Global Marine Vessel Market to Reach Valuation of $191.25 Billion by 2028 | Market is Facing Headwinds from Overcapacity, Sluggish Demand and Rising Costs
Global marine vessel market was valued at USD 165.12 billion in 2021, and it is expected to reach a value of USD 191.25 billion by 2028, at a CAGR of 1.61% over the forecast period (2022–2028).
Westford, USA, Dec. 16, 2022 (GLOBE NEWSWIRE) — In recent years, the marine vessel market has been one of the most dynamic and innovative market globally. The outlook for the sector is positive, with SkyQuest forecasting significant growth in the coming years. The maritime sector is forecast to grow at a compound annual growth rate (CAGR) of 4.2% between 2022 and 2028. This growth will be driven by a number of factors, including the continued expansion of global trade, the ongoing need for energy and resources, and the growing demand for maritime transportation services. Looking ahead, our industry analyst believes that the maritime industry will continue to face challenges, including overcapacity, environmental regulations, and competition from alternative transportation modes. However, the outlook for the sector remains positive, with strong growth expected in the coming years.
The report went on to say that the demand for marine vessel market would be driven by the need to replace aging vessels, as well as by economic growth in China and other emerging markets. It is also predicted that the number of orders for new vessels would exceed 1,000 per year by 2023. Wherein, the Asia-Pacific region will account for the largest share of this growth, followed by the Americas and Europe. We attribute this growth to an increase in global trade and maritime transportation, as well as continued investment in coastal infrastructure development. In addition, the expanding offshore energy sector is expected to drive demand for new vessels, particularly in the oil and gas markets.
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Marine Vessel Market is Facing Headwinds from Overcapacity, Sluggish Demand and Rising Costs
The marine vessel market is a vital part of the global economy, transporting goods and people across the world. According to SkyQuest’s latest analysis, the market is facing headwinds from overcapacity, sluggish demand and rising costs. However, there are also opportunities for marine vessel operators to capitalize on, such as the growing demand for short-sea shipping and the use of new technologies to improve efficiency. Operators that can adapt to these changing conditions will be best positioned to succeed in the future.
There are a number of challenges facing the marine vessel market. Overcapacity has led to declining rates, and the challenges of the global economy are expected to continue to put pressure on demand. The industry is also grappling with new environmental regulations, which are costly to implement. Despite these challenges, our outlook remains optimistic about the future of the market. The competitive landscape is changing, with new entrants such as China and Japan investing heavily in the sector. As the global economy improves, so too will demand for marine vessels.
In fact, SkyQuest’s analysis shows that the market is under pressure from all sides. Trade flows are shifting as demand for maritime transport grows, while technological advancements and increased regulation are changing the competitive landscape. These forces are putting pressure on traditional business models and forcing companies to adapt or face the risk of extinction.
The report finds that the marine vessel market is at a crossroads and must make some tough decisions in order to survive and thrive in the future. It offers a roadmap for companies to navigate the challenges and seize the opportunities that lie ahead. The market is currently undergoing a structural change. The study found that the industry is being driven by changes in trade flows, technology, and regulation—and faces an uncertain future as a result. These forces are putting pressure on traditional business models, which are struggling to keep up. The report offers a roadmap for companies to navigate the challenges and seize the opportunities that lie ahead.
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Bulk Shipping to Offer Some Relief to Marine Vessel Market Demand
SkyQuest’s analysis of the marine vessel market shows that bulk shipping is expected to offer some relief to the oversupply of marine vessels and the resulting downward pressure on freight rates. Bulk shipping includes the transport of dry bulk commodities such as coal, iron ore, and grains, as well as liquid bulk commodities such as crude oil, chemicals, and liquefied natural gas (LNG). Bulk shipping demand is forecast to grow at a CAGR of 7% between 2022 and 2028. This growth is being driven by continued strong growth in global trade volumes, particularly in Asia. At the same time, the fleet of bulk carriers is expected to grow at a CAGR of just 3% over the same period. As a result, we expect the supply-demand balance for bulk shipping to improve, leading to higher freight rates.
This analysis of the global marine vessel market is consistent with recent data from recent data published by various marine vessel management companies like Wisdom, which showed that bulk carrier utilization reached a 10-year high in 2022. The average Baltic Dry Index (BDI), a measure of dry bulk charter rates, was also up sharply in 2021. Dalian Commodity Exchange data shows that Chinese imports of iron ore—the most important commodity transported by dry bulk carriers—reached a record 1.07 billion tons in 2021. Looking forward, we expect the tightness in the dry bulk market to ease in 2022 as new vessel deliveries ramp up.
The global dry bulk fleet currently exceeds demand by about 15%. This oversupply is expected to decrease to around 10% by 2023 as new vessel orders are delivered and older vessels are scrapped. At the same time, global dry bulk trade is projected to grow at a healthy rate of 3-4% per year over the next few years. This combination of factors is expected to lead to an improvement in dry bulk marine vessel market. Rates are forecast to bottom out in 2022 and then gradually recover over the next few years. Bulk shipping provides an important service for global trade and economic growth. By transporting large quantities of unpackaged commodities, dry bulk carriers enable businesses to save on packaging costs and reduce environmental impacts. For example, it is estimated that each metric ton of wheat transported by ship saves approximately 1.5 kilograms of packaging material.
Top Trends in Global Marine Vessel Market
Maritime transportation is vital for the world economy as over 80% of international trade by volume is transported by sea. The maritime industry is constantly evolving as new technologies and trends emerge. Here are some of the top trends in the marine vessel industry:
1. Green vessels: There is a growing focus on environmental sustainability in the maritime industry. Vessel owners are looking for ways to reduce their carbon footprint and minimize environmental impact. Some of the latest green vessels are powered by alternative fuels such as LNG (liquefied natural gas), biofuels, and hydrogen in the marine vessel market.
2. Autonomous vessels: Autonomous vessels are controlled by artificial intelligence (AI) and do not require a human crew. These vessels are still in the early stages of development but could have a major impact on the maritime industry in the future. One of the benefits of autonomous vessels is that they can operate 24/7 without rest, which could lead to increased efficiency and productivity.
3. Big data: The maritime industry is increasingly using big data to improve operations. Big data analytics can be used to track vessel performance, optimize routes, and predict maintenance needs. This data can also be used to improve safety, as it can help identify potential hazards and risks.
4. Advanced materials: New composite materials are being developed for use in marine vessel market. These materials are lighter and stronger than traditional materials such as steel, which means they can reduce fuel consumption and emissions.
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Top Players in Global marine Vessel Market
- Hyundai Heavy Industries Co., Ltd. (South Korea)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Kawasaki Shipbuilding Corporation (Japan)
- Samsung Heavy Industries Co. Ltd. (South Korea)
- Imabari Shipbuilding Co. Ltd. (Japan)
- Hyundai Samho Heavy Industries Co. Ltd. (South Korea)
- Hyundai Mipo Dockyard Co. Ltd. (South Korea)
- Fincantieri S.P.A. (Italy)
- Daewoo Shipbuilding & Marine Engineering Co., Ltd (South Korea)
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