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

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 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. '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)'

The foundation of international trade and the economy is maritime transit. During the projection period for the 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.

Huge maritime boats contribute to warming as a result of their high fuel consumption. However, in the 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.

The 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.