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Marine Vessel Market Size, Share and Industry Analysis, by Type (Commercial Vessel, Passenger Ship, LNG/LPG Carrier, and Special Purpose Vessel), By System (Marine Engine System, Sensor System, Control System, Electrical System, Auxiliary System, and Communication System), and Regional Forecast, 2019- 2026

Region : Global | Format: PDF | Report ID: FBI102699



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The global marine vessel market Size was valued at USD 201.36 billion in 2018 and is projected to reach USD 220.18 billion by 2026, exhibiting a CAGR of 1.10% during the forecast period.

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The marine vessel industry is dependent on the volume of global maritime trade and global shipping demand. Both are influenced by the performance of international markets; the demand for ship increases during economic growth and decreases during the recession. As stated by the Maritime Publications, seaborne transport accounts for almost 90% of international trade as measured by tonne-miles. Therefore it is clear that maritime transport is an engine of global trade and economy and closely follows the GDP growth of the nation. The marine vessel market is anticipated to propagate at a slow but steady pace through the forecast period.


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Shift from Conventional Propulsion to Hybrid Propulsion System

Huge marine vessels consume a large amount of fuel and thus contribute to global warming. However, fuel is the main cost factor for many shipping companies. Hence, improving energy efficiency is the main driver for innovation in the shipping industry, thus creating new opportunities for the OEMs in the shipbuilding market. The switch from the fuel-based conventional propulsion system to the environment-friendly hybrid propulsion is driven by the efficiency and cost-effectiveness of the hybrid propulsion system. Many marine ships operators are using renewable energy such as solar energy as a storage option in marine hybrid propulsion systems. In marine hybrid propulsion system, the stored solar energy is utilized during peak hours or at night, reducing the 24X7 need for conventional marine fuel. Moreover, strict regulations associated with the reduction of harmful carbon emissions have increased the demand for hybrid propulsion systems in the marine vessels market.


The surge in Global Sea Trade to Fuel the Shipbuilding Market Growth

Maritime transport is the pillar of international trade and the global economy. The rise in seaborne trade across the globe is expected to fuel the growth of the market during the forecast period. According to Maritime Publications, around 80% of the global trade by volume and over 70% of the global trade by value are carried by sea and are controlled by ports worldwide.

Globalization and rapid expansion of Asian economies such as Japan, China, and South Korea play a major role in maritime trade growth. Most of the marine vessel manufacturing facilities are placed in these countries, which, in turn, is expected to drive the marine vessel market during the forecast period.

Demolition Of Older Vessels Due To rising In Demand For Iron Ore Is Driving The Market Growth

An increase in the decommissioning of older marine vessels and scrapping of obsolete marine vessels is estimated to create the demand for the shipbuilding market in the forecast period. For instance, more than 27 units were demolished or scrapped through the year 2019. It is expected that a similar number of marine vessels will be demolished with an adequate growth rate throughout the forecast period. Regulatory authorities are also weighting for demolitions of the older fleet with incentives in their capital expenditure. 

Merchant companies to replace their older marine ships with new and advanced marine ships owing to the rise in demand for iron ore and raw materials from across the globe. This replacement of older vessels with new vessels is another factor behind the lucrative opportunities during the forecast period. Thus, the replacement of an older fleet is driving the marine vessels market.


Environmental Regulations to Hinder the Market Growth

Although ocean transportation is seen as the least polluting mode of transport, several regulations associated with environmental protection have been introduced by governments to decrease the negative effects of vessels on the environment. The implementation of such regulations in the new marine vessel fleet is challenging and may hamper the growth of the market.

Moreover, several governments are spending on research and development to minimize pollution. For instance, the government of China has made investments in the marine environment technology, clean production, production of equipment or new materials, use of renewable energies, recycling, and environmental protection burden on the shipbuilding OEMs that will affect the marine vessel market growth.


By Type Analysis

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Passenger Ship Segment Expected to Grow During the Forecast Period.

Based on the type, the market is classified into the commercial vessel, passenger ship, LNG/LPG carriers, and special purpose vessel. The commercial segment was estimated to be the largest segment in 2018, owing to the rise in maritime trade. The commercial segment is further sub-segmented into bulk carriers, container ships, tankers, auto carriers, and roll-in/roll-out (RO-RO) carriers.

Due to the increase in public transport, the passenger ship segment is predicted to be the fastest-growing segment during the forecast period. The LNG/LPG carrier segment is expected to grow at a steady pace through the forecast period, owing to rise in demand for fuel and oil.

The demand for auto carriers and RO-RO carriers is expected to rise during the forecast period whereas the demand for bulk carriers, tankers and container ships is predicted to decline.

The passenger ship is sub-segmented into cruise ship and ferryboats. A cruise ship is a large passenger ship used for ocean expeditions. The cruise ship segment is anticipated to dominate the market and is expected to be the fastest-growing segment during the forecast period.

A ferry is a vessel used to carry passengers and at times vehicles and cargo, across a water body. Owing to the increase in tourism, the demand for ferryboats is rising. The ferryboat segment is expected to support the growth of the market. Europe is the leading region in the passenger ship segment.

The special-purpose vessel segment includes a research vessel and other. Research vessels carry out various types of research such as oceanographic research, fisheries research, naval research, polar research, and others. Demand for research vessel is anticipated to rise during the forecast period as emerging economies such as China, India, and Latin American countries are investing in the expansion of their oceanographic research fleets as they venture out further in the expedition for energy sources and other raw materials.

By System Analysis

By system, the market is segmented into marine engine system, sensor system, control system, electrical system, auxiliary system, and communication system. The control system segment is expected to be the largest segment, followed by auxiliary systems.

The control system includes a combat management system, an integrated bridge system, an automated power management system, and an integrated platform management system. Electrical systems contain control panels (AC/DC) switchboards, distribution boards, starters, and ship degaussing systems. Rapid commercialization of IoT sensors in marine auxiliary power unit (APUs) systems and marine engines for monitoring and inspection is expected to drive the system segment of the marine vessels market. An increase in the use of satellite communication systems for marine navigation, communication, and continuous vessel monitoring is driving the marine communication systems.


North America Marine Vessel Market Size, 2018 (USD Billion)

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The findings based on our research methodology indicated that Asia Pacific held the largest marine ship's market share in 2018. Owing to the presence of several commercial shipbuilding companies in emerging economies such as China, South Korea, and Japan, the region will continue to dominate the market throughout the forecast period. China is expected to dominate the market. Followed by China, Japan and South Korea also played a vital role in the market.

Europe is expected to be the fastest-growing segment during the forecast period.  The Fincantieri S.P.A. is the largest shipbuilder in the western region. The European shipbuilding industry is a leader in the innovation of eco-friendly technology.


Growing Adoption of Innovative Concepts in Shipbuilding Industry and Long Term Shipbuilding Contracts to Drive the Market

The competitive landscape of the shipbuilding market depicts the domination of selected players such as Hyundai Heavy Industries Co., Ltd., Imabari Shipbuilding Co. Ltd., Fincantieri S.P.A., and among others. Various organizations have invested in fleet expansion, to replace older vessels, and heighten their position in the global market. These companies are adopting mergers and acquisitions to sustain in the market.



  • October 2019- Germany based shipbuilding company Flensburger-Schiffbau-Gesellschaft (FSG) has delivered 8th marine ship, 32,336 GT roll-on/roll-off (RoRo) ferry to Norwegian company Siem Europe. The company has also delivered its 7th RoRo ship in August 2019.

  • September 2016 – The China State Shipbuilding Corporation (CSSC) and the Italian manufacturer Ficantieri S.P.A. formed a joint venture to build the first two cruise ships in China for the Chinese market, with an option for two more ships, the first delivery is expected in 2022.


The marine vessel market report offers qualitative and quantitative insights on the marine vessels and detailed analysis of market size & growth rate for the segments in the market.

An Infographic Representation of Marine Vessel Market

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Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the adoption of advanced technology, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.

Report Scope & Segmentation:



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD Billion)

By Type

  • Commercial

    • Bulk Carrier

    • Container Ship

    • Tanker

    • Auto Carriers

    • Roll-In/Roll-Out Carrier

  • Passenger Ship

    • Ferry Boat

    • Cruise Ship

  • LNG/LPG Carrier

  • Special Purpose Vessel

By System

  • Marine Engine System

  • Sensor System

  • Control System

  • Electrical System

  • Auxiliary System

  • Communication System

By Region

  • North America (the U.S. and Canada)

  • Europe (the U.K., Germany, France, Russia, Norway and Rest of Europe)

  • Asia Pacific (Japan, China, India, South Korea and Rest of Asia Pacific)

  • Rest of the World (Latin America and the Middle East )

Frequently Asked Questions

In 2018, the global market was USD 201.36 Bn, and it is anticipated to reach USD 220.18 Bn by 2026, growing at a CAGR of 1.10% during the forecast period (2019-2026).

In the market, commercial vessel, passenger ship, and MRO are the leading segments.

Some of the driving factors for the market are the rising public transport owing to increased tourism to fuel the market for passenger ship market, and increased demand for global sea trade to increase the demand for commercial vessel market.

In the market, some of the key players are Hyundai Heavy Industries Co. Ltd., Imabari Shipbuilding Co. Ltd., and Fincantieri S.P.A. These players are focusing on acquisition and collaborating with domestic players to strengthen their portfolios.

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Marine Vessel Market Size, Share and Global Industry Trend Forecast till 2026
  • Apr, 2020
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