Marine Vessels Market worth $133.63 Billion by 2030, at a CAGR of 3.1%

Marine Vessels Market in terms of revenue is estimated to be worth $111.10 billion in 2024 and is poised to reach $133.63 billion by 2030, growing at a CAGR of 3.1% during the forecast period.
The report "Marine Vessels Market [https://www.marketsandmarkets.com/Market-Reports/marine-vessels-market-74199246.html?utm_source=abnewswire.com&utm_medium=PaidPR&utm_campaign=marinevesselsmarket] by Ship Type (Destroyer, Frigate, Corvette, Patrol Vessels, Passenger Vessels, Container Vessels, Tanker), Tonnage (100 - 500 DWT, 500 - 5,000 DWT, 5,000 - 15,000 DWT, >15,000 DWT), Operation and Region - Global Forecast to 2030" The global marine vessels market is projected to reach USD 133.63 billion by 2030, from USD 111.10 billion in 2024, at a CAGR of 3.1%. The growth of international trade is the primary driver in the marine vessels market. This growth increased the demand for commercial ships that transport goods worldwide. Military navies are also expanding and updating their fleets to improve their capabilities, which adds to market activity. The rising demand for passenger travel and tourism is creating a need for more vessels, such as ferries and cruise ships. Additionally, efforts to replace older ships with newer, more efficient models are supporting the growth and modernization of the marine vessels market.

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Browse 322 market data Tables and 102 Figures spread through 373 Pages and in-depth TOC on "Marine Vessels Market"

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Based on Ship Type, the commercial segment is estimated to capture the largest share of the market during the forecast period.

The commercial segment is the largest segment of the marine vessels market during the forecasted period. It plays a vital role in global trade. This segment includes vessels such as cargo ships, tankers, and container ships. Such vessels are important for transporting goods across the globe. Passenger vessels, like ferries and cruise ships, meet the rising demand for travel and tourism. This segment is growing because of expanding global trade routes. Technological advancement in this segment also boosts the demand. There is a greater need for efficient, specialized vessels in different industries.

Based on Tonnage, the 100 DWT-500 DWT segment is forecasted to grow at the highest CAGR during the forecast period.

The 100 DWT-500 DWT segment is the fastest-growing segment in the marine vessels market due to the need for small-scale transport. These vessels, like fishing boats and small cargo ships, work well in areas where larger ships can't navigate, such as rivers and coastal regions. These vessels are important for short trips in places with limited infrastructure. By supporting local trade, transporting goods between islands, and carrying out offshore tasks, these small vessels play a crucial role in sustaining local economies and supply chains.

Asia Pacific is expected to capture the largest share during the forecast period in 2024.

The Asia Pacific region is the largest in the marine vessels market because of its key role in shipbuilding, naval upgrades, and focus on sustainable technology. China, South Korea, and Japan are top producers of cargo and commercial ships worldwide. Energy and container shipping are seeing more trade volume. This has led to a higher demand for larger and more efficient ships. Countries like India and Australia are also expanding their naval fleets to improve security. Environmental regulations are promoting the use of greener technologies, such as LNG-powered ships.

The major players include China State Shipbuilding Corporation (China), FINCANTIERI S.p.A. (Italy), Huntington Ingalls Industries (US), HD Hyundai Heavy Industries Co., Ltd. (South Korea), Hanwha Ocean Co., Ltd. (South Korea), Samsung Heavy Industries Co., Ltd (South Korea), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), Naval Group (France), Austal (Australia), and Mazagon Dock Shipbuilders Limited (India).

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