- 12.14.3 Products and Services
- 12.14.4 Financial Overview
- 12.14.5 SWOT Analysis
- 12.14.6 Key Developments
- 12.15 Qatargas Operating Co Ltd
- 12.15.1 Key Facts
- 12.15.2 Business Description
- 12.15.3 Products and Services
- 12.15.4 Financial Overview
- 12.15.5 SWOT Analysis
- 12.15.6 Key Developments
- 13. Appendix
- 13.1 About The Insight Partners
- 13.2 Word Index
- LIST OF TABLES
- Table 1. Middle East & Africa Marine Vessel Market, Revenue and Forecast, 2020–2030 (US$ Million)
- Table 2. South Africa: Marine Vessel Market, By Type – Revenue and Forecast to 2030 (US$ Million)
- Table 3. South Africa: Marine Vessel Market, By System – Revenue and Forecast to 2030 (US$ Million)
- Table 4. UAE: Marine Vessel Market, By Type – Revenue and Forecast to 2030 (US$ Million)
- Table 5. UAE: Marine Vessel Market, By System – Revenue and Forecast to 2030 (US$ Million)
- Table 6. Qatar: Marine Vessel Market, By Type – Revenue and Forecast to 2030 (US$ Million)
- Table 7. Qatar: Marine Vessel Market, By System – Revenue and Forecast to 2030 (US$ Million)
- Table 8. Israel: Marine Vessel Market, By Type – Revenue and Forecast to 2030 (US$ Million)
- Table 9. Israel: Marine Vessel Market, By System – Revenue and Forecast to 2030 (US$ Million)
- Table 10. Oman: Marine Vessel Market, By Type – Revenue and Forecast to 2030 (US$ Million)
- Table 11. Oman: Marine Vessel Market, By System – Revenue and Forecast to 2030 (US$ Million)
- Table 12. Rest of MEA: Marine Vessel Market, By Type – Revenue and Forecast to 2030 (US$ Million)
- Table 13. Rest of MEA: Marine Vessel Market, By System – Revenue and Forecast to 2030 (US$ Million)
- Table 14. List of Abbreviation
- LIST OF FIGURES
- Figure 1. Marine Vessel Market Segmentation
- Figure 2. Marine Vessel Market Segmentation – Geography
- Figure 3. Marine Vessel Market Overview
- Figure 4. Marine Vessel Market, By Type
- Figure 5. Marine Vessel Market, By System
- Figure 6. Marine Vessel Market, By Country
- Figure 7. Middle East & Africa PEST Analysis
- Figure 8. Marine Vessel Market Ecosystem Analysis
- Figure 9. Expert Opinion
- Figure 10. Marine Vessel Market: Impact Analysis of Drivers and Restraints
- Figure 11. Geographic Overview of Marine Vessel Market
- Figure 12. Middle East & Africa Marine Vessel Market, Forecast and Analysis (US$ Million)
- Figure 13. Market Positioning- Top Five Players
- Figure 14. Marine Vessel Market, By Type (2022 and 2030)
- Figure 15. Commercial Vessel: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
- Figure 16. LPG/LNG: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
- Figure 17. Passenger Ships: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
- Figure 18. Special Commercial Vessel: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
- Figure 19. Marine Vessel Market, By System (2022 and 2030)
- Figure 20. Marine Engine: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
- Figure 21. Control System: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
- Figure 22. Communication System: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
- Figure 23. Others: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
- Figure 24. South Africa: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
- Figure 25. UAE: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
- Figure 26. Qatar: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
- Figure 27. Israel: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
- Figure 28. Oman: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
- Figure 29. Rest of MEA: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
- Figure 30. Impact of COVID-19 Pandemic on Middle East & African Country Market
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