Marine Vessels Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Commercial (Passenger vessels, Cargo Vessels, Others), Military (Aircraft Carrier, Patrol vessel, Mine warfare, Frigate, Destroyer)), By Dead Weight (100 GT to 499 GT, 500 GT to 24,999 GT, 25,000 GT to 59,999 GT, Above 60,000 GT), By End User (OEM, Aftermarket) and Region Forecast 2019-2030

Marine Vessels Market size was valued at US$ 155.2 billion in 2023 and is projected to reach US$ 172.3 million by 2030 at a CAGR of 1.8% from 2024-2030. Moreover, the U.S. Marine Vessels Market is projected to grow at a CAGR of 1.4% over the forecast period. The marine vessels market includes the manufacture, operation, and maintenance of a wide range of ships and boats used for commercial, military, and recreational reasons. This comprises cargo ships, tankers, passenger ships, naval ships, and specialized vessels such as offshore support ships. Advancements in vessel design, propulsion systems, and environmental technology have all had an impact on the market.

Key market drivers include rising demand for energy-efficient and environmentally friendly boats, stringent environmental rules to limit emissions, and increased international trade, which drives demand for commercial shipping. Furthermore, the growth in marine tourism and offshore oil and gas development increases demand for passenger and support vessels, respectively. Significant market trends include the introduction of cleaner fuels such as LNG (liquefied natural gas), the integration of digital navigation and automation systems, and the push for autonomous ships. There is also a focus on upgrading existing vessels with environmentally friendly technologies to fulfil new regulatory requirements. Geopolitical variables and changing trade routes have a significant impact on market growth, as companies strive to optimize vessel operations for cost and environmental compliance.

Key Players

The global market includes marine vessels’ companies such as Mitsubishi Heavy Industries, Ltd, Hyundai Heavy Industries Co., Ltd, BAE Systems, Navantia, Fincantieri S.p.A., Irving Shipbuilding, Lurssen, Huntington Ingalls Industries, General Dynamics Corporation, Samsung Heavy Industries among others.

List of Instances in Marine vessels Industry

In July 2024, Briggs Marine marked a key milestone by launching its flexible new Maintenance Support Vessel, the MV Forth Constructor, at Freire Shipyard in Vigo, Spain.

In March 2024, BRIX Marine, based in Port Angeles, Washington, has announced the launch of their latest survey boat, the 3011-CTC, christened Lugudi Barana. BRIX Marine stated that this revolutionary vessel represents the company's commitment to innovation, performance, and environmental sustainability.

Facts & Figures

• By mid-2024, traffic passing the Suez Canal had decreased by 70%, with considerable rerouting across Africa's Cape of Good Hope. This led to a 3% increase in global vessel ton-mile demand.
• In the second half of 2023, container ships made approximately 250,000 port calls, owing to increased trade and longer itineraries, which contributed to congestion, particularly in Asia.
• By mid-2024, freight charges had more than doubled from late 2023, owing primarily to increased shipping distances and rising operational costs such as fuel, labor, and insurance.
• Under the European Union's Emissions Trading System, CO2 emissions alone contributed $400,000 to the costs of a 20,000-24,000 TEU vessel traveling from the Far East to Europe.

Key Developments

In October 2024, the launch of Samarthak, the first of two Multi-Purpose Vessels (MPV) being built by L&T Shipyard in Kattupalli, marked a major milestone for the Indian Navy.

In October 2024, DP World extended its Marine Services fleet with the addition of two newly built vessels, demonstrating its commitment to sustainability and operational excellence. The warships, Navios Utmost and Navios Unite, were officially named during a ceremony held at the Changhong shipyard in Zhoushan, China.

In July 2024, At Vigo's Freire Shipyard, Briggs Marine debuted its new Maintenance Support Vessel. The ship, which was created by Cintra Naval in coordination with Freire's design department, is set up to serve Briggs' current contracts with commercial ports, offshore wind farms, and the UK Government.

Marine Vessels Market Segmentation:

By Type: The commercial segment of the marine vessels market, notably cargo vessels, is expected to lead in terms of growth and demand. This dominance is fuelled by increased global trade and a heavy reliance on shipping to deliver commodities across international borders. Cargo vessels, such as container ships, bulk carriers, and tankers, are critical to the efficient transfer of raw materials, manufactured goods, and oil, making them an important part of the global supply chain. With the continued growth of e-commerce and rising demand for commodities in emerging economies, the demand for cargo vessels has increased dramatically.

The rise of globalization has increased the demand for larger, more efficient vessels capable of hauling massive volumes of cargo. Shipping businesses are investing in new eco-friendly technologies to meet stricter environmental restrictions, such as low sulphur fuel and LNG-powered vessels. Furthermore, advances in automation and digitalization in cargo shipping are improving efficiency and operational performance, lowering costs for shipping businesses. The construction of major ports and infrastructure throughout key maritime regions, particularly in Asia-Pacific, is also driving the cargo vessel market. With these factors combined, the cargo vessel segment is the primary driver of the marine vessels market, accounting for a significant portion of the industry's growth.

By Dead Weight: The segment of marine vessels larger than 60,000 GT is predicted to lead in terms of demand and growth. This market is primarily driven by rising demand for larger, more efficient boats capable of transporting enormous volumes of cargo. These big boats, which include ultra-large container ships, bulk carriers, and oil tankers, play an important role in international trade, especially for high-volume items like crude oil, coal, and containerized cargo. The increase in global trade, combined with the growing demand for economies of scale in transportation, has aided the growth of this market.

By End-user: The OEM (Original Equipment Manufacturer) category has gained most of the market share and growth in the marine vessel industry. This lead is principally driven by the ongoing demand for new vessels to service rising global maritime traffic and the construction of maritime infrastructure. As shipping companies seek to update their fleets and meet stricter environmental requirements, the demand for new, technologically advanced vessels has increased. OEMs manufacture these containers, which frequently feature cutting-edge advances in energy efficiency, sustainability, and automation. The rise in international trade, combined with the increased importance of fleet expansion and replacement, is driving rising demand for new constructions.