Marine Vessel Market Size, Trends, Analysis, Growth and Forecast, 2024–2032

According to Fortune Business Insights™, the global marine vessel market size was valued at USD 152.38 billion in 2023 and is projected to grow from USD 160.56 billion in 2024 to USD 247.96 billion by 2032, exhibiting a CAGR of 5.6% during the forecast period. Asia Pacific dominated the global market in 2023, accounting for 52.46% of the total market share.

Market Overview

Marine vessels play a vital role in global trade and transportation, serving as physical containers for goods and passengers across oceans. With increasing demand for seaborne trade, the marine vessel market is witnessing robust growth, supported by technological advancements, government initiatives, and a rise in indigenous shipbuilding efforts.

Competitive Landscape

The marine vessel market is highly fragmented, with major players focusing on technological innovation, strategic partnerships, and mergers & acquisitions.

Key Players Include:

• BAE Systems (U.K.)

• Mazagon Dock Shipbuilders Ltd. (India)

• Garden Reach Shipbuilders & Engineers (GRSE) (India)

• Hyundai Heavy Industries Co. Ltd. (South Korea)

• Hyundai Mipo Dockyard (South Korea)

• General Dynamics Corp – NASSCO (U.S.)

• Larsen & Toubro Ltd. (India)

• Navantia (Spain)

• ThyssenKrupp Marine Systems (Germany)

• Damen Shipyards Group (Netherlands)

Source:

https://www.fortunebusinessinsights.com/marine-vessel-market-102699

Marine Vessel Market Segmentation

By Ship Type

• Container Ships held the largest market share in 2023 and are projected to remain the fastest-growing segment from 2024 to 2032. These ships are essential for transporting large volumes of cargo and are seeing rising demand globally.

  • Example: In April 2023, China State Shipbuilding Company (CSSC) and CMA CGM signed a record-breaking deal for 16 dual-fuel methanol container ships worth USD 3.06 billion.

By Dead Weight

• The 25,000 GT to 59,999 GT segment is projected to grow at the fastest pace due to increased deployment of container ships and chemical tankers within this range. According to UNCTAD (2022), oil tanker fleets in this category expanded by 29–30% in 2022.

By System

• The Propulsion System segment dominated in 2023 and is anticipated to witness the highest growth during the forecast period. Decarbonization mandates such as the Carbon Intensity Indicator (CII) are encouraging fleet renewal with greener propulsion.

  • Example: In December 2022, SAL Heavy Lift and Jumbo Shipping awarded Wärtsilä a contract for four methanol hybrid propulsion systems.

By Solution

• Line Fit emerged as the leading and fastest-growing segment in 2023, driven by growing investments in indigenous ship production across emerging economies.

  • Example: In April 2023, CMA CGM and CSSC signed a USD 3.06 billion contract for building 21 container ships, marking the largest shipbuilding agreement globally.

Regional Insights

Asia Pacific

Asia Pacific held the largest market share in 2023, led by high shipbuilding activities in countries like China, South Korea, and India. The region’s technological adoption, supportive policies, and strong shipbuilding infrastructure continue to drive growth.

North America

North America is expected to witness considerable growth due to the presence of major shipbuilders and defense-related shipbuilding activities. In 2018, the North America marine vessel market was valued at USD 8.83 billion, with continued growth expected through 2032.

Market Dynamics

Drivers:

• Rising global seaborne trade and containerization:The continuous growth in global trade has led to an increased demand for marine vessels, especially container ships that facilitate efficient transportation of goods across continents. Containerization has streamlined cargo handling and reduced shipping time, contributing significantly to market expansion.

• Increased investments in hybrid and green propulsion systems:Environmental concerns and regulatory mandates are pushing shipbuilders and operators to adopt cleaner propulsion technologies. Investments in hybrid systems, methanol-fueled engines, and LNG-based propulsion are expected to reshape the marine vessel landscape over the forecast period.

• Government support for indigenous shipbuilding:Many countries are actively promoting local shipbuilding through favorable policies, subsidies, and public-private partnerships. These initiatives not only support economic growth but also reduce reliance on foreign-built vessels.

• Technological advancements like 3D printing and robotic welding in ship construction:Emerging technologies are revolutionizing shipbuilding by enhancing precision, reducing production time, and lowering labor costs. The adoption of automation and digital manufacturing techniques is driving innovation and efficiency in the marine vessel industry.

Restraints:

• High capital intensity and long production timelines:Building large and complex vessels requires significant capital investments, specialized infrastructure, and long lead times, making it a challenging endeavor for new players and limiting the pace of market growth.

• Geopolitical instability and fluctuating fuel prices:Uncertainties in global politics and energy markets can impact trade routes, freight demand, and vessel operations. Volatile fuel prices also affect the operating costs and profitability of marine vessels, influencing investment decisions.

Key Industry Developments

• July 2023: Hyundai Mipo Dockyard announced plans to develop an advanced hybrid electric propulsion system for CSOVs in collaboration with the Korea Register of Shipping.

• June 2023: Acta Marine signed a contract with Tersan Shipyard for the construction of two new CSOVs, expanding the order book to four vessels under this series.