PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1403545
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1403545
Marine Market Forecasts to 2030 - Global Analysis By Vessel Type, Application and By Geography
According to Stratistics MRC, the Global Marine Market is accounted for $97.5 billion in 2023 and is expected to reach $246.1 billion by 2030 growing at a CAGR of 15.3% during the forecast period. Marine refers to the ocean or sea. Seas, gulfs, and other large saltwater bodies are considered marine, as are the surrounding coastal regions and their ecosystems. Many different kinds of plants, animals, and microorganisms can be found in the marine environment, which supports a diverse range of biodiversity. The marine environment is essential to the security of food worldwide. Through fisheries and aquaculture, it offers a substantial source of protein and sustains millions of people globally.
Market Dynamics:
Driver:
Rising demand for seafood
The growing demand for seafood is a significant driver in the marine market. The demand for seafood has increased due to shifting dietary habits and a focus on healthier food options. Additionally, the increasing knowledge of the health benefits of eating seafood and its high protein and omega-3 fatty acid content has affected consumer choices. With a view to meeting the growing demand for seafood products, fishing operations, aquaculture businesses, seafood processing, and related industries have all seen notable growth in the marine market.
Restraint:
Climate change
The marine industry faces serious challenges as a result of climate change. Rising sea levels, ocean acidification, temperature changes, and variations in current patterns can all have an effect on marine ecosystems, fisheries, and coastal infrastructure. Extreme weather, shifting ocean conditions, and the impact of climate change on infrastructure are the challenges facing the offshore energy sector, which includes wind farms and oil and gas exploration. Offshore energy project development, operation, and maintenance may be impacted by these factors. Therefore, it creates a serious obstacle to the market's expansion.
Opportunity:
Sustainable aquaculture
Sustainable aquaculture techniques provide a workable way to meet the growing demand for seafood while reducing the damaging environmental effects of traditional fishing techniques. In order to meet the rising demand for fish and seafood products worldwide, sustainable aquaculture offers a way to boost seafood production. Especially in coastal areas, sustainable aquaculture can create economic opportunities. Additionally, it generates employment in a number of industries, such as distribution networks, processing centers, fish farms, hatcheries, and feed manufacturing. These opportunities propel market demand.
Threat:
Pollution and marine debris
Pollution from a range of sources, including plastic waste, oil spills, agricultural runoff, and industrial discharges, contaminates marine ecosystems. Chemical pollutants have the potential to cause harm to marine organisms, interfere with their ability to reproduce and feed, build up in the food chain, and endanger human health. Marine debris, particularly plastic waste, can harm habitats, entangle and suffocate marine life, and help create "dead zones"-areas where the oxygen content is reduced. Furthermore, natural spawning and nursery grounds can be disrupted, and fishery productivity can decrease as a result of pollution-related habitat degradation. These factors hamper market growth.
COVID-19 Impact
The COVID-19 pandemic had a significant impact on the global marine industry, affecting various sectors within the maritime industry. Global supply chains and shipping were disrupted by the pandemic. Additionally, travel restrictions and safety concerns caused a sharp decline in passenger demand, which resulted in a severe downturn for the passenger ferry and cruise industries. Financial difficulties beset the cruise industry, and many cruise lines had to suspend operations. The pandemic's financial constraints and uncertainty resulted in delays or cancellations of orders, which presented challenges for the shipbuilding industry.
The military vessels segment is expected to be the largest during the forecast period
The military vessels segment is estimated to hold the largest share. Military vessels created for security and defense make up military vessels, an essential part of the maritime fleet. These ships perform a variety of tasks, including maritime surveillance, coastal defense, and naval combat. They are essential to maintaining peacekeeping missions, securing national boundaries, and guaranteeing freedom of passage in international waterways. Strict rules and international maritime laws apply to military vessels in order to defuse tensions and advance maritime peace.
The oil and gas segment is expected to have the highest CAGR during the forecast period
The oil and gas segment is anticipated to have lucrative growth during the forecast period. Exploration and production of oil and gas constitute a substantial portion of the marine industry. In offshore or subsea contexts, it entails the exploration, drilling, extraction, and transportation of natural gas and oil resources from beneath the bottom. Oil and gas must be delivered to refineries or other onshore facilities after extraction. The transportation of these fuels is mostly dependent on tankers and pipelines. The safe and effective conveyance of these materials is guaranteed by marine transportation.
Region with largest share:
North America commanded the largest market share during the extrapolated period strong presence of shipbuilding and offshore energy activities. The commercial maritime sector continues to grow throughout North America. Many seaports in the US and Canada handle the import and export of products to and from different foreign locations. The US possesses one of the biggest and most sophisticated fleets of aircraft carriers, submarines, and surface combatants in the world. The area makes investments in marine R&D with the goal of enhancing environmental sustainability, safety, and vessel efficiency.
Region with highest CAGR:
Europe is expected to witness profitable growth over the projection period, owing to its extensive coastline and maritime heritage. Europe has a long history of manufacturing marine equipment and building ships. Europe has a large number of cruise lines, ferry services, and yachting activities, making it a popular location for maritime tourism. Particularly, the Mediterranean and Baltic Sea regions draw travelers from all over the world. Europe takes a proactive approach to marine conservation, monitoring the quality of the water in coastal areas, protecting maritime environments, and conserving biodiversity.
Key players in the market:
Some of the key players in the Marine Market include Wartsila Corporation, Caterpillar Inc., ABB, Siemens, MAN Energy Solutions, Volvo Penta, Yanmar Co., Ltd, Cummins Inc., Kongsberg Maritime, Naval Group and Bureau Veritas.
Key Developments:
In May 2023, Technology group Wartsila and DNV's industry cloud platform Veracity have entered a partnership, creating secure and seamless connectivity between Wartsila's Fleet Optimisation Solution (FOS) and Veracity.
In December 2022, Caterpillar Inc. announced collaboration with Luck Stone, the nation's largest family-owned and operated producer of crushed stone, sand and gravel, to deploy Caterpillar's autonomous solution to Luck Stone's Bull Run Plant in Chantilly, Virginia.
Vessel Types Covered:
- Commercial Ships
- Recreational Boats
- Offshore Platforms
- Military Vessels
- Submarines
- Fishing Vessels
- Other Vessel Types
Applications Covered:
- Aquaculture
- Oil and Gas
- Defense
- Transportation
- Tourism
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Marine Market, By Vessel Type
- 5.1 Introduction
- 5.2 Commercial Ships
- 5.3 Recreational Boats
- 5.4 Offshore Platforms
- 5.5 Military Vessels
- 5.6 Submarines
- 5.7 Fishing Vessels
- 5.8 Other Vessel Types
6 Global Marine Market, By Application
- 6.1 Introduction
- 6.2 Aquaculture
- 6.3 Oil and Gas
- 6.4 Defense
- 6.5 Transportation
- 6.6 Tourism
- 6.7 Other Applications
7 Global Marine Market, By Geography
- 7.1 Introduction
- 7.2 North America
- 7.2.1 US
- 7.2.2 Canada
- 7.2.3 Mexico
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 Italy
- 7.3.4 France
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 Japan
- 7.4.2 China
- 7.4.3 India
- 7.4.4 Australia
- 7.4.5 New Zealand
- 7.4.6 South Korea
- 7.4.7 Rest of Asia Pacific
- 7.5 South America
- 7.5.1 Argentina
- 7.5.2 Brazil
- 7.5.3 Chile
- 7.5.4 Rest of South America
- 7.6 Middle East & Africa
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 Qatar
- 7.6.4 South Africa
- 7.6.5 Rest of Middle East & Africa
8 Key Developments
- 8.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 8.2 Acquisitions & Mergers
- 8.3 New Product Launch
- 8.4 Expansions
- 8.5 Other Key Strategies
9 Company Profiling
- 9.1 Wartsila Corporation
- 9.2 Caterpillar Inc.
- 9.3 ABB
- 9.4 Siemens
- 9.5 MAN Energy Solutions
- 9.6 Volvo Penta
- 9.7 Yanmar Co., Ltd
- 9.8 Cummins Inc.
- 9.9 Kongsberg Maritime
- 9.10 Naval Group
- 9.11 Bureau Veritas
List of Tables
- Table 1 Global Marine Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Marine Market Outlook, By Vessel Type (2021-2030) ($MN)
- Table 3 Global Marine Market Outlook, By Commercial Ships (2021-2030) ($MN)
- Table 4 Global Marine Market Outlook, By Recreational Boats (2021-2030) ($MN)
- Table 5 Global Marine Market Outlook, By Offshore Platforms (2021-2030) ($MN)
- Table 6 Global Marine Market Outlook, By Military Vessels (2021-2030) ($MN)
- Table 7 Global Marine Market Outlook, By Submarines (2021-2030) ($MN)
- Table 8 Global Marine Market Outlook, By Fishing Vessels (2021-2030) ($MN)
- Table 9 Global Marine Market Outlook, By Other Vessel Types (2021-2030) ($MN)
- Table 10 Global Marine Market Outlook, By Application (2021-2030) ($MN)
- Table 11 Global Marine Market Outlook, By Aquaculture (2021-2030) ($MN)
- Table 12 Global Marine Market Outlook, By Oil and Gas (2021-2030) ($MN)
- Table 13 Global Marine Market Outlook, By Defense (2021-2030) ($MN)
- Table 14 Global Marine Market Outlook, By Transportation (2021-2030) ($MN)
- Table 15 Global Marine Market Outlook, By Tourism (2021-2030) ($MN)
- Table 16 Global Marine Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 17 North America Marine Market Outlook, By Country (2021-2030) ($MN)
- Table 18 North America Marine Market Outlook, By Vessel Type (2021-2030) ($MN)
- Table 19 North America Marine Market Outlook, By Commercial Ships (2021-2030) ($MN)
- Table 20 North America Marine Market Outlook, By Recreational Boats (2021-2030) ($MN)
- Table 21 North America Marine Market Outlook, By Offshore Platforms (2021-2030) ($MN)
- Table 22 North America Marine Market Outlook, By Military Vessels (2021-2030) ($MN)
- Table 23 North America Marine Market Outlook, By Submarines (2021-2030) ($MN)
- Table 24 North America Marine Market Outlook, By Fishing Vessels (2021-2030) ($MN)
- Table 25 North America Marine Market Outlook, By Other Vessel Types (2021-2030) ($MN)
- Table 26 North America Marine Market Outlook, By Application (2021-2030) ($MN)
- Table 27 North America Marine Market Outlook, By Aquaculture (2021-2030) ($MN)
- Table 28 North America Marine Market Outlook, By Oil and Gas (2021-2030) ($MN)
- Table 29 North America Marine Market Outlook, By Defense (2021-2030) ($MN)
- Table 30 North America Marine Market Outlook, By Transportation (2021-2030) ($MN)
- Table 31 North America Marine Market Outlook, By Tourism (2021-2030) ($MN)
- Table 32 North America Marine Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 33 Europe Marine Market Outlook, By Country (2021-2030) ($MN)
- Table 34 Europe Marine Market Outlook, By Vessel Type (2021-2030) ($MN)
- Table 35 Europe Marine Market Outlook, By Commercial Ships (2021-2030) ($MN)
- Table 36 Europe Marine Market Outlook, By Recreational Boats (2021-2030) ($MN)
- Table 37 Europe Marine Market Outlook, By Offshore Platforms (2021-2030) ($MN)
- Table 38 Europe Marine Market Outlook, By Military Vessels (2021-2030) ($MN)
- Table 39 Europe Marine Market Outlook, By Submarines (2021-2030) ($MN)
- Table 40 Europe Marine Market Outlook, By Fishing Vessels (2021-2030) ($MN)
- Table 41 Europe Marine Market Outlook, By Other Vessel Types (2021-2030) ($MN)
- Table 42 Europe Marine Market Outlook, By Application (2021-2030) ($MN)
- Table 43 Europe Marine Market Outlook, By Aquaculture (2021-2030) ($MN)
- Table 44 Europe Marine Market Outlook, By Oil and Gas (2021-2030) ($MN)
- Table 45 Europe Marine Market Outlook, By Defense (2021-2030) ($MN)
- Table 46 Europe Marine Market Outlook, By Transportation (2021-2030) ($MN)
- Table 47 Europe Marine Market Outlook, By Tourism (2021-2030) ($MN)
- Table 48 Europe Marine Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 49 Asia Pacific Marine Market Outlook, By Country (2021-2030) ($MN)
- Table 50 Asia Pacific Marine Market Outlook, By Vessel Type (2021-2030) ($MN)
- Table 51 Asia Pacific Marine Market Outlook, By Commercial Ships (2021-2030) ($MN)
- Table 52 Asia Pacific Marine Market Outlook, By Recreational Boats (2021-2030) ($MN)
- Table 53 Asia Pacific Marine Market Outlook, By Offshore Platforms (2021-2030) ($MN)
- Table 54 Asia Pacific Marine Market Outlook, By Military Vessels (2021-2030) ($MN)
- Table 55 Asia Pacific Marine Market Outlook, By Submarines (2021-2030) ($MN)
- Table 56 Asia Pacific Marine Market Outlook, By Fishing Vessels (2021-2030) ($MN)
- Table 57 Asia Pacific Marine Market Outlook, By Other Vessel Types (2021-2030) ($MN)
- Table 58 Asia Pacific Marine Market Outlook, By Application (2021-2030) ($MN)
- Table 59 Asia Pacific Marine Market Outlook, By Aquaculture (2021-2030) ($MN)
- Table 60 Asia Pacific Marine Market Outlook, By Oil and Gas (2021-2030) ($MN)
- Table 61 Asia Pacific Marine Market Outlook, By Defense (2021-2030) ($MN)
- Table 62 Asia Pacific Marine Market Outlook, By Transportation (2021-2030) ($MN)
- Table 63 Asia Pacific Marine Market Outlook, By Tourism (2021-2030) ($MN)
- Table 64 Asia Pacific Marine Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 65 South America Marine Market Outlook, By Country (2021-2030) ($MN)
- Table 66 South America Marine Market Outlook, By Vessel Type (2021-2030) ($MN)
- Table 67 South America Marine Market Outlook, By Commercial Ships (2021-2030) ($MN)
- Table 68 South America Marine Market Outlook, By Recreational Boats (2021-2030) ($MN)
- Table 69 South America Marine Market Outlook, By Offshore Platforms (2021-2030) ($MN)
- Table 70 South America Marine Market Outlook, By Military Vessels (2021-2030) ($MN)
- Table 71 South America Marine Market Outlook, By Submarines (2021-2030) ($MN)
- Table 72 South America Marine Market Outlook, By Fishing Vessels (2021-2030) ($MN)
- Table 73 South America Marine Market Outlook, By Other Vessel Types (2021-2030) ($MN)
- Table 74 South America Marine Market Outlook, By Application (2021-2030) ($MN)
- Table 75 South America Marine Market Outlook, By Aquaculture (2021-2030) ($MN)
- Table 76 South America Marine Market Outlook, By Oil and Gas (2021-2030) ($MN)
- Table 77 South America Marine Market Outlook, By Defense (2021-2030) ($MN)
- Table 78 South America Marine Market Outlook, By Transportation (2021-2030) ($MN)
- Table 79 South America Marine Market Outlook, By Tourism (2021-2030) ($MN)
- Table 80 South America Marine Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 81 Middle East & Africa Marine Market Outlook, By Country (2021-2030) ($MN)
- Table 82 Middle East & Africa Marine Market Outlook, By Vessel Type (2021-2030) ($MN)
- Table 83 Middle East & Africa Marine Market Outlook, By Commercial Ships (2021-2030) ($MN)
- Table 84 Middle East & Africa Marine Market Outlook, By Recreational Boats (2021-2030) ($MN)
- Table 85 Middle East & Africa Marine Market Outlook, By Offshore Platforms (2021-2030) ($MN)
- Table 86 Middle East & Africa Marine Market Outlook, By Military Vessels (2021-2030) ($MN)
- Table 87 Middle East & Africa Marine Market Outlook, By Submarines (2021-2030) ($MN)
- Table 88 Middle East & Africa Marine Market Outlook, By Fishing Vessels (2021-2030) ($MN)
- Table 89 Middle East & Africa Marine Market Outlook, By Other Vessel Types (2021-2030) ($MN)
- Table 90 Middle East & Africa Marine Market Outlook, By Application (2021-2030) ($MN)
- Table 91 Middle East & Africa Marine Market Outlook, By Aquaculture (2021-2030) ($MN)
- Table 92 Middle East & Africa Marine Market Outlook, By Oil and Gas (2021-2030) ($MN)
- Table 93 Middle East & Africa Marine Market Outlook, By Defense (2021-2030) ($MN)
- Table 94 Middle East & Africa Marine Market Outlook, By Transportation (2021-2030) ($MN)
- Table 95 Middle East & Africa Marine Market Outlook, By Tourism (2021-2030) ($MN)
- Table 96 Middle East & Africa Marine Market Outlook, By Other Applications (2021-2030) ($MN)
