Marine Vessels Market Size - By Vessel Type, By Propulsion Type, and By Control Mechanism - Global Forecast, 2025 - 2034

Marine Vessels Market Size

The global marine vessels market was valued at USD 112.3 billion, with a volume of 61,720 units in 2024 and is estimated to grow at a CAGR of 3.4% to reach USD 155.4 billion, with a volume of 75,940 units by 2034. The growth of the market is attributed to factors such as the rapid expansion of global trade along with the increasing military navy expansion and modernization.

Under Trump’s administration, the imposition of tariffs on imported steel and aluminum (Section 232 tariffs, 2018) affected the marine vessels market by increasing material costs for U.S. shipbuilders. These tariffs raised vessel construction costs, decreased competitiveness against foreign shipyards, and stalled fleet modernization projects. In addition, retaliatory tariffs from other countries also restricted the export of U.S. vessels. In essence, the tariffs forced domestic shipyards to pay higher costs, or else risk increasing prices for consumers, resulting in slower growth in new commercial and naval vessel orders.
 

Increasing port expansion activities, coupled with increasing international trade volume serves as a primary factor behind the growth of the marine vessels market. For instance, the revenue generated by overall Indian export was valued at USD 62.6 billion in 2023, representing a 1.2% growth in 2022, while the revenue generated by overall Indian import market was valued at USD 67.9 billion in 2023, representing negative growth of 6.1%, as stated by Indian Department of Commerce. Noticeable increase in the demand for raw materials and consumer electronic products calls for larger fleets of container ships, bulk carriers, and takers, which that aid in bulk transportation which propels the growth of market.
 

Additionally, increasing government spending on navy expansion and modernization is another major growth driver for the marine vessels market. The increasing geographical tension and maritime security concern is further pushing several countries to invest in advanced destroyers, frigates, and patrol vessels for protection of trade routes and assert territorial claims. For instance, the UAE’s Edge Group entered into a strategic partnership with Italy’s Fincantieri in 2024 for the develop of advanced and complex warships, which reflects a broader trend of international defense collaboration. Moreover, the modernization efforts is further driving the manufacture to emphasizes towards steal technologies, hybrid propulsion systems, and unmanned vehicles, to ensure enhanced operational versatility.
 

Manufacturers can focus on construction of large, fuel-efficient container and cargo vessels that are incorporated with dual-fuel capabilities and align with post-Panamax standards. This will help manufacturers in increasing the customer base and increase their revenue share in the market.
 

Marine Vessels Market Trends

• Autonomous navigation systems are increasing gaining rapid traction among manufacturers, that enables vessels to navigate and operate with minimal human intervention, which is a key trend observed in the market. These advanced systems leverage advanced sensors, AI, and real time data analytics, which assists in obstacle detection, route optimization, and remote monitoring & controlling fleets.
   
• Marine vessel manufactures can focus on strategic collaborations with the AI and sensor technology firms in order to develop customized autonomous navigation modules. This will help the company distinguish their product offerings and attract new customers.}
   
• Another significant trend in the marine vessels market is the growing emphasis towards hardening cybersecurity of modern ships, that rely on interconnected navigations, propulsion, and communication system, and are vulnerable to cyberattacks. Manufacturers are implementing encrypted protocols, intrusion detection systems, and multi layered security architecture to ensure preparedness against evolving cybersecurity threats.
   

Marine Vessels Market Analysis

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Based on the vessel type, the market is bifurcated into commercial vehicle, and naval & defense vessels.
 

• The commercial vessel market was the largest market and was valued at USD 81.9 billion in 2024. The global expansion of seaborne trade, including supply chain recovery and e-commerce logistics growth is pushing the demand for bulk carriers, containers ships, and tankers. Also, the increasing investment from countries into port expansion such as U.S. Gulf Coast, Singapore Tuas Mega Port, and India’s Sagarmala further require new feeder ships, tankers, and ferries to ensure faster and sustainable operations. Furthermore, the growth in cruise tourism and regional ferry services is fuelling the demand for luxury, river, and expedition cruise ships, all of which contribute to growth of this segment.
   
• The naval & defense vessel market is projected to grow with a CAGR of 2.5% during the forecast period. Several major economies such as USA, China, Japan, UK, and France are investing billions for upgrading and expansion of their naval fleets with the introduction of programs such as the U.S. Columbia-class submarines and India’s Project 75I submarines. Additionally, the increased defense budget of these countries is further driving the orders for submarines, frigates, patrol boats, and carriers. Moreover, the advancement in technology has led to development of stealth technology, hypersonic missile ships, AI-integrated vessels, and autonomous unmanned surface vehicles (USVs), which are gaining rapid adoption in defense forces, all of which supports the rapid expansion of this segment.

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Based on the propulsion type, the marine vessels market is segmented into internal combustion engine (ICE), electric, and hybrid (electric + ICE).
 

• The internal combustion engine (ICE) market was the largest market and was valued at USD 102.8 billion in 2024. These engines are widely used for long distance, heavy cargo shipping, and deep-sea voyages due to their superior high energy density and established infrastructure worldwide, which is major growth driver for this segment. This technology offers cost effective and operation familiarity due to which they are easier to maintain, particularly for emerging economies and bulk shippers. Furthermore, the rapid expansion of offshore oil and gas projects rely on heavy duty propulsions for drilling ships, support vessels, and platforms, which is dominated by the ICE engines.  
   
• The hybrid market is the fastest growing market and is projected to grow with a CAGR of 5.7% during the forecast period. The growth of this segment is supported by the increasing stringent emission regulations such as IMO, EU Green Deal, which propels the adoption of hybrid systems to comply with regulations without sacrificing range and performance. Also, these systems enable fuel switching, engine load optimization, and low operating costs by using electric power at lower speeds and ICE at higher loads. Moreover, the surge in short sea, ferry, and costal shipping is fuelling the demand for hybrid systems, as they are ideal for near shore operations, ensuring easier battery charging and sustainability gains.
   

Based on the control mechanism, the marine vessels market is categorized into manual, and autonomous.
 

• The manual market was the largest market and was valued at USD 109.5 billion in 2024. The rapid expansion of sea borne trade is propelling the demand for fleets such as bulk cargo, oil tankers and feeder service, which are mostly manually operated. Also, Maritime insurance, IMO regulations, and national standards are well defined developed for manual vessels, while still underdeveloped for fully autonomous ships, which supports the growth of this segment.
   
• The autonomous market is the fastest growing market and is projected to grow with a CAGR of 10.2% during the forecast period. The growth in this segment is driven by the growing emphasis towards cost reduction, enhanced safety and reduced human errors by automated systems such as AI, sensors, and remote monitoring, that further significantly reduce accidental rates and improves national safety, while reducing space for large onboard crew. Additionally, the increasing investment by the naval force worldwide towards unmanned surface vessels (USVs) and unmanned underwater vehicles (UUVs) for intelligence, surveillance, reconnaissance (ISR), mine countermeasures, and offensive operations, all of which further contribute to the growth of this segment.

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• The U.S. dominated the marine vessels market, accounting for USD 12.7 billion in the year 2024. Several large-scale offshore wind projects such as Vineyard Wind are propelling the demand for service operation vessels (SOVs) and crew transfer vessels (CTVs)), which support market growth. Also, growth in inland waterway transport in the U.S. rivers such as the Mississippi are driving the investment towards vessel modernization due to the growing infrastructure funding. Moreover, the increasing investment under the Columbia class submarine program and next generation destroyer (DGG(X)) towards naval fleet modernization and increasing defense allocation & spending further contribute to the market growth. For instance, the U.S. navy was allocated a budget of USD 257.6 billion for the year 2025, as stated by the Statista.
   
• The Germany marine vessels market was valued at USD 3.4 billion in the year 2024. The growth in the German market is supported by the rapid expansion of the container port infrastructure like Hamburg and Bremerhaven, for accommodating ultra-large container vessels (ULCVs), which further fuels the demand for efficient feeder ships. Moreover, several companies of the nation are increasingly emphasizing towards the development of LNG, hydrogen, and hybrid electric vessels to comply with strict EU emission regulations. Additionally, the increasing investment towards smart vessel technologies such as autonomous navigation and digital twins, with the presence of government backed programs such as MARS (Maritime Autonomous and Remote Controlled Ship project) further drives the growth of market in the region.
   
• The marine vessels market in China is projected to reach USD 33.1 billion by the year 2034. Chinese shipyards such as CSSC and COSCO, controls the global shipbuilding market along with the presence of government subsidies and state driven order fuels the demand for market. Also, the Belt and Road initiative (BRI) is further financing ports and shipping lanes globally, which further pushes the demand for Chinese built cargo and logistic vessels. Moreover, the growth of domestic shipping lines such as COSCO shipping and others are further spurring the growth in market due to increasingly expansion their fleets for domestic and international routes, drives by the China Plus One strategy.
   
• The Japan marine vessels market accounted for USD 5 billion revenue in 2024. The growth in the market is supported by the leadership of Japan in building LNG carrier and ammonia fuelled ships for decarbonized maritime transport. Furthermore, Japanese ship manufacturers such as Mitsubishi and NYK Line are increasingly investing towards autonomous ship navigation systems to reduce labour cost and enhance safety, which further support market growth in the region.
   
• The India marine vessels market is anticipated to grow at a CAGR of over 3.6% during the forecast period. The implementation of port modernization and Sagarmala program, which includes over USD 120 billion for upgradation of ports and creating new shipping routes has significantly boosted coastal and cargo vessel demand. Moreover, the rapid expansion of costal shipping through government backed incentives programs further pushes the demand for small to mid-sized cargo and passenger vessels.
   

Marine Vessels Market Share

The market is highly competitive and fragmented with the presence of established global players as well as local players and startups. The top 5 companies in the market are Hyundai Heavy Industries, SHI-MCI FZE, Mitsubishi Heavy Industries ltd., Fincantieri S.p.A., and China Shipbuilding Industry Corporation, collectively accounting for a share of 33.7% market share.
 

Leading companies in the marine vessels market are investing in the next-generation marine vessel solutions which prioritizes eco-friendly propulsion, modular ship architectures, smart navigation systems, and autonomous maritime operations. The innovation in the market such as hybrid-electric propulsion systems, AI-enabled navigation and collision-avoidance software, blockchain-based cargo tracking systems, and hydrogen and ammonia fueled vessels are gaining rapid popularity among manufacturers due to their ability to ensure superior operational efficiency and compliance with environmental regulations.
 

Additionally, the rapidly evolving demand for multi-purpose, energy-efficient, and digitally connected vessels, is set to increase, which is further driven by the transition towards decarbonized shipping, smart port integration, and offshore renewable energy projects. Moreover, the market is also observing significant growth in specialized vessels such as autonomous container ships, green ferries, offshore wind farm service vessels, and modular expedition cruise ships.
 

Also, several marine vessels offers low-emission hybrid engines, AI-optimized route planning, solar-assisted auxiliary systems, and remote monitoring capabilities through satellite linked IoT networks, which are also witnessing surge in adoption among commercial shipping companies, naval forces, offshore energy operators, and passenger cruise lines.
 

Marine Vessels Market Company

The marine vessels industry features several prominent players, including:

• Austal
• Babcock International Group
• China Shipbuilding Industry Corporation
• Cochin Shipyard
• Damen Shipyards Group
• Fincantieri
• Garden Reach Shipbuilders and Engineers
• General Dynamics NASSCO
• HII
• Hyundai Heavy Industries
• Japan Marine United Corporation
• Lurssen
• Meyer Turku
• Meyer Werft
• Mitsubishi Heavy Industries
• Navantia
• SHI-MCI
• Sumitomo Heavy Industries Marine and Engineering
• Tsuneishi Shipbuilding
• Vard
   

Hyundai Heavy Industries (HHI) is the world leader in marine vessels with expertise in container ship and offshore platform construction. Their competitive advantage is rooted in their extensive ship manufacturing capabilities, advanced technology, and diversified portfolio including port and marine construction. Innovations in Energy-saving and eco-friendly vessels that meet high international standards is the core focus of HHI.
 

CSIC (China Shipbuilding Industry Corporation) is a giant conglomerate in China that has extensive capabilities for building military ships, commercial vessels, offshore engineering equipment, and a wide range of other submersible vessels. CSIC's unique selling point focuses on its unparalleled level of production, customer satisfaction, and the powerful government support that allows low pricing and speedy delivery.
 

Marine Vessels Industry News

• In December 2024, Samsung Heavy Industries (SHI) announced an order for three ethane carriers valued at approximately US$503.5M from an undisclosed Asian shipowner. Shipbroking sources have connected Mitsui OSK Lines (MOL) to this order. SHI noted that the vessels are slated for delivery by December 2027.
   
• In June 2024, RightShip joined forces with Green Marine, an environmental certification program for the North American and European maritime industries. This partnership aimed at promoting sustainable practices within the maritime sector. This collaboration will see the integration of Green Marine’s certification on the RightShip Platform, encouraging greater efforts towards sustainability from ship owners, charterers, finance institutions, and other stakeholders.
   
• In August 2024, Austal USA has been awarded a USD 54.9 million fixed priced incentive (firm-target) contract modification for the construction of two additional Landing Craft Utility (LCU) 1700-class vessels for the United States Navy. This contract modification brings the total number of LCU currently scheduled or under construction at Austal USA to five.
   

The marine vessels market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and volume (Units) from 2021 to 2034, for the following segments:

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By Vessel Type                                           

• Commercial vessels                     
  • Containerships                  
  • Tankers                 
  • Bulk carriers           
  • Cruise ships            
  • Others         
• Naval & defense vessels                        
  • Destroyers             
  • Submarines            
  • Aircraft carriers                
  • Patrol ships             
  • Others                            

By Propulsion Type                                   

• Internal combustion engine (ICE)                      
• Electric                            
• Hybrid (Electric + ICE)                                                                 

By Control Mechanism                                          

• Manual                   
• Autonomous                     
  • Semi-autonomous             
  • Fully autonomous              

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada
• Europe 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America 
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa 
  • Saudi Arabia
  • South Africa
  • UAE