Ship Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2025-2034)

The global ship market size reached around USD 225.08 Billion in 2024. The market is projected to grow at a CAGR of 6.60% between 2025 and 2034 to reach nearly USD 426.49 Billion by 2034.

Global Ship Market Growth

Over the past decade, global ecommerce sales for B2B enterprises have consistently increased, with projections indicating that the worldwide B2B ecommerce market will reach a valuation of USD 36 trillion by 2026. The primary contributors to this sales growth are sectors such as advanced manufacturing, energy, healthcare, and professional business services. Meanwhile, global B2C ecommerce revenue is anticipated to rise to USD 5.5 trillion by 2027. Notably, India is expected to lead among 20 countries in retail e-commerce development from 2023 to 2027, with Argentina and Brazil also emerging as some of the fastest-growing e-commerce markets worldwide. The growth of the shipping sector is intricately connected to the increasing demand for e-commerce. As online shopping expands on a global scale, the necessity for efficient and dependable shipping services intensifies, thereby boosting the demand for container ships, bulk carriers, and logistics solutions. In response, shipping companies are investing in advanced technologies such as automation, real-time tracking, and data analytics to enhance their operations. This growth facilitates quicker delivery times, enhances supply chain efficiency, and aligns with the rising expectations of e-commerce consumers.

The WTO has forecasted a growth of 2.6% in the global merchandise trade volume for 2024, followed by a 3.3% increase in 2025. This expansion in international trade is a key factor driving the heightened demand for maritime vessels. As trade activities escalate, the necessity for effective transportation of goods across international waters becomes more pronounced. In response, shipping companies are augmenting their fleets, which include container ships, bulk carriers, and tankers, to satisfy this growing demand. Furthermore, innovations in logistics and shipbuilding technologies are facilitating this expansion, allowing for quicker and more economical shipping solutions to manage the rising volume of global trade.

Key Trends and Developments

The ship market growth can be attributed to expanding global trade, rising technological innovations, increasingly stringent environmental regulations, and growing consumer spending on goods

November 2024

The Telangana tourism department inaugurated a cruise service for Nagarjunasagar and Srisailam. This initiative was designed to draw tourists who wish to experience the scenic beauty along the Krishna River.

July 2024

Goa Shipyard Limited, located in Vasco, inaugurated its first frigate, which is one of two P11356 frigates being constructed for the Indian Navy.

January 2024

Hapag-Lloyd AG and Maersk A/S, a subsidiary of A.P. Moller - Maersk, entered into an agreement to establish a new long-term operational partnership known as the "Gemini Cooperation," set to commence in February 2025. The collaboration aims to provide a flexible and interconnected ocean network characterised by sector-leading reliability.

January 2023

A contract valued at Euro 1.6 billion was granted to 'Team Resolute' to produce vessels supplying munitions, stores, and provisions to the Royal Navy's aircraft carriers, destroyers, and frigates.

Expanding Global Trade

The growth of international trade, particularly among emerging markets, significantly enhances the demand for shipping services. As nations broaden their trade relationships, the necessity for larger and more efficient vessels to facilitate the movement of goods across continents propels the market.

Rising Technological Innovations

Innovations in automation, artificial intelligence, and fuel efficiency are revolutionising the shipping sector. These advancements improve vessel performance, lower operational expenses, and promote the creation of environmentally friendly ships, resulting in a heightened demand for modern, technologically sophisticated vessels worldwide.

Stringent Environmental Compliance

Increasingly stringent global environmental regulations are steering the shipping sector towards more sustainable practices. Policies aimed at reducing sulphur emissions and achieving carbon neutrality foster investments in eco-friendly vessels, thereby accelerating the expansion of the market for energy-efficient ships.

Growing Consumer Demand for Goods

The rising demand for products, especially in developing areas, propels the growth of the global shipping sector. As consumer expenditure and e-commerce continue to increase, there is a corresponding need for additional vessels to transport a wide array of goods.

Global Ship Market Trends

The market is currently undergoing significant transformations, influenced by technological advancements, environmental considerations, and economic changes. There is an increasing emphasis on sustainability, as more stringent environmental regulations are encouraging the creation of eco-friendly vessels, including those utilising LNG, hydrogen, and wind energy. The integration of digitalisation and automation is revolutionising the market, with intelligent shipping technologies enhancing operational efficiency, fuel management, and safety protocols. Furthermore, the expansion of e-commerce and international trade is elevating the demand for container ships, bulk carriers, and tankers. The trend towards larger and more fuel-efficient vessels, coupled with innovations in shipbuilding technology, is becoming more pronounced. Additionally, the growth of infrastructure in emerging markets, along with the necessity for environmentally responsible practices, is fostering development within the market, setting the stage for a more sustainable and technology-oriented future in shipping.

Global Ship Industry Segmentation

The report titled “Global Ship Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Type

• Passenger Ships
• Bulk Carriers
• Tankers
• Offshore Ships
• Speciality Vessels
• General Cargo Ships
• Others

Breakup by Dead Weight

• 100 GT to 499 GT
• 500 GT to 24999 GT
• 25000 GT to 59999 GT
• Above 60000 GT

Breakup by Solution

• Line Fit
• Retro Fit

Breakup by System

• Propulsion System
• Control System
• Electrical System
• Outer Structure
• Power Generator System
• Deck Machinery
• Others

Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Global Ship Market Share

Based on type, the market is segmented into passenger ships, bulk carriers, tankers, offshore ships, speciality vessels, and general cargo ships, among others. The bulk carrier segment is projected to grow at a CAGR of 9.1% during the forecast period of 2025-2034. Bulk carriers are sizable vessels specifically engineered for the transportation of unpackaged bulk materials, including coal, grains, and ores. These ships are equipped with expansive cargo holds and effective loading and unloading mechanisms, playing a vital role in the international trade of commodities.

Leading Companies in the Global Ship Market

Market players are focusing on technological advancements to gain a competitive edge in the market.

BAE Systems plc

Established in 1999 and based in London, United Kingdom, BAE Systems plc operates as a prominent global defence and aerospace firm. The company specialises in the development of naval vessels, submarines, and cutting-edge defence technologies, catering to governments and defence organisations around the world.

Mazagon Dock Shipbuilders Limited

Founded in 1934 and located in Mumbai, India, Mazagon Dock Shipbuilders Limited is a prominent entity in the shipbuilding sector. The company primarily engages in the construction of naval and commercial vessels, and submarines, and offers repair services for the Indian Navy as well as the commercial sector.

Garden Reach Shipbuilders & Engineers Limited

Incorporated in 1884 and situated in Kolkata, India, Garden Reach Shipbuilders & Engineers Limited is involved in the design and production of warships, submarines, and commercial ships. The company is recognised for its expertise in advanced shipbuilding and engineering solutions, serving both military and civilian markets.

HD Hyundai Heavy Industries

Founded in 1972 and headquartered in Ulsan, South Korea, HD Hyundai Heavy Industries stands as a leading global player in the shipbuilding and heavy machinery sectors. The company specialises in the construction of large vessels, offshore platforms, and industrial machinery for international markets.

Other major players in the ship market are FINCANTIERI S.p.A., General Dynamics Corporation, Larsen & Toubro Limited, Navantia S.A., thyssenkrupp Marine Systems GmbH, and Hanwha Corporation, among others.