Commercial Vessel Market Size - By Type (Container Ships, Passenger Vessels, Reefer Ships, Tankers, Fishing Vessels, Tugs, Bulk Carriers), Fuel Type (Liquefied Natural Gas (LNG), Diesel Oil, Heavy Fuel Oil), Application & Global Forecast, 2023 - 2032

Commercial Vessel Market Size

Commercial Vessel Market size was valued at USD 145 billion in 2022 and is anticipated to grow at a CAGR of over 3% between 2023 and 2032. Commercial vessels are utilized largely for commercial & business purposes as they are built for the movement of both commodities and people. In addition to this, they are used in the maritime sector to move goods across seas & vast water bodies and provide service to offshore oil & gas facilities.
 

Commercial vessels are available in various shapes & sizes, and each one has a specific purpose. Commercial ships are used for a variety of tasks including the transportation of goods, the transportation of liquid cargo, the transportation of standardized cargo containers, the assistance of larger ships by tugboats, and the conduct of scientific research on board research vessels.

Additionally, an increasing demand for natural gas, oil, and other energy resources drives the need for specialized commercial vessels, such as LNG carriers, oil tankers, offshore support vessels & others, for transportation. For instance, in August 2023, Pyxis Ocean set sail to test a newly developed fixed-wing wind propulsion technology-based vessel. This technology is retrofitted with WindWings to an old bulk carrier in association with Cargill, a shipping firm. The project aims to develop low-carbon emission alternatives for the maritime sector.
 

To design a commercial vessel, specialized marine designers, engineers & architects are required. This specialized team can build a prototype and conduct thorough testing in the vessel design process. The commercial vessel is created from high-strength materials, which can survive harsh weather conditions. However, such expertise and specialized materials require high cost. Additionally, strict regulatory standards in the maritime industry involve the use of low-sulfur fuels and the installation of emissions abatement technologies, which also incur additional costs in shipbuilding.
 

COVID-19 Impact

The COVID-19 pandemic led to the closure of cross-border and internal shipping activities. It also halted production and distribution events, which heavily impacted the commercial vessel market. Due to the decline in the tourism & travel sector, passenger vessels and cruises also experienced a downturn. Moreover, supply chain disruptions and labor shortages resulted in shipyards facing delays in outfitting & new shipbuilding. Post-COVID-19, international trade activities have been reinstated, which enhanced the demand for cargo ships, tankers, bulk carriers, and other vessels.
 

Commercial Vessel Market Trends

The cross-border trade via sea route has increased in the last two decades, increasing the demand for different commercial vessels. The top 20 shipping companies have doubled their market share and currently account for more than half of the world's container shipping capacity. Asia witnessed the largest goods loading and unloading on their seaports compared to other continents. Moreover, bilateral trade agreements, promotion of Free Trade Agreements (FTAs), and reduction in trade tariffs are a few factors increasing international trade activities. Additionally, advancements in communication, transportation, and connected technology make it easier for businesses to participate in international trade & transport of goods.
 

The demand for specialized vessels is increasing in offshore activities as these vessels are involved in underwater mining, oil & gas exploration, and wind energy development. Specialized vessels are equipped with advanced technical features, which can be effective in harsh environments. There has been an increase in offshore wind farms and oil & gas production facilities globally, which requires a wide range of specialized vessels for drilling, crew transfer, facility maintenance, and other support requirements. Furthermore, specialized vessels are also equipped with Remotely Operated Vehicles (ROVs), which are used in the laying of underwater cables & pipelines and maintenance & installation of other underwater structures.
 

Commercial Vessel Market Analysis

Based on type, the market is segmented into container ships, passenger vessels, reefer ships, tankers, fishing vessels, tugs, bulk carriers, and others. The container ships segment accounted for 25% of market share in 2022.
 

• The expanding international trade has a significant impact on the container ships segment.
   
• Due to rising consumer demand for goods from various places, the need for container transportation services is being stimulated.
   
• The manufacturing hubs in China and Southeast Asia have generated significant demand for shipping services to transport goods to the global market.
   

Based on fuel type, the market is divided into Liquefied Natural Gas (LNG), diesel oil, heavy fuel oil, and others. The commercial vessel market from heavy fuel oil segment is anticipated to register a CAGR of over 2% through 2032.
 

• Heavy fuel oil is a petroleum-based fuel widely used in large engines, specifically in ships. This fuel is thick and has high viscosity, which makes it flow slowly compared to other fuels.
   
• A heavy fuel oil has a high amount of energy per unit volume, making it an effective solution for large engines. Moreover, due to rising emissions, fuel alternatives are used by ships, which will decrease the demand for heavy fuel oil in the future.
   

Asia Pacific commercial vessel market size held over 85% of the revenue share in 2022. The region includes robust economies such as China, Japan, and South Korea that have witnessed constant growth, further increasing trade activities in Asia Pacific. Hence, the region is considered a major contributor to global trade & activities, driving the demand for different commercial vessels for transportation. Asia Pacific also has the presence of leading shipbuilding companies, which also contribute to the market growth.
 

Additionally, Southeast Asian countries such as Vietnam, Indonesia, the Philippines, Thailand & others are also focusing on investing in port infrastructure development to expand ports and develop new shipping routes, thereby enhancing the demand for commercial vessels.
 

Commercial Vessel Market Share

Players operating in the industry focus on implementing different growth strategies to strengthen their offerings and expand their market reach. The strategies involve customer support, support & maintenance, customer retention, partnerships & collaborations, mergers & acquisitions, and others. Some of the major companies operating in the commercial vessel market are mentioned below:

• China Shipbuilding Industry Corporation (CSIC)
• Daewoo Shipbuilding & Marine Engineering
• Fincantieri
• Guangzhou Shipyard International
• Hyundai Heavy Industries
• Mitsui O.S.K. Lines (MOL)
• Samsung Heavy Industries
   

Commercial Vessel Industry News

• In August 2023, Shin Kurushima Dockyard Co., Ltd., a Japan-based shipbuilding company, collaborated with Mitsubishi Shipbuilding Co., Ltd. for the delivery of the Fuel Gas Supply System (FGSS). The FGSS is a Liquefied Natural Gas (LNG) gas supply system used in high-pressure dual-fuel marine engines.
   
• In June 2023, A.P. Moller-Maersk, a shipping company, ordered six mid-sized container vessels from Yangzijiang Shipbuilding Group, a China-based shipbuilding & marine engineering manufacturing company. These six vessels have dual-fuel engines, which can be operated on green1 methanol. Moreover, these six 9,000 TEU vessels will be delivered in 2026 and 2027.
   

The commercial vessel market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

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Market, By Type

• Container Ships
• Passenger Vessels
• Reefer Ships
• Tankers
• Fishing Vessels
• Tugs
• Bulk Carriers
• Others

Market, By Fuel Type

• Liquefied Natural Gas (LNG)
• Diesel Oil
• Heavy Fuel Oil
• Others

Market, By Application

• New Build
• Repair & Maintenance

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • ANZ
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • GCC
  • Saudi Arabia
  • Rest of MEA