"Smart Market Solutions to Help Your Business Gain Edge over Competitors"
The global marine interiors market size was USD 3.08 billion in 2020. The market is projected to grow from USD 3.2 billion in 2021 to USD 5.94 billion by 2028 at a CAGR of 9.24% during the 2021-2028 period. The global impact of COVID-19 has been unmatched and staggering, with witnessing a medium effect on demand across all the regions amid the pandemic. Based on our analysis, the global market exhibited a negative growth of 12.99% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
In recent years, the marine interiors market witnessed significant growth due to increased demand for passenger ships such as luxury yachts, river cruises, and ferries. The interiors solutions include the design, modification, and refit of the ship’s public area, passenger area, utility area, and crew area with interior products such as ceiling & wall panels, lighting, furniture, galleys & pantries, and wet units. These facilities can help to improve the passenger travel experience. Therefore, several shipbuilders are focusing on the development of luxury vessels with modern interior facilities. Furthermore, key players are focusing on using advanced material to develop interior solutions for vessels to enhance their stability and improve the ability to handle harsh environmental conditions such as humidity or moisture.
Disruption in Scheduled Production due to COVID-19 Pandemic to Register Negative Growth
The COVID-19 pandemic has changed the multiple scenarios of maritime industries and ship OEMs around the world. The COVID-19 outbreak resulted in months of production backlog due to the severe global shutdown. The shipbuilders have been highly affected since their shipyards have been temporarily closed during lockdowns in emerging nations. The limited availability of labor workers amid the pandemic has also affected the interior component production. In addition, several shipbuilders have failed to generate large revenue, which restricts their investment in new-fit.
Furthermore, the delayed or canceled refurbishment orders and new ship orders due to decreased passenger traffic have affected the marine interiors market growth during the COVID-19 pandemic. In May 2020, according to Arrow Shipbroking Group’s Newbuilding Projects & Decarbonisation lead Thomas Bracewell, the newbuilding orders would remain “very weak’ throughout the year except for the demand for tankers. He also added that the builders would be in for a rough couple of years.
Request a Free sample to learn more about this report.
Development of Composite Interior Solutions to Improve Vessel Efficiency and Stability is Prominent Market Trend
Over the last few years, the efficient design and development of commercial and navy ships have increased. To further modify vessel structure and reduce overall ship weight, the adoption of new material to design interior solutions is surging across the globe. The composite material is one of them. The demand for the composite material is increased to offer lightweight and highly efficient interior systems and components for cruise ships and navy vessels to enhance travel experience, efficiency, and stability. PE Composites and its partners, including Innovate UK, Carnival, and Trimline Ltd., have designed a lightweight composite cruise cabin called ‘LiteCab.’
Increasing Ship Interior Refurbishment Projects to Boost Market Growth
The popularity of composite interior solutions is increasing as they enhance vessel stability, reduce weight, and improve efficiency. The growing demand for composite solutions increases the replacement of existing maritime internal solutions with composites solutions. In addition, the increasing number of aged ships leads to a surge in refurbishment projects around the globe. In October 2018, INS Vikramaditya, India’s only aircraft carrier, had undergone refurbishment. The refit had taken place at the Cochin Shipyard for five months, and the required cost of USD 94.7 market is segmented (₹705 crores). During the refit, the carrier’s hull got treated and painted.
Moreover, a large number of tanks and spaces got cleaned and painted too. Also, 16 shaft bearings were changed as part of the refit. In November 2021, the 68-meter Nobiskrug motor yacht Triple Seven will undergo a six-month refit at the Amels and Damen Yachting facilities in Vlissingen. The yacht will mainly undergo for a modifications and full respray to the stabilizers, shaft lines and interior galley, and its general interior works as per part of 15-year survey.
Growing demand for Passenger and Cargo Vessels to Propel Market Growth
In recent years, spending on luxury and leisure traveling has increased in the developed and developing regions. The increased expenditure on luxury living has increased the demand for luxury yachts. Such a yacht offers a high-end traveling experience by providing modern interior facilities, well-designed ship cabins, and security solutions, supporting the growth of the market during the forecast period. Moreover, the growing interest in cruise travel helps to expand the size of the maritime tourism industry. The global number of ocean cruise tourists has increased from 17.8 million passengers in 2009 to 30 million in 2019. According to the Cruise Lines International Association (CLIA) 2020 report, 28.5 million tourists enjoyed a cruise holiday in 2018.
Furthermore, maritime transport is the backbone of international trade and the global economy. Therefore, the demand for cargo vessels is increasing worldwide. The rising number of cargo vessels is fueling the market growth during the projection period. In the past decade, the total container ships in the global fleet increased from 4,966 ships in 2011 to 5,371 boats in 2020. According to the International Chamber of Shipping, more than 50,000 merchant ships operate in the oceans.
Long Material Lead Times to Hinder Market Growth
The different materials are used to develop interior components for ships; such materials are aluminum, steel, composites, and joinery. The limited availability of these materials and other raw materials can lead to increased time for ship manufacturing. In addition, post-COVID-19, the situation has worsened as the orders for cargo vessels increased. However, the long material lead times, limited availability, and high raw material costs can result in delayed ship delivery or order cancellation. This factor directly restricts the growth of the marine interiors market.
Commercial Segment to Dominate the Market in 2020
By ship type, the market is classified into commercial and defense. The commercial segment is further divided into passenger vessels, cargo vessels, and others. The defense segment comprises aircraft carriers, amphibious ships, destroyers, frigates, submarines, corvettes, and offshore patrol vessels.
The commercial segment held the dominant share in the base year. The large percentage of the commercial ship type segment is due to the increased demand for passenger and cargo vessels.
The surge in sea trade has fueled the demand for different cargo vessels such as tankers, bulk carriers, general cargo ships, and gas tankers. Therefore, the rising number of passenger vessels is surging the demand for advanced marine interior solutions.
On the other hand, the defense segment is predicted to showcase the highest growth rate during the forecast period. This growth is attributed to the increasing demand for highly advanced combat vessels such as destroyers, frigates, and submarines. In addition, the rising defense investment in the maritime industry to strengthen naval capabilities supports expanding the segment size during the forecast period.
To know how our report can help streamline your business, Speak to Analyst
Lighting Segment to Boost at Faster Pace During 2021-2028
Based on component, the market is bifurcated into ceiling & wall panels, lighting, furniture, galleys & pantries, and others. The others segment includes components such as windows and doors, wet units, and laundry.
The lighting component segment is anticipated to grow at the highest compound annual growth rate during the forecast period due to the growing adoption of OLED lighting solutions. The demand for OLED lighting technology is rapidly growing to enhance cabin illumination, and this is anticipated to drive the segment growth during the forecast period.
The ceiling & wall panels segment registered the largest share in 2020. This dominance is due to increased demand for a modern commercial vessel with improved ceiling & wall panels.
Composites Material Segment to Grow at Highest CAGR During Forecast Period
Based on material, the market is classified into aluminum, steel, composites, joinery, and others.
The steel segment held a dominant share in 2020. This large share is due to the increased adoption of steel material to fabricate the ship’s ceiling & wall panels and galleys & pantries.
The composites segment is anticipated to witness the highest CAGR during the forecast period. The growth of this segment is attributed to the rising demand for composited-based interior components by ship OEMs to reduce the overall ship weight efficiently. Moreover, the demand for composite material-based parts increases to enhance marine interior as it can produce complex structures and shapes.
Europe Marine Interiors Market Size, 2020 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
The market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
The market in Europe registered the highest share with the market size of USD 1.05 billion in 2020. The large share is attributed to the presence of several large shipbuilders and interior component providers in the region such as STX Europe AS, Meyer Werft, Fincantieri S.p.A., Trimline Ltd., Kaefer GmbH, Marine Interiors Spa, and Mivan Marine Ltd.
Asia Pacific is anticipated to grow at the highest compound annual growth rate during 2021-2028. The growth is due to the rapid growth of the maritime industry in developing countries such as China and India. In addition, several procurement initiatives, demand for modern amenities in the cruise ship, and a growing number of shipyards in China support the market growth in Asia Pacific.
The market in North America registered the second highest share in 2020 due to the region's flourishing marine industry, presence of largest marine lines, and the large investment in the marine sector. These factors are driving the demand for marine interior solutions in North America.
In the Rest of the World, the market will witness significant growth during 2021-2028. The market development is due to growing investment in marine tourism, rise in travel and business opportunities, changing passenger preference, demand, or modern amenities.
Rising Focus on Adoption of New Material and Design Technology to Intensify Market Competition
The major market companies such as R&M Group, Almaco Group, Trimline Ltd., and Kaefer GmbH focus on constant innovation and adoption of new material to offer lightweight and highly efficient interior solutions for ships.
Moreover, they are also increasing their investment and interest in technological adoption and strategic acquisition to design and develop modern marine interior solutions.
Furthermore, the other key companies are adopting organic and inorganic growth strategies such as new product launches, entering into long-term contracts with ship OEMs and defense authorities to withstand their market position.
An Infographic Representation of Marine Interior Market
To get information on various segments, share your queries with us
The global marine interiors market research report provides a detailed analysis of the market and focuses on key aspects such as key manufacturers, ship types, and interior components. Moreover, the report offers insights into marine interior trends and highlights key industry developments. In addition to the factors mentioned above, the market report encompasses several direct and indirect factors that have contributed to the market growth in recent years.
Value (USD Billion)
Ship Type, Component, Material, and Geography
By Ship Type
Fortune Business Insights says that the global market size was USD 3.08 billion in 2020 and is projected to reach USD 5.94 billion by 2028.
Registering a CAGR of 9.24%, the market will exhibit steady growth during the forecast period (2021-2028).
The commercial segment is the leading segment in the market
R&M Group, Almaco Group, Trimline Ltd., and Kaefer GmbH are the leading players in the global market.
Europe dominated the market in 2020 in terms of share.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry