Marine Vessels Global Market Report 2025

The marine vessels market size has grown steadily in recent years. It will grow from $145.88 billion in 2024 to $151.89 billion in 2025 at a compound annual growth rate (CAGR) of 4.1%. The growth during the historic period can be credited to rising demand for ferries and cruise ships within the tourism sector, increased defense budgets aimed at modernizing naval fleets, expansion of marine logistics and transport networks, growing investments in commercial shipping fleets, and development of canal infrastructure.

The marine vessels market size is expected to see steady growth in the next few years. It will grow to $176.34 billion in 2029 at a compound annual growth rate (CAGR) of 3.8%. The growth expected in the forecast period is driven by the expansion of global maritime trade, increases in seaborne cargo volumes, heightened offshore oil and gas exploration activities, rising demand for liquefied natural gas (LNG) carriers, and the growth of the shipbuilding industry. Key trends in the forecast period include the adoption of hybrid and electric propulsion systems, advancements in autonomous and unmanned vessel technology, development of smart ships featuring integrated IoT, use of AI for navigation and maintenance, and improvements in satellite communication and navigation systems.

The growing demand for maritime transport is expected to drive the expansion of the marine vessels market in the coming years. Maritime transport involves moving cargo and passengers via ships that navigate oceans and waterways. This demand is rising due to the increasing global trade, as maritime transport offers a cost-effective and efficient way to carry large volumes of goods across international markets. Marine vessels are crucial in meeting this demand, providing the capacity and infrastructure necessary to transport significant quantities of goods over long distances. For example, in July 2025, the European Commission, the executive branch of the European Union based in Belgium, reported that in the third quarter of 2024, 61.9% of the total goods handled at major EU ports were inward movements, reflecting an increase of 0.2% from the previous quarter and 0.3% compared to the same period the previous year. Therefore, the rising demand for maritime transport is expected to fuel the growth of the marine vessels market.

Leading companies in the marine vessels market are focusing on developing advanced technologies such as autonomous unmanned surface vessels (USVs) designed to carry out complex missions in hazardous or remote marine environments. An autonomous unmanned surface vessel is a watercraft that operates on the water's surface without a crew onboard, utilizing advanced sensors, navigation systems, and artificial intelligence to perform tasks independently. For instance, in January 2025, ACUA Ocean, a UK-based maritime cleantech startup, launched the USV Pioneer, an autonomous unmanned surface vessel designed for rapid deployment of equipment and technology, addressing the need for faster procurement cycles than traditional vessels. It provides enhanced seakeeping stability, enabling smoother operation in rough sea conditions. Compared to smaller monohull USVs, it offers greater operational persistence, allowing for extended missions without interruption. Additionally, the vessel can collect data and deploy various sensor and system payloads, making it highly adaptable for diverse maritime tasks.

In June 2024, Hanwha Group, a South Korean technology company, acquired Philly Shipyard for an undisclosed amount. This acquisition offers Hanwha Systems a strategic opportunity to collaborate with Philly Shipyard, a well-established US shipbuilder, enabling the implementation of its innovative naval systems and related technologies within the U.S. market. Philly Shipyard is a US-based shipbuilding firm.

Major players in the marine vessels market are A.P. Moller-Maersk AS, CMA CGM, Mediterranean Shipping Company (MSC), China State Shipbuilding Corporation (CSSC), Hapag-Lloyd AG, Mitsubishi Heavy Industries Ltd., Kawasaki Heavy Industries Ltd., Huntington Ingalls Industries Inc., FINCANTIERI S.p.A., HD Hyundai Heavy Industries Co. Ltd., Yang Ming Ltd., Hitachi Zosen Corporation, Ocean Network Express Pte. Ltd., Imabari Shipbuilding Co. Ltd., MITSUI E&S Holdings Co. Ltd., Japan Marine United Corporation, Namura Shipbuilding Co. Ltd., Tidewater Inc., Seacor Holdings Inc., Sasaki Shipbuilding Co. Ltd., Edison Chouest Offshore, Cochin Shipyard Ltd., Onomichi Dockyard Co. Ltd., Oshima Shipbuilding Co. Ltd., Shin Kurushima Dockyard Co. Ltd.

Asia-Pacific was the largest region in the marine vessels market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in marine vessels report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the marine vessels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Marine vessels are watercraft designed for navigation and operation on oceans, seas, and other large bodies of water. They are constructed to perform a variety of functions, including transporting passengers and goods, supporting offshore operations, and fulfilling various industrial or logistical roles. These vessels are built with strong structural integrity to endure harsh marine conditions and incorporate advanced technologies for navigation, propulsion, and safety.

The primary types of marine vessels include container ships, passenger ships, bulk carriers, tankers, offshore ships, specialty vessels, general cargo ships, and others. Container ships are cargo vessels specifically designed to carry standardized shipping containers. They offer both line-fit and retrofit solutions, with various propulsion systems such as diesel, gas turbine, nuclear, hybrid, and others. These vessels are constructed from different materials including steel, aluminum, composites, and more. Their applications cover commercial shipping, military operations, recreational boating, fishing, offshore oil and gas activities, search and rescue, research and survey missions, and tourism.

The marine vessels market research report is one of a series of new reports that provides marine vessels market statistics, including marine vessels industry global market size, regional shares, competitors with a marine vessels market share, detailed marine vessels market segments, market trends and opportunities, and any further data you may need to thrive in the marine vessels industry. This marine vessels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marine vessels market consists of sales of cargo ships, tankers, passenger ships, fishing vessels, aircraft carriers, destroyers, and frigates. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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