USD 170.9 billion
Marine Vessel Market Size, Share, Growth Analysis, By Type(Commercial (Bulk Carrier, Container Ship, Tanker, Auto Carriers), By System(Marine engines, Sensor systems, Control systems, Electrical systems), By End-User(OEM, Aftermarket), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20T2014 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
98
|Figures:
76
Marine Vessel Market Insights
Marine Vessel Market size was valued at USD 170.9 billion in 2019 and is poised to grow from USD 173.4 billion in 2023 to USD 194.28 billion by 2031, growing at a CAGR of 1.4% in the forecast period (2024-2031).
The volume of international marine trade and shipping demand both affect the Marine Vessel Market. Both are influenced by the success of global markets. Ship demand rises during economic expansion and falls during a recession. Around 80% of world trade, measured in terms of volume, is carried out by the sea, according to the United Nations Conference on Trade and Development (UNCTAD). Therefore, it is evident that marine transportation is a key driver of international commerce and economic growth that closely tracks a country's GDP growth. During the projection period, it is predicted that the Marine Vessel Market would grow slowly but steadily.
US Marine Vessel Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
OEM
Fastest Growth
OEM
Growth Rate
1.4% CAGR
Global Marine Vessel Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Marine Vessel Market Segmental Analysis
The Global Marine Vessel Market is segmented based on the Type, System, End-User, and region. Based on the Type, the Global Marine Vessel Market is segmented as Commercial (Bulk Carrier, Container Ship, Tanker, Auto Carriers and Roll-In/Roll-Out Carrier), Passenger Ship (Ferry Boat and Cruise Ship), LNG/LPG Carrier, and Special Purpose Vessel. Based on the System, the Global Marine Vessel Market is segmented as Marine engines, Sensor systems, Control systems, Electrical systems, Auxiliary systems, and Communication systems. Based on the End-User, the Global Marine Vessel Market is segmented as OEM and Aftermarket. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Marine Vessel Market Analysis by Type
Due to an increase in marine commerce, the commercial category in the global marine vessel market was predicted to be the largest section in 2020. Bulk carriers, container ships, tankers, auto carriers, and roll-in/roll-out (RO-RO) carriers are other subcategories of the commercial segment. Due to the increasing need for shipping, it is anticipated that the demand for bulk carriers, tankers, and container ships would increase throughout the projection period.
The passenger ship category is anticipated to increase at a faster rate than any other section throughout the projection period due to the expansion of public transportation. Cruise ships and ferryboats make up the passenger ship subsegment. The demand for cruise ships is anticipated to increase along with the popularity of cruise vacations.
Global Marine Vessel Market Share By End-User, 2021 (%)
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Marine Vessel Market Regional Insights
The global marine vessels market in North America was worth USD 8.80 billion in 2020. Because of the rise in shipbuilding in the United States, which is attributed to OEMs located there, the region dominates the shipbuilding industry globally. The market in the area is predicted to be driven by this aspect.
In 2020, Asia-Pacific had the highest global marine vessels market share, and it is predicted that it would maintain its leadership during the projection period. Key shipbuilding firms in nations like South Korea and Japan, such as Hyundai Heavy Industries Co. Ltd., Daewoo Shipbuilding & Marine Engineering Co., and Imabari Shipbuilding Co. Ltd., are responsible for the expansion of the market in this area. China, Japan, and the ROK have maintained their dominance in the shipbuilding industry, representing 92.5% of new vessel deliveries in 2019.
The second-largest market for marine boats is thought to be in Europe. The major shipbuilder in the western area is Fincantieri S.P.A. The European shipbuilding sector maintains its position as a pioneer in innovation and a provider of technology as well as cleaner and safer ships. The European Union (EU) shipping industry provides USD 165 billion to the yearly GDP development of the EU with its diversified fleet of commercial boats.
Global Marine Vessel Market By Geography, 2021 - 2028
- Largest
- Fastest
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Marine Vessel Market Dynamics
Marine Vessel Market Driver
A surge in Global Sea Trade is Expected to Increase Demand for Product
- The foundation of international trade and the global economy is maritime transit. During the projection period for the global marine vessel industry, an increase in seaborne trade is anticipated to fuel market expansion. Around 80% of the world's trade by volume and more than 70% of the traffic by value, according to Maritime Publications, is conducted by sea and is under the jurisdiction of ports all over the world. The fast rise of Asian economies like China and South Korea, as well as globalization, will have a significant impact on the expansion of marine trade.
Marine Vessel Market Restraint
Stringent Environmental Regulations
- Even though shipping is thought to be the least polluting means of transportation, countries and international organizations have implemented a number of environmental protection measures to limit the harm that ships may do to the environment in the global marine vessel market. It is difficult to implement these standards in the older fleet, and doing so might impede market expansion. The expansion of the market is expected to be constrained by an increase in international marine environmental rules for greenhouse gas emissions, sulfur emissions, ship recycling, and others.
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Marine Vessel Market Competitive Landscape
The Global Marine Vessel market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability.
Marine Vessel Market Top Player's Company Profiles
- Hyundai Heavy Industries Co., Ltd. (South Korea)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Kawasaki Shipbuilding Corporation (Japan)
- China Shipbuilding Industry Corporation (China)
- Samsung Heavy Industries (South Korea)
- Daewoo Shipbuilding & Marine Engineering (South Korea)
- Mitsui Engineering & Shipbuilding (Japan)
- General Dynamics Corporation (US)
- Huntington Ingalls Industries (US)
- BAE Systems (UK)
- Fincantieri S.p.A (Italy)
- COSCO Shipyard Group (China)
- China State Shipbuilding Corporation (China)
- Keppel Offshore & Marine (Singapore)
- Navantia (Spain)
- Austal (Australia)
- Damen Shipyards Group (Netherlands)
- Irving Shipbuilding (Canada)
- Abu Dhabi Ship Building (UAE)
- Lürssen (Germany)
Marine Vessel Market Recent Developments
- In May 2021, SITC International Holdings Company granted a contract for USD 153.6 million to Dae Sun Shipbuilding & Engineering for the delivery of 8 1,023teu container boats, with an option for two more vessels. By the end of 2023, the eight boats are anticipated to be delivered.
- In May 2021, In order to meet carbon emission reduction goals, a partnership agreement was signed by the Republic of the Marshall Islands (RMI) Maritime Administrator, Korea Shipbuilding & Marine Engineering (KSOE), ABS Ltd., and Hyundai Mipo Dockyard.
Marine Vessel Key Market Trends
- Huge maritime boats contribute to global warming as a result of their high fuel consumption. However, in the global marine vessel market in many shipping businesses, fuel is the primary cost element. Therefore, increasing energy efficiency serves as the primary impetus for innovation in the maritime sector. Due to the efficiency and affordability of the hybrid propulsion system, more people are switching from the conventional fuel-based propulsion system to environmentally friendly hybrid propulsion.
Marine Vessel Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Marine Vessel Market Analysis, the global trade and economic cycles have a direct impact on the demand for such boats. The epidemic has slowed down maritime trade and transportation, which has, in turn, decreased demand for the purchase of new ships. Orders for containerships were put on hold during the first two quarters of 2020 due to declining demand for container transport. Due to a decline in maritime trade and transportation, COVID-19 has had a detrimental effect on the growth of the global marine vessel market. In 2021, new shipbuilding contracts showed signs of a modest revival.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 170.9 billion |
| Market size value in 2031 | USD 194.28 billion |
| Growth Rate | 1.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Marine Vessel Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Marine Vessel Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Marine Vessel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Marine Vessel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Marine Vessel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Marine Vessel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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