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Marine Vessel Market Size, Share, & Industry Analysis, By Ship Type (Container Ships, Passenger Ships, Bulk Carriers, Tankers, Offshore Ships, Specialty Vessel, General Cargo Ship, and Others), By Dead Weight (100 GT to 499 GT, 500 GT to 24,999 GT, 25,000 GT to 59,999 GT, and Above 60,000 GT), By System (Propulsion System, Control System, Electrical system, Outer Structure, Power Generator System, Deck Machinery, and Others), By Solution (Line Fit and Retro Fit), and Regional Forecast, 2024-2032

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI102699



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The global marine vessel market size was valued at USD 152.38 billion in 2023. The market 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 marine vessel market with a market share of 52.46% in 2023.


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Shipbuilding is the building of ships and other floating vessels. Usually, it takes place in a specialized installation known as the shipyard. Shipbuilders are also called shipwrights. The shipbuilding sector shall be responsible for designing and constructing ocean ships globally. The shipbuilding sector, with strong government support and political stability essential for the continued existence of that industry, has an extremely high capital intensity. The COVID-19 pandemic had a remarkable effect on the shipping markets in 2020. According to Clarksons Shipping Intelligence Network (2020a) estimations, global seaborne trade would contract by 4.4% across 2020, a comparable decrease to that seen after the international financial crisis.

Marine Vessel Market Trends

Modern Digital Transformation and Technologies that are Used in Shipbuilding to Enable Market Growth

The use of modern technologies is being actively applied in the shipbuilding sector, which is developing at a rapid pace. Digital transformation is at the forefront of competition and globalization. This trend requires the shipbuilding industry to find a road map that will enable it to adapt to the digital age. The increasing use of modern technologies in shipbuilding is escalating the market growth. Technologies, such as 3D printing, engines powered by LNG, cybersecurity, digital platforms, fuel optimization systems, smart ship solutions, laser cladding machines, Internet of Things, new material, robotics, virtual and augmented reality, and others are propelling the demand for shipbuilders.

For instance, in July 2022, French LNG containment specialist GTT signed a contract for its smart shipping solution GTT Digital to equip more than thirty vessels of an LNG shipment company within two years. The contract provides for deploying sensors, automatic data collection systems, and "intelligent software" to monitor and optimize ship energy consumption and environmental performance.

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Marine Vessel Market Growth Factors

International Maritime Trade has Continued to Grow to Propel the Market Growth

The backbone of globalization and industrialization is sea transport, which promotes supply chains facilitating trade across borders. The increasing focus of major suppliers in various markets relying on sea routes for transport is driving the market. Higher focus from raw material suppliers and commodity market suppliers to transport cargo through marine shipments is estimated to drive market growth as it reduces fairly low carbon emissions compared to road freight transportation. Due to increased demand for large volumes of products, particularly crude oil, steel, ore, and finished goods, such as motor vehicles, predominantly from developing countries, shipping has experienced strong growth over the last decade. The trans-shipment of goods by sea or other waterways and their transit through the world's seaports account for about the largest trade volume.

The rise in trade volume is increasing the demand for ships. Further, as per the UNCTAD report, 11,055 million tons of goods were transported in 2019 and 10,631 million tons in 2020. Moreover, the demand for tankers, cargo ships, commercial bulk carriers, and special purpose vessels will increase due to an upward trend in international seaborne trade or maritime transportation, reinforcing the shipbuilding sector's outlook.

Increase in Trade-related Agreements Aids the Market Growth

Numerous trade agreements have been concluded as regards the transportation of goods by both developed and developing countries. Suppliers have, therefore, shifted the choice of waterways  as a more efficient mode of transport. This increased tendency has led to better and more efficient container carriers with different sizes and capacities being developed by the cargo vessel operators, thus driving the marine vessel market growth. Furthermore, FTAs made reductions in customs duties and taxes possible. The post-pandemic recovery resulted in a rapid acceleration in freight and cargo transportation movement in all sectors, leading to higher demand for marine vessels. Thus, an increase in cargo movements through seaways also witnessed a significant change, resulting in market growth.

In addition, as exporters and importers do not owe taxes to the government, there has been a growth in trade activities. Countries in trade blocs are relaxing their bans, making doing business easier. The increased demand for better containers is thus a consequence of the boom in trade agreements, which also supports shipbuilding market growth globally. For instance, in September 2022, India actively participated in regional and multilateral trade negotiations to diversify and improve its export market while ensuring access to natural resources, intermediates, and capital goods that will support national production.


High Development, Manufacturing, and Maintenance Costs of Marine Vessels Hamper Market Growth

The high development cost of building a marine vessel is a prime factor that hampers the marine vessel market growth. Vessels and surface combatants include highly expensive sensors, electrical, power generation, communication, and other management systems. Rapidly changing technology in the sensor systems is accountable for replacing the conventional system. Therefore, the high cost of building naval warships is restraining the market growth. Further, the costs for maintenance and repair of ships are about 10% but could rise to as much as 25% to 30% of the total cost of operations in older vessels.

The age of the vessel has often been associated with these costs. Still, it is also caused by unforeseen repairs, inadequate spare parts, and a lack of qualified technicians. Preparing and implementing a maintenance plan when the ship starts to operate and during its design phase can mitigate these problems.

Marine Vessel Market Segmentation Analysis

The global market is segmented into ship type, dead weight, system, and solution.

By Ship Type Analysis

Container Ships Segment to Gain Momentum Due to High Demand for Global Trade During Forecast Period

Based on the ship type, the market is segmented into container ships, passenger ships, bulk carriers, tankers, offshore ships, specialty vessel, general cargo ship, and others. In other segments, we have considered the ferry boat, cruise ship, LNG & LPG carrier, and various tankers.

The container ships segment held the largest market share in 2023 and is estimated to be the fastest-growing segment during 2024-2032. The growth is due to its increasing applications for carrying loads in large amounts, and it can carry up to 24,000 GT. The increasing demand for container ships globally will fuel segmental growth during the forecast period. For instance, in April 2023, China State Shipbuilding Company (CSSC) and French container ship operator CMA CGM signed a deal for sixteen container ships of USD 3.06 billion, breaking the record as China's most expensive vessel purchase in history. The agreement calls for 12 dual-fuel methanol container ships with 4 LCF LNG containers and 15,000 20-foot equivalent units capable of holding 23,000 Twenty-foot Equivalent Units. (TEUs). The increasing demand for freight and cargo sea transportation is one of the major factors contributing to the segment growth. 

Moreover, the bulk carriers segment is the second fastest-growing segment. The increasing demand for bulk carriers for transporting large amounts of goods, such as cereals, coals, grains, ore, cement, and so on, catalyzes segmental growth. Further, bulk carriers have a large carrying capacity of up to 300,000 tons, and increasing technological aspects in bulk carriers are increasing demand. For instance, in June 2023, Kansai Electric Power Co (KEPCO) signed a contract with Japanese shipping giant Mitsui O.S.K. Lines (MOL) to manufacture a dual-filled bulk carrier that is capable of burning either conventional marine fuel oil or liquid natural gas LNG. It's going to be built at Oshima Shipbuilding Co.

By Dead Weight Analysis

25,000 GT to 59,999 GT Segment Set to Grow due to the Rising Demand for the Transportation of Goods

Based on the dead weight, the market is segmented into 100 GT to 499 GT, 500 GT to 24,999 GT, 25,000 GT to 59,999 GT, and above 60,000 GT.

The 25,000 GT to 59,999 GT segment is estimated to be the fastest-growing segment from 2024-2032. We have considered container ships, chemical tankers, and so on in this segment. The growing demand for these ships globally is fueling segmental growth. For instance, according to a report by UNCTAD 2022, the oil tanker fleet increased by 29% to 30% in 2022.

Further, the above 60,000 GT segment accounted for the largest market share in 2023. Under the 60,000 Gt weight, we have considered bulk carriers, container ships, liquefied gas carriers, and other ships. Furthermore, according to the UNCTAD 2022 report, the general cargo share in total carrying capacity increased by 4% to 5% in the heavy dead weight category.

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By System Analysis

Increasing Technological Trends and Advancement in Different Systems are Propelling Segmental Market Growth

Based on the system, the market is divided into a propulsion system, control system, electrical system, outer structure, power generator system, deck machinery, and others.

The propulsion system segment accounted for the largest market share in 2023 and is likely to be the fastest-growing segment from 2024 to 2032. Decarbonization and environmental regulations, such as the Carbon Intensity Indicator (CII), will continue to drive fleet renewal by various vessel owners. The increasing research and development of propulsion systems is propelling the market growth. For instance, in December 2022, a joint venture, SAL Heavy Lift, and Netherlands-based Jumbo Shipping awarded a contract to Wartsila for four methanol hybrid propulsion systems. The methanol hybrid propulsion system is being built at the Wuhu Shipyard in China.

Furthermore, the deck machinery segment is the second-fastest growing segment. The increasing utilization of deck machinery for different applications of ships is driving the demand for segmental growth. For instance, in November 2022, Pelagic Wind Services awarded a contract to Kongsberg Maritime to design and equipment for new CSOVs. The equipment package comprises deck machinery, a hybrid propulsion system, a power electrical system, and others.

By Solution Analysis

Increasing Indigenous Manufacturing of Ships by Emerging Countries is Driving Market Growth 

On the basis of the solution, the market is segmented into line fit and retro fit.

The line fit segment accounted for the largest marine vessel market share in 2023 and is expected to be the fastest-growing segment from 2024 to 2032. Increasing focus on indigenous production of ships by emerging countries is expected to boost segment growth in the coming years. For instance, in April 2023, France and China signed the world's biggest shipbuilding contract. French shipping company CMA CGM and China State Shipbuilding Corp. (CSSC) struck an agreement to build 21 container ships. The total value of the contract was USD 3.06 billion.

The retro fit segment is growing side by side to line fit as major countries focus on the modernization and upgradation of their marine fleet with next-generation technologies. Moreover, IMO’s 2023 regulation to reduce GHG emission target is to reduce emissions from the international shipping industry by nearly 40% by 2030 & 70% by 2050 compared to the 2008 levels of GHG emission. The new regulation affects ships' efficiency and carbon emissions effective from January 2023. The new regulation transforms international shipping and creates a new wave of uncertainty. The regulation affects both commercial as well as non-commercial marine vessels.          


Based on regions, the market is classified into Europe, North America, Asia Pacific, and the Rest of the World.

Asia Pacific Marine Vessel Market Size, 2023 (USD Billion)

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The market in the Asia Pacific accounted for the largest marine vessel market share in 2023. It is likely the fastest-growing region during the forecast period due to China, Japan, and South Korea's increased marine fleet. In addition, according to the UNCTAD Report 2021, China, Japan, and the Republic of Korea accounted for 94% of the shipbuilding market. For instance, in March 2023, Cummins announced a new hybrid-compatible B4.5 propulsion and auxiliary engine for Asia Pacific marine markets. Available as a stand-alone engine with a control system, as a generator set, or as a hybrid-ready package, the light but power-dense B4.5 is designed for both recreational and commercial marine applications.

Europe is expected to be the second fastest-growing region during the forecast period. Growing investments from private firms to build marine ships in the region are projected to boost the marine vessel demand owing to trends in roll-out carriers. The presence of key marine vessel producers and the second-largest fleet in the region has propelled the global market growth. For instance, in November 2022, a Greek ship-owner contracted Hanwha Ocean (former Daewoo Shipbuilding & Marine Engineering) to build the LNG carriers for Maran Gas. The total contract was worth USD 466 million. Hanwha will build construction of two 174,000 cubic meter class LNG carriers equipped with a high-pressure dual-fuel propulsion engine (ME-GI). Marine vessels will be built at the Okpo Shipyard and are expected to be delivered in 2026.

North America is expected to grow at a significant CAGR during the forecast period. The increased federal funding for procuring marine ships by the U.S. government and growing demand for next-generation and advanced technological ships for maritime transportation are expected to drive the market's growth. For instance, in September 2022, BCI Marine will supply its marine engines to Canada’s OXE Marine high-performance diesel outboard engines distributor. The engines are designed for commercial users who need a low-maintenance, long-range engine that provides excellent performance and is extremely durable.

Latin America significantly ensures a wide distribution of goods through supply chains, including those considered essential, such as food and medical supplies. Thus, the market is expected to grow significantly in the region due to the adoption of hybrid propulsion in the marine shipping industry. In November 2020, Wartsila and CBO to partner in Latin America’s first hybrid vessel upgrade project. Both companies agreed to convert a vessel to operate with hybrid propulsion. The vessels are to be fitted with a battery pack for hybrid propulsion, improving the vessel’s energy consumption and reducing its carbon footprint.

Middle East & Africa has projected a steady growth owing to the increasing transportation of goods globally. For instance, in May 2023, AD Ports Group announced to buy five bulk carriers from Saif Powertec, the company in Bangladesh, for the movement of general cargo and dry bulk cargo between the UAE’s Fujairah Port and Bangladesh. The acquisitions of vessels will expand the operations of the group’s shipping division under its Maritime Cluster and help it meet its global expansion targets.

List of Key Companies in Marine Vessel Market

Top Market Players Concentrate on Mergers & Acquisitions for Business Expansion

The market is fragmented as many companies are engaged in producing marine vessels. To design and develop marine ships, Original Equipment Manufacturers (OEMs) launched innovative technologies, including robotic systems, 3D printing, and integrated electric propulsion.

General Dynamics Corporation, Thales Group, Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Co. Ltd (South Korea), and BAE Systems were some of the top marine vessel manufacturers in 2022. In the first quarter of 2021, Hyundai Heavy Industries Co. Ltd. acquired the Daewoo Shipbuilding & Marine Engineering Co. (DSME). In 2019, China State Shipbuilding Corporation (CSSC) completed a merger with China Shipbuilding Industry Company (CSIC) to form a new shipbuilding company.



  • July 2023 – Hyundai Mipo Dockyard announced plans to develop an advanced Hybrid Electric Propulsion System with next-generation positioning for a commercial service operation vessel (CSOV) with the Korea Register of Shipping (KR).

  • June 2023 – A major contract with Acta Marine for the construction of two further CSOVs, Construction Service Vessels, recently concluded between Tersan, one of the main shipyards in the shipping sector. This new contract brings Tersan Shipyards' order book up to four sister projects of Acta Marine, following the two CSOVs currently under construction.

  • June 2023 -  Udupi Cochin Shipyard Limited (UCSL), the Indian government-run shipbuilder bagged an international order to design and construct six new-generation 3800 DWT cargo vessels for a Norwegian firm, Wilson Shipowning AS. A contract of USD 72 million has been concluded with the possibility of buying eight more ships. The first vessel is to be delivered in December 2024; the rest are due for completion by March 2026.

  • April 2023 – Chinese shipyard China Merchants Heavy Industry-Jiangsu awarded a first contract to French LNG containment specialist GTT to design four new LNGCs (Liquified Natural Gas Carriers) on behalf of European ship-owners.

  • March 2023 – South Korean Shipyard Samsung Heavy Industries (SHI) awarded a contract to French LNG containment specialist GTT to design the new FLNG (Floating Liquified Natural Gas) on behalf of an Asian company.

  • January 2022 – French shipping company TOWT (TransOceanic Wind Transport) signed a shipbuilding contract for its custom-designed, new sailing cargo ship. It is expected to be put into service in the summer of 2023 by the Piriou Marine Shipyard, which is based in France.


An Infographic Representation of Marine Vessel Market

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The market research report provides a detailed analysis of the market. It focuses on key aspects such as leading companies, different platforms, systems, and applications of Marine Vessel. Besides this, the report offers insights into the global market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the developed market in recent years.

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Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 5.6% over 2024 to 2032


Value (USD Billion)


By Ship Type

  • Container Ships

  • Passenger Ships

  • Bulk Carriers

  • Tankers

  • Offshore Ships

  • Specialty Vessel

  • General Cargo Ship

  • Others

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 System

  • Propulsion System

  • Control System

  • Electrical System

  • Outer Structure

  • Power Generator System

  • Deck Machinery

  • Others

By Solution

  • Line Fit

  • Retro Fit

By Geography

  • North America (By Ship Type, By Dead Weight, By System, By Solution, and Country)

    • U.S.

    • Canada

  • Europe (By Ship Type, By Dead Weight, By System, By Solution, and Country)

    • U.K.

    • Germany

    • Greece

    • France

    • Russia

    • Rest of Europe

  • Asia Pacific (By Ship Type, By Dead Weight, By System, By Solution, and Country)

    • China

    • Japan

    • Singapore

    • Republic of Korea

    • Taiwan

    • Indonesia

    • Rest of Asia Pacific

  • Rest of the World (By Ship Type, By Dead Weight, By System, By Solution, and Country)

    • Latin America

    • Middle East & Africa

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 152.38 billion in 2023 and is projected to reach USD 247.96 billion by 2032.

Registering a CAGR of 5.6%, the market will exhibit steady growth during the forecast period (2024-2032).

The line fit in the solution segment is expected to lead this market during the forecast period due to growing procurement contracts of warships from naval forces.

Hyundai Heavy Industries Co. Ltd. is the leading player in the global market.

Asia Pacific dominated the market in terms of share in 2023.

Shipbuilding is concerned with producing larger, mainly seagoing vessels for merchant fleets, cargo or passenger transport, offshore energy, and military purposes.

Technologies beginning to be used in shipbuilding, such as 3D printing, robotics, virtual and augmented reality, VR & AR engines using liquefied natural gas, Laser Cladding Machines, etc. Without the use of modern technologies, every industry across the globe will not continue to grow at a steady pace.

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