Marine Vessel Market

According to Stratistics MRC, the Global Marine Vessel Market is accounted for $154.36 billion in 2024 and is expected to reach $235.42 billion by 2030 growing at a CAGR of 8.6% during the forecast period. A marine vessel refers to any watercraft designed for navigation on the seas, rivers, or other water bodies. These vessels vary widely in size and purpose, from small boats to large ships.Marine vessels serve various functions including transportation of goods and passengers, fishing, research, and military operations. They are crucial for global trade, exploration, and maritime activities, playing a significant role in both commercial and recreational sectors worldwide.

According to the UNCTAD Report 2021, China, Japan, and the Republic of Korea accounted for 94% of the shipbuilding market.

Market Dynamics: 

Driver: 

Global trade growth

As trade volumes expand, so does the need for larger fleets, modernization of existing vessels, and development of specialized ships catering to various cargo types. This growth propels investments in new vessel construction, retrofitting of technologies for efficiency and environmental compliance, and expansion of port infrastructure. Additionally, emerging markets and international trade agreements further stimulate this sector, creating a ripple effect of demand across the entire marine vessel industry.

Restraint:

Economic instability

Economic instability in the marine vessel industry can stem from several factors like fluctuating fuel prices, regulatory changes, and global trade tensions impacting demand. These uncertainties hinder market predictability, leading to reduced investment in new vessels and maintenance. Consequently, shipping rates can become volatile, affecting the cost-effectiveness of transporting goods internationally. Moreover, economic instability in this sector ripples through related industries such as logistics and manufacturing, impacting supply chains and overall market stability.

Opportunity:

Growth in offshore oil and gas exploration

The growth in offshore oil and gas exploration drives demand for specialized marine vessels, such as drilling rigs, FPSOs, and support vessels. These vessels are crucial for various operations, including exploration, production, and transportation of oil and gas reserves in offshore fields. As exploration activities expand into deeper waters and more remote locations, the marine vessel market responds with innovations in technology and design to support these operations efficiently and safely, thus propelling overall growth in the marine vessel sector.

Threat:

Geopolitical tensions

Geopolitical tensions affecting marine vessels, such as territorial disputes, sanctions, and piracy, create significant market disruptions. These tensions lead to increased insurance premiums and operational costs, deterring shipping routes and causing delays. Geopolitical tensions affecting marine vessels, such as territorial disputes, sanctions, and piracy, create significant market disruptions. These tensions lead to increased insurance premiums and operational costs, deterring shipping routes and causing delays.

Covid-19 Impact

The covid-19 pandemic significantly impacted the marine vessel market by disrupting global supply chains, delaying shipbuilding projects, and reducing maritime trade volumes due to lockdowns and restrictions. Shipowners faced challenges such as crew shortages and operational restrictions, leading to decreased demand for new vessels. Despite initial setbacks, the market has shown resilience with gradual recovery as vaccination efforts and easing restrictions have allowed for increased maritime activity and trade flows.

The cargo transport segment is expected to be the largest during the forecast period

The cargo transport segment is estimated to have a lucrative growth. Marine vessels in cargo transport are essential for global trade, carrying over 80% of goods. These ships, including container ships, tankers, and bulk carriers, efficiently move large quantities of cargo across oceans. Their vast capacity, cost-effectiveness, and ability to traverse international waters make them a cornerstone of the supply chain, ensuring the smooth transport of raw materials, manufactured goods, and energy resources worldwide.

The diesel-powered vessels segment is expected to have the highest CAGR during the forecast period

The diesel-powered vessels segment is anticipated to witness the fastest CAGR growth during the forecast period. Diesel-powered vessels dominate marine transportation due to their efficiency, reliability, and power. These ships, including cargo and tanker vessels, utilize diesel engines to propel vast quantities of goods across the globe. Diesel engines offer a favourable power-to-weight ratio and long operational life, making them cost-effective for long voyages. However, they contribute to environmental pollution, leading to a push for cleaner, alternative fuels in the maritime industry.

Region with largest share:

The Asia Pacific region plays a pivotal role in the global marine vessel market due to its strategic location, extensive coastline, and robust maritime trade networks. Countries like China, Japan, South Korea, and Singapore are key players in shipbuilding, with a significant share of the world's new vessel construction. The region also witnesses substantial demand for marine transportation of goods and energy resources. Further, the Asia Pacific marine vessel market continues to expand, driven by economic growth, infrastructure development, and increasing maritime activities across Southeast Asia and Oceania.

Region with highest CAGR:

The North American marine vessel market is characterized by a diverse range of activities, including commercial shipping, fishing, tourism, and defense. The United States and Canada are prominent in shipbuilding and maritime technology innovation, particularly in sectors like offshore drilling, cruise ships, and container shipping. Environmental regulations, technological advancements in vessel design, and the expansion of renewable energy projects offshore contribute to market dynamics.

Key players in the market

Some of the key players profiled in the Marine Vessel Market include Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, Mitsubishi Heavy Industries, Samsung Heavy Industries, China Shipbuilding Industry Corporation, Fincantieri, BAE Systems Maritime, General Dynamics NASSCO, Huntington Ingalls Industries, STX Offshore & Shipbuilding, Kawasaki Heavy Industries, Naval Group, Austal, Damen Shipyards Group, Keppel Corporation, Udupi Cochin Shipyard Limited.

Key Developments:

In July 2023, Hyundai Mipo Dockyard announced plans to develop an advanced Hybrid Electric Propulsion System with next-generation positioning for a commercial service operation vessel (CSOV) with the Korea Register of Shipping (KR).

In June 2023, Udupi Cochin Shipyard Limited (UCSL), the Indian government-run shipbuilder bagged an international order to design and construct six new-generation 3800 DWT cargo vessels for a Norwegian firm, Wilson Shipowning AS. A contract of USD 72 million has been concluded with the possibility of buying eight more ships.

Vessel Types Covered:
• Commercial Vessels
• Naval Vessels
• Recreational Vessels
• Special Purpose Vessels
• Other Vessel Types

Propulsion Types Covered:
• Diesel-powered Vessels
• Gas Turbine-powered Vessels
• Steam Turbine-powered Vessels
• Nuclear-powered Vessels
• Electric Vessels
• Other Propulsion Types

Applications Covered:
• Cargo Transport
• Passenger Transport
• Patrol
• Research & Survey
• Offshore Oil & Gas
• Icebreaking
• Towing & Salvage Operations
• Other Applications

End Users Covered:
• Tourism Sector
• Fishing Sector
• Military Sector
• Commercial Sector
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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 2022, 2023, 2024, 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

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances