Cargo Vessel Market Size, Share, Trends & Industry Growth by 2032

The global cargo vessel market size was valued at USD 37.07 billion in 2022. The market is projected to grow from USD 49.22 billion in 2023 to USD 61.77 billion by 2030, exhibiting a CAGR of 3.3% during the forecast period.
Cargo vessels are mainly used to transport materials and goods from one port to another. The cargo vessels are divided in size based on the transporting cargo, such as panamax, capsize, handysize, and handymax. The rising preference toward cargo transport by industries, such as oil & gas, food & beverages, automotive, and others is estimated to drive market growth during the forecast period.

Fortune Business Insights™ mentioned this in a report titled, "Cargo Vessel Market, 2023-2030."

𝐆𝐞𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/marine-parallel-hybrid-propulsion-market-108735

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐏𝐫𝐞𝐬𝐞𝐧𝐭 𝐢𝐧 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
• Hyundai Heavy Industries Co. Ltd (HHI) (South Korea)
• Namura Shipbuilding Co Ltd (Japan)
• Damen Shipyards Group (Netherlands)
• Korea Shipbuilding & Offshore Engineering (South Korea)
• Samsung Heavy Industries (South Korea)
• Daewoo Shipbuilding & Marine Engineering (South Korea)
• General Dynamic NASSCO (U.S.)
• Mitsubishi Heavy Industries (Japan)
• Mazagon Dock Shipbuilders Limited (India)
• China State Shipbuilding Corporation (China)

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬
𝐓𝐚𝐧𝐤𝐞𝐫 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐀𝐮𝐠𝐦𝐞𝐧𝐭𝐞𝐝 𝐛𝐲 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 𝐭𝐨 𝐂𝐚𝐫𝐫𝐲 𝐋𝐨𝐚𝐝𝐬
Based on ship type, the market is divided into tanker, bulk carriers, container ships, general cargo vessel, roll on/roll off ships, and others. The tanker segment held the largest market share in 2022 owing to the rising applications to carry loads in large amounts and the rising demand for container ships globally.

𝐑𝐢𝐬𝐢𝐧𝐠 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐋𝐍𝐆 𝐅𝐮𝐞𝐥 𝐭𝐨 𝐏𝐫𝐨𝐩𝐞𝐥 𝐋𝐍𝐆 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐆𝐫𝐨𝐰𝐭𝐡
By fuel type, the market is segmented into diesel and gasoline, hybrid, LNG, and others. The LNG segment is expected to be the fastest-growing segment during the projected period. The segment's growth is attributed to the rising demand for LNG fuel over conventional fuel to decrease emissions and help fleets meet new international environmental regulations.

𝐇𝐢𝐠𝐡 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝟓𝟎𝟎𝟎𝟎 𝐆𝐓 𝐒𝐡𝐢𝐩𝐬 𝐀𝐜𝐫𝐨𝐬𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬 𝐀𝐮𝐠𝐦𝐞𝐧𝐭𝐞𝐝 𝐭𝐡𝐞 𝐁𝐞𝐥𝐨𝐰 𝟓𝟎𝟎𝟎𝟎 𝐆𝐓 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐆𝐫𝐨𝐰𝐭𝐡
Based on gross tonnage, the market is classified into below 50000 GT, 50000 - 120000 GT, and above 120000 GT. The below 50000 GT segment held the largest market share in 2022. The growth is attributed to the high demand for below 50000 GT ships across industries, such as chemical, automotive, and others.

𝐑𝐢𝐬𝐢𝐧𝐠 𝐃𝐞𝐦𝐚𝐧𝐝 𝐨𝐟 𝟕𝟓𝟎𝟎𝟎 - 𝟐𝟎𝟎𝟎𝟎𝟎 𝐃𝐖𝐓 𝐒𝐡𝐢𝐩𝐬 𝐆𝐥𝐨𝐛𝐚𝐥𝐥𝐲 𝐭𝐨 𝐃𝐫𝐢𝐯𝐞 𝟕𝟓𝟎𝟎𝟎 - 𝟐𝟎𝟎𝟎𝟎𝟎 𝐃𝐖𝐓 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐆𝐫𝐨𝐰𝐭𝐡
By deadweight, the market is categorized into below 75000 DWT, 75000 - 200000 DWT, and above 200000 DWT. The 75000 - 200000 DWT segment is expected to be the fastest-growing segment during the forecast period and held the largest market share in 2022 owing to the high demand for 75000 - 200000 DWT ships, such as medium and large-sized container ships, oil tankers, and others, globally.

Geographically, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

𝐀𝐬𝐤 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧:
https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/marine-parallel-hybrid-propulsion-market-108735

𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞
The report provides major growth drivers, restraining factors, opportunities, and potential challenges for the market. It offers comprehensive insights into regional developments, a list of major industry players, key strategies adopted by market players, and the latest industry developments, including product launches, partnerships, mergers, and acquisitions.

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 & 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬
𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐄𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞𝐧𝐞𝐬𝐬 𝐨𝐟 𝐒𝐡𝐢𝐩𝐩𝐢𝐧𝐠 𝐭𝐨 𝐏𝐫𝐨𝐩𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡
The increasing effectiveness of shipping as a mode of transport and high entrepreneurship liberalization is expected to drive the cargo vessel market growth during the forecast period. The free trade and rising demand for consumer goods underpinned by increasing industrialization and national economy liberalization drive market growth.
However, a cargo vessel's cyclic nature puts excess capacity pressure on shipbuilders during the peak, affecting producers' operational activities and profitability and may hinder market growth.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬
𝐀𝐬𝐢𝐚 𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐌𝐚𝐫𝐤𝐞𝐭 𝐭𝐨 𝐆𝐫𝐨𝐰 𝐃𝐮𝐞 𝐭𝐨 𝐭𝐡𝐞 𝐑𝐚𝐢𝐬𝐞𝐝 𝐌𝐚𝐫𝐢𝐧𝐞 𝐅𝐥𝐞𝐞𝐭 𝐛𝐲 𝐀𝐬𝐢𝐚 𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐂𝐨𝐮𝐧𝐭𝐫𝐢𝐞𝐬
The Asia Pacific market held the largest cargo vessel market share in 2022 and is expected to be the fastest-growing region during the forecast period. The increased marine fleet in Asia Pacific countries, such as Japan, China, and South Korea.
Europe is expected to be the second fastest-growing region during the forecast period, owing to the presence of the second-largest fleet and key players in the region.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞
𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐋𝐚𝐮𝐧𝐜𝐡 𝐨𝐟 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐝 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐛𝐲 𝐎𝐄𝐌𝐬 𝐭𝐨 𝐃𝐞𝐬𝐢𝐠𝐧 𝐌𝐚𝐫𝐢𝐧𝐞 𝐒𝐡𝐢𝐩𝐬 𝐃𝐫𝐢𝐯𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡
The cargo vessel market includes Thales Group, General Dynamics Corporation, Mitsubishi Heavy Industries Co. Ltd, Hyundai Heavy Industries Co. Ltd, and BAE Systems. The increasing launches of advanced technologies, such as integrated electric propulsion, robotic systems, and 3D printing, by the original equipment manufacturers (OEMs) to design and develop marine ships are expected to drive market growth.

𝐊𝐞𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭
𝐌𝐚𝐲 𝟐𝟎𝟐𝟑 - Kamel Al-Wazir, transport minister of Egypt, signed a construction contract for two multi-purpose ships MPC14K between Alkahera Company for Ferries and Maritime Transport (KCFMT), affiliated to the Ministry of Transport and Korean Daesun Shipbuilding and Engineering.

𝐆𝐞𝐭 𝐚 𝐐𝐮𝐨𝐭𝐞:
https://www.fortunebusinessinsights.com/enquiry/get-a-quote/marine-parallel-hybrid-propulsion-market-108735

𝐑𝐞𝐚𝐝 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
𝐌𝐚𝐫𝐢𝐧𝐞 𝐇𝐲𝐛𝐫𝐢𝐝 𝐏𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭
https://www.fortunebusinessinsights.com/industry-reports/marine-hybrid-propulsion-market-100128
𝐀𝐳𝐢𝐦𝐮𝐭𝐡 𝐓𝐡𝐫𝐮𝐬𝐭𝐞𝐫𝐬 𝐌𝐚𝐫𝐤𝐞𝐭
https://www.fortunebusinessinsights.com/azimuth-thrusters-market-103517
𝐓𝐮𝐠𝐛𝐨𝐚𝐭 𝐌𝐚𝐫𝐤𝐞𝐭
https://www.fortunebusinessinsights.com/tugboats-market-108157

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