The global marine vessel market size is set to gain momentum from the ongoing innovations in the shipping industry to enhance energy efficiency. Hence, companies are rapidly shifting towards eco-friendly hybrid propulsion systems to reduce cost and surge efficiency. This information is given by Fortune Business Insights™ in a report titled, “Marine Vessel Market, 2021-2028.” As per the report, the market stood at USD 168.56 billion in 2020. It is projected to grow from USD 170.75 billion in 2021 to USD 188.57 billion in 2028 at a CAGR of 1.43% during the forecast period.
Segments-
Passenger Ship Segment Held 23% Share in 2020: Fortune Business Insights™
Based on type, the market is segregated into special purpose vessels, LNG/LPG carriers, passenger ships, and commercial. Out of these, the passenger ship segment procured 23% in 2020 in terms of the marine vessel market share. It contains two sub-segments, namely, cruise ships and ferry boats. The demand for ferryboats is anticipated to surge in the near future because of the increasing tourism.
Report Coverage-
Our analysts have conducted qualitative and quantitative research and a mixture of primary and secondary resources to gather information about this industry. They have taken data from press releases, paid databases, company journals, and other sources to offer a complete picture of the market. To collect information about the competitive landscape they have conducted interviews with renowned personalities.
COVID-19 Pandemic: Reduced Maritime Trade and Transport to Hamper Growth
The outbreak of the COVID-19 pandemic has reduced maritime trade and transport worldwide. It has therefore declined the demand for new marine vessels. These vessels are directly associated with the global economy and international trade. During the first two quarters of 2020, various orders for containerships were on hold owing to the lesser demand for container transport. At the same time, lower revenues of cruise operators and the lack of passengers amid the pandemic have resulted in the decommissioning of aging cruise ships. Carnival Corporation, for instance, declared that it sold and removed thirteen cruise ships in June 2020.
Drivers & Restraints-
Increasing Seaborne Trade to Bolster Growth
The global economy and international trade play a major role in maritime transport. The marine vessel market growth is set to occur on account of the surging seaborne trade across the globe. Maritime Publications, for instance, stated that more than 70% of the global trade by value and around 80% by volume is controlled by ports and carried out by sea globally. However, government agencies in various countries implement strict norms to reduce Sulfur and greenhouse gas emissions from ships. It is set to obstruct the demand for such vessels.
Regional Insights-
Asia Pacific to Lead Stoked by Contributions of China, Japan, and Korea
Geographically, in 2020, North America generated USD 8.80 billion in terms of revenue. Asia Pacific is anticipated to hold the largest share in the marine vessel industry backed by the major contributions of the Republic of Korea, Japan, and China. In 2019, they accounted for 92.5% in terms of new vessel deliveries. Europe is expected to remain in the second position spurred by the presence of Fincantieri S.P.A. in the region.
Competitive Landscape-
Key Players Focus on Winning New Orders to Gain a Competitive Edge
The global market contains a large number of companies that are striving persistently to gain a competitive edge. To do so, they are trying to bag new contracts from prominent manufacturers. Below are the two latest industry developments:
- May 2021: South Korea’s Dae Sun Shipbuilding & Engineering received a new order worth USD 153.6 million from SITC International Holdings Company (SITC) to deliver eight plus two boxships.
- May 2021: The Republic of the Marshall Islands (RMI) Maritime Administrator, Korea Shipbuilding & Marine Engineering (KSOE), Hyundai Mipo Dockyard (HMD), and ABS signed an agreement to develop next-generation CO2 carrier designs.
Information Source-
https://www.fortunebusinessinsights.com/marine-vessel-market-102699
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