2025-2034 Fishing Vessels Market Evolution: Disruptions, Innovations, and Untapped Opportunities

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What Is the Expected CAGR for the Fishing Vessels Market Through 2025?
Recent years have seen a robust growth in the fishing vessels market. Its size is projected to increase from $1.54 billion in 2024 to $1.68 billion in 2025, registering a compound annual growth rate (CAGR) of 8.7%. The historic acceleration in this market can be attributed to several contributing factors. These include the rising demand for fish in the hotel, restaurant, and cafe (HORECA) industry, growth in global trade and seafood consumption, escalating fuel costs, growing environmental concerns, an enhanced focus on sustainable fishing practices and the implementation of additional government regulations.

What's the Projected Size of the Global Fishing Vessels Market by 2029?
Strong expansion is anticipated for the fishing vessels market in the coming years, with predictions of it reaching $2.31 billion in 2029, demonstrating a compound annual growth rate (CAGR) of 8.3%. This projected growth during the forecast period can be ascribed to an increased emphasis on deep-sea fishing, a surge in fishing production, a rising number of new fishing vessels entering the market, escalating concerns about crew safety and wellness, and fierce competition among fishing corporations. Noteworthy trends forecasted during this period encompass technological progressions, innovative trawler designs, intelligent vessel constructions, creative route and correspondence solutions, and advancements in fishery technologies.

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Top Growth Drivers in the Fishing Vessels Industry: What's Accelerating the Market?
The increase in seafood consumption is predicted to drive the expansion of the fishing vessel industry. Seafood, encompassing fish and shellfish, is mainly consumed due to population growth, rise in income, a trend towards seafood consumption, and the expansion of aquaculture. Fishing vessels play a crucial role in the effective collection, preservation, and transportation of seafood from the sea. They advance sustainable fishing methods, aid the income of coastal communities, and provide access to distant fishing zones. For example, in July 2024, the Food and Agriculture Organization's (FAO) State of World Fisheries and Aquaculture (SOFIA) report highlighted that global fisheries and aquaculture production had a 4.4% increase from 2020, reaching 223.2 million tons in 2022. A US-based specialized agency, FAO, is at the forefront of international efforts to eradicate hunger. Consequently, the growing popularity of seafood worldwide is advancing the fishing vessel industry.

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What Trends Will Shape the Fishing Vessels Market Through 2029 and Beyond?
Leading corporations in the fishing vessels industry are prioritizing the creation of innovative product lines, including versatile fishing vessels that can manage diverse fishing techniques. A large, multifunctional fishing vessel is engineered to carry out an array of fishing operations effectively and conveniently, prepared to utilize several fishing equipment, like trawl nets and longlines, without the need for substantial alterations. For instance, NAVANEX, a boat building company headquartered in Canada, unveiled a brand-new Large multipurpose fishing vessel in November 2023. Engineered for versatility, this vessel can operate all through the year, catching snow crabs during spring and redfish during autumn and winter. The vessel is designed with an improved hull shape and a recessed stabilizer fin system to minimize flow resistance. It operates on a Yanmar propulsion engine that features a NOx exhaust gas treatment mechanism adhering to environmental norms.

What Are the Main Segments in the Fishing Vessels Market?
The fishing vessels market covered in this report is segmented -

1) By Type: Below 14 Feet, 14-16 Feet, Above 16 Feet
2) By Deck Type: Large Decks, Medium Decks, Small Decks
3) By Trawlers: Freezer Trawlers, Wet-Fish Trawlers, Side Trawlers, Outrigger Trawlers, Factory Trawlers, Stern Trawlers
4) By Application: Commercial, Recreational Fishing

Subsegments:
1) By Below 14 Feet: Small Motorized Fishing Boats, Canoes And Kayaks For Fishing, Manual Rowing Boats, Small Dinghies For Coastal Fishing, Personal Watercraft For Fishing
2) By 14-16 Feet: Small Powerboats For Fishing, Center Console Fishing Boats, Aluminum Fishing Vessels, Trailerable Fishing Boats, Family Fishing Boats
3) By Above 16 Feet: Large Motorized Fishing Vessels, Deep-Sea Fishing Boats, Trawlers And Gillnetters, Multi-Deck Fishing Vessels, Longline Fishing Boats, Commercial Fishing Boats

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Which Top Companies are Driving Growth in the Fishing Vessels Market?
Major companies operating in the fishing vessels market are HD Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., Rolls-Royce PLC, Fincantieri S.p.A., Wärtsilä Corporation, Damen Shipyards Group, Lerøy Havfisk AS, Vard Group, Austal Limited, Sanford Limited, Talley's Limited, Eastern Shipbuilding Group Inc., Groupe PIRIOU, Heinen & Hopman Engineering BV, Zamakona Yards, Nauta Shiprepair Yard, Master Boat Builders Inc., Karstensens Skibsvaerft A/S, Freire Shipyard, MacGregor

Which Regions Will Dominate the Fishing Vessels Market Through 2029?
North America was the largest region in the fishing vessels market in 2023. The regions covered in the fishing vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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