Fishing Vessels Market Growth to be Driven by Emerging Trends | $2.25 Billion by 2029

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What is the Projected Market Size of the Fishing Vessels Industry?
The market size for fishing vessels has seen a marked increase in recent years. The expansion is projected to continue, rising from $1.54 billion in 2024 to $1.66 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.6%. The upward trend during the historic period is a result of various factors including the heightened demand for fish in the hotel, restaurant, and cafe (HORECA) sector, global trade and seafood consumption growth, escalating fuel prices and eco-awareness, greater focus on sustainable fishing practices, and tighter governmental regulation.

What Will Be the Size of the Fishing Vessels Market by 2029?
Expectations are high for the fishing vessels market, with predictions conceiving a substantial surge over the approaching years. The market is set for expansion, with projections set to reach $2.25 billion by 2029 and a CAGR of 7.8%. This upturn in the predicted timeline is ascribed to factors such as an intensified focus on deep-sea fishing, an upswing in fishing production, a growing concentration on deep-sea fishing, the launching of new fishing vessels, mounting concerns for the safety and welfare of crew members, and heightened competition amongst fishing firms. The forecast period also predicts major trends which include technological progression, trawler design innovation, the advent of smart vessel design, path and communication innovations, and advancements in fishery technologies.

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What Are the Key Drivers Accelerating Growth in the Fishing Vessels Market?
The boost in the consumption of seafood is anticipated to drive the expansion of the fishing vessel industry. Seafood encompasses all aquatic life that humans consume, including fish and shellfish. The escalated consumption is attributed to the growing population and rising incomes, a tilt towards seafood consumption, and the expansion of aquaculture. Fishing vessels are crucial for the effective gathering, storage, and distribution of seafood from the sea. They promote eco-friendly fishing approaches, contribute to the economic wellbeing of seaside communities, and allow entry to distant fishing regions. For example, The State of World Fisheries and Aquaculture (SOFIA) reported in July 2024 that, according to the Food and Agriculture Organization (FAO), a US-based agency dedicated to eradicating hunger worldwide, global fishery and aquaculture output amounted to 223.2 million tons in 2022, marking a 4.4% growth from 2020. As such, the growing demand for seafood globally fuels the expansion of the fishing vessel sector.

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How Is the Fishing Vessels Market Segmented by Type, Application, and Region?
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

What Are the Key Trends Driving Growth in the Fishing Vessels Market?
Leading businesses that dominate the fishing vessels industry are prioritizing the creation of groundbreaking products like multipurpose fishing vessels that can smoothly manage a plethora of fishing methods. A multipurpose large fishing vessel serves as a maritime vehicle meticulously designed for performing diverse fishing operations competently and efficiently; it is equipped with a range of fishing gear, including trawl nets and longlines, eradicating the need for extensive modifications. For example, NAVANEX, a company specializing in boat building based in Canada, introduced a new Multipurpose Large fishing vessel in November 2023. This ship is engineered to offer flexibility and reliability for year-round fishing, catching everything from snow crab in the spring to redfish during autumn and winter. The newly launched vessel comes with an enhanced hull design and a built-in stabilizer fin system to improve flow resistance. A Yanmar propulsion engine powers it, which comes with a NOx exhaust gas treatment system that adheres to environmental standards.

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Who Are the Leading Companies 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 Is the Leading Region in the Global Fishing Vessels Market?
North America was the largest region in the fishing vessels market in 2024. 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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