Marine Vessel Market to Exhibit 1.43% in 2028; Knutsen NYK Offshore Tankers Receives New Contract to Build Two LNG Fueled Shuttle Tankers

The global marine vessel market size is projected to grow from USD 170.75 billion in 2021 to USD 188.57 billion in 2028. Nowadays, several ship operators are utilizing renewable energy, especially solar energy as a storage option in their hybrid propulsion systems. It can reduce the need for conventional marine fuel by storing and using solar energy at night or during peak hours. Fortune Business Insights™ presented this information in a published report, titled, “Marine Vessel Market Size, Share and COVID-19 Impact Analysis, By Type (Commercial Vessel, Passenger Ship, LNG/LPG Carrier, and Special Purpose Vessel), By System (Marine Engine, Sensor System, Control System, Electrical System, Auxiliary System and Communication System), By End-User (OEM and Aftermarket), and Regional Forecast, 2021- 2028.” The report further states that the market stood at USD 168.56 billion in 2020. It is set to exhibit a CAGR of 1.43% in the forecast during 2021-2028.

CSSC Wins $1.5 Billion Contract to Construct Thirteen 16,000 Teu Boxships

In April 2021, China State Shipbuilding Corporation (CSSC) received the largest contract worth over USD 1.5 billion to build thirteen 16,000 teu boxships. Designed by CSSC Marine Design & Research Institute, these vessels will have a WinGD main engine, 51metres width, and 366metres length. They are anticipated to be delivered by 2023 and 2024. As per a company official, “This contract would help CSSC to strengthen its position in the global large-size container shipbuilding industry.” Such industry developments are set to propel the demand for these vessels in the near future.

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

Rapid Globalization and Expansion of Asian Countries to Boost Growth

The expansion of Asian economies, such as South Korea and China, and rapid globalization are set to drive maritime trade, thereby augmenting the marine vessel market growth. The United Nations Conference on Trade and Development (UNCTAD), for instance, mentioned that almost 80% of the global trade is carried out by the sea. Therefore, maritime transport is considered to play a major role in the economy and trade activities associated with GDP growth. However, international and government organizations are coming up with stringent norms to protect the environment by reducing emissions from such a type of vessels. The IMO, for instance, is planning to lower carbon dioxide (CO2) emissions by 40% from shipping till 2030. It may hinder growth.

Key Participants Aim to Strengthen Positions through R&D and New Contracts

The marine vessels industry houses a few leading companies, namely, Imabari Shipbuilding Co. Ltd., Daewoo Shipbuilding & Marine Engineering Co., Ltd., Fincantieri S.P.A., and Hyundai Heavy Industries Co., Ltd. Most of them are investing huge sums in R&D activities to develop unique marine vessels for lowering emissions. A few others are gaining new orders from government and private agencies for new vessels.

Fortune Business Insights™ lists out the names of prominent marine vessel providers present in the global market. They are as follows:

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


• Mitsubishi Heavy Industries, Ltd. (Japan)


• Kawasaki Shipbuilding Corporation (Japan)


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


• Imabari Shipbuilding Co. Ltd. (Japan)


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


• Hyundai Mipo Dockyard Co. Ltd. (South Korea)


• Fincantieri S.P.A.  (Italy)


• Daewoo Shipbuilding & Marine Engineering Co., Ltd (South Korea)

A Notable Industry Development-

• February 2019: Knutsen NYK Offshore Tankers (KNOT) won a contract to develop two new LNG fueled shuttle tankers. These will be built by Daewoo Shipbuilding & Marine Engineering Co. Ltd and would be delivered by mid-2022. They are expected to operate under time-charter contracts for around ten years in the North Sea.

Further Report Findings-

• North America held USD 8.80 billion in 2020 in terms of revenue in this industry.  


• Asia Pacific is anticipated to remain at the forefront in this industry in the upcoming years because of the presence of renowned shipbuilding companies in Japan, South Korea, and China.


• Europe is set to stand in the second position on account of the increasing initiatives by the shipbuilding industry to become the leading safe and clean ship provider.


• By type, the passenger ship segment earned 23% in terms of the marine vessel market share in 2020. This growth is attributable to the surging public transport worldwide.

The global market is segmented this way: