Emphasis on Type (Passenger Ships, Commercial Vessels, LNG/LPG and Others); End-User (OEM and Aftermarket); and Country
The MENA Marine Vessel Market was valued at USD 4,250.00 Million in 2023 and is expected to grow at a strong CAGR of around 2.3% during the forecast period (2024-2032) owing to rising investments in oil and gas sectors and growing technological advancements.
A marine vessel refers to any watercraft designed for navigation on bodies of water such as seas, oceans, lakes, or rivers. These vessels serve various purposes including transportation of goods and passengers, fishing, offshore operations, research expeditions, and military activities. They come in a diverse range of types and sizes, from small fishing boats and leisure yachts to massive cargo ships, passenger liners, and specialized vessels like oil tankers, research ships, and naval warships. Each type of marine vessel is designed with specific features and capabilities to suit its intended function and operating environment, contributing to the vast and intricate world of maritime activities and industries.
This section discusses the key market trends that are influencing the various segments of the Marine Vessel Market as identified by our team of research experts.
Commercial Vessels
Saudi Arabia is Expected to Grow with Significant CAGR During Forecast Period
Saudi Arabia’s maritime ambitions are closely tied to its economic diversification efforts under Vision 2030. The kingdom’s expansive coastline along the Red Sea and Arabian Gulf has immense potential for maritime activities, including shipping, ports, shipbuilding, offshore exploration, and marine tourism. Initiatives like the Saudi Maritime Transport Company (Bahri), the Saudi Ports Authority (Mawani), and the King Salman International Complex for Maritime Industries and Services in Ras Al-Khair reflect Saudi Arabia’s commitment to developing a robust maritime ecosystem. The Red Sea Project, NEOM, and the Riyadh Metro Project also contribute to increased demand for marine vessels for transportation of goods, equipment, and personnel, driving growth in the marine vessel market. For instance, according to OCED Saudi Arabia has done net trade of around 23,477 Million US dollar in 2022.
The marine vessel market is competitive and fragmented, with the presence of several MENA and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Al Masaood, Vmmarine, Al Seer Marine, Rolls-Royce plc, Nautic Africa, Maast Maritime, Israel Shipyards Ltd, Marisol Qatar, ADNOC Drilling Company PJSC, and Mitsubishi Heavy Industries Ltd.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Key Insights
4. Market Synopsis
5. Executive Summary
6. Mena Marine Vessel Market Revenue, 2020-2030f
7. Market Insights By Type
8. Market Insights By End-user
9. Market Insights By Country
10. Mena Marine Vessel Market Dynamics
11. Mena Marine Vessel Market Opportunities
12. Mena Marine Vessel Market Trends
13. Demand And Supply-side Analysis
14. Value Chain Analysis
15. Competitive Scenario
16. Company Profiles
17. Disclaimer
Analyzing the historical market, estimating the current market, and forecasting the future market of the MENA marine vessel market were the three major steps undertaken to create and analyze the adoption of marine vessel in major regions in MENA. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the MENA marine vessel market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the marine vessel market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the marine vessel market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the marine vessel market. Further, we conducted factor analysis using dependent and independent variables such as type and end-user of the marine vessel market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the marine vessel market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the MENA marine vessel market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets MENA. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the MENA marine vessel market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type and end-user in the MENA marine vessel market.
The current & future market trends of the MENA marine vessel market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the marine vessel market?
Q2: What are the driving factors for the growth of the marine vessel market?
Q3: Which segment has the largest share of the marine vessel market by end-user?
Q4: Which region will dominate the marine vessel market?
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