The global cargo vessel market size was valued at USD 37.07 billion in 2022. The market is projected to grow from USD 49.22 billion in 2023 to USD 61.77 billion by 2030, exhibiting a CAGR of 3.3% during the forecast period.
Cargo vessels are used to transport materials and goods from one port to another. The cargo vessels comes in various sizes based on the quantity needed and the size of the port. The increasing maritime trade activities globally is expected to drive cargo vessel market growth during the forecast period.
Fortune Business Insights™ mentioned this in a report titled, “Cargo Vessel Market, 2023-2030.”
List of Key Players Present in the Report:
- Hyundai Heavy Industries Co. Ltd (HHI) (South Korea)
- Namura Shipbuilding Co Ltd (Japan)
- Damen Shipyards Group (Netherlands)
- Korea Shipbuilding & Offshore Engineering (South Korea)
- Samsung Heavy Industries (South Korea)
- Daewoo Shipbuilding & Marine Engineering (South Korea)
- General Dynamic NASSCO (U.S.)
- Mitsubishi Heavy Industries (Japan)
- Mazagon Dock Shipbuilders Limited (India)
- China State Shipbuilding Corporation (China)
Information Source:
https://www.fortunebusinessinsights.com/cargo-vessel-market-108601
Segments
Bulk Carriers Segment to Grow due to their Rising Demand to Transport Goods
By ship type, the market is segmented into tanker, bulk carriers, container ships, general cargo vessel, roll on/roll off ships, and others. The bulk carriers segment is the fastest-growing segment during the forecast period. The growth is attributed to the rising demand for bulk carriers to transport large amounts of goods, including coal, grains, cement, ore, cereals, and others.
Rising Decarbonization Efforts by Key Players Boosted Diesel and Gasoline Segment Growth
Based on fuel type, the segment is divided into diesel and gasoline, hybrid, LNG, and others. The diesel and gasoline segment held the largest market share in 2022. The growth is attributed to the rising decarbonization efforts by various market players using advanced gases and fuels for marine propulsion.
High Demand of 50000 – 120000 GT Ships to Transport Goods Drives 50000 – 120000 GT Segment Growth
By gross tonnage, the market is classified into below 50000 GT, 50000 – 120000 GT, and above 120000 GT. The 50000 – 120000 GT segment is expected to be the fastest-growing during the forecast period owing to the high demand for 50000 – 120000 GT ships to transport goods across many industries.
75000 – 200000 DWT Segment to Grow Due to Increasing Demand of 75000 – 200000 DWT Ships Globally
Based on deadweight, the market is classified into below 75000 DWT, 75000 – 200000 DWT, and above 200000 DWT. The 75000 – 200000 DWT segment held the largest market share in 2022 and will be the fastest-growing segment during the forecast period. The growth is attributed to the increasing global demand for 75000 – 200000 DWT ships, including oil tankers, bulk carriers, and others.
Geographically, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Report Coverage
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Increasing Adoption of Green Fuels Globally to Drive Market Growth
The rising adoption of green fuels, such as liquified petroleum gas, LNG, hydrogen, methanol, and others that can replace fossil fuels, is expected to drive the cargo vessel market growth during the forecast period. According to various studies, shipping is a significant source of anthropogenic SOx and Nox emissions, accounting for 13% of the global Sox and 15%.
However, the cyclic nature of cargo vessels and raw materials inflations, especially steel, may hinder market growth during the projected period.
Regional Insights
Increased Marine Fleet by Asia Pacific Countries to Aid Market Growth in Asia Pacific
Asia Pacific is expected to be the fastest-growing region in the market during the forecast period and held the largest cargo vessel market share in 2022. The growth is attributed to the increased marine fleet by Asia Pacific nations, including South Korea, China, and Japan.
Europe is estimated to be the second fastest-growing region during the projected period due to the increasing investments from private companies to build marine ships in the region.
Competitive Landscape
Growing Key Players Focus on Mergers and Acquisition Strategies to Propel Market Growth
The cargo vessel market is consolidated with several key players, such as General Dynamics Corporation, Thales Group, Hyundai Heavy Industries Co. Ltd, BAE Systems, and Mitsubishi Heavy Industries Co. Ltd. The increasing focus of these key players on adopting mergers and acquisition strategies to drive market growth during the forecast period.
Key Industry Development
February 2023 – Wartsila and NYK LNG Ship Management, a Japanese operator, signed an eight-year agreement covering the two Wartsila X72DF main engines on an LNG carrier vessel designed to maximize the vessel availability and ensure its operation from dry dock to dry dock.
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