USD 165.12 billion
Report ID: SQSG20T2001 | Region: Global | Published Date: July, 2022 | Pages: 157 | Tables: 98 | Figures: 65
The Global Marine Vessel Market was valued at USD 165.12 billion in 2021, and it is expected to reach a value of USD 191.25 billion by 2028, at a CAGR of 1.61% over the forecast period (2022 - 2028).
The volume of international marine trade and shipping demand both affect the 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 market would grow slowly but steadily.
Global Market Size
USD 165.12 billion
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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.
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.
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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.
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A surge in Global Sea Trade is Expected to Increase Demand for Product
Stringent Environmental Regulations
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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.
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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.
|Market size value in 2021||USD 165.12 billion|
|Market size value in 2028||USD 191.25 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|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)|
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MARKET DYNAMICS & OUTLOOK
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For the Global 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 Global 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.
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