MENA Marine Vessel Market: Current Analysis and Forecast (2024-2032)
Emphasis on Type (Passenger Ships, Commercial Vessels, LNG/LPG and Others); End-User (OEM and Aftermarket); and Country
Marine Vessel Market Size & Forecast
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.
Marine Vessel Market Analysis
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.
Marine Vessel Market Trends
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
- With strategic coastal locations and a growing tourism sector, countries like the UAE, Saudi Arabia, Egypt, and Oman are investing in modern cruise terminals and marinas to accommodate the increasing demand for maritime travel. Luxury cruise liners, ferry services, and yacht charters are attracting a diverse range of travelers seeking unique and luxurious sea experiences. As the region continues to develop its tourism infrastructure and promote maritime tourism, the adoption of passenger ships is expected to continue growing, offering travelers memorable journeys along MENA’s picturesque coastlines and cultural destinations. For instance, according to the latest data available as of May 2023, the Middle East witnessed a rise in the total number of offshore rigs, reaching 236 compared to 193 in May 2022.
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.
Marine Vessel Industry Overview
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.
Marine Vessel Market News
- According to the Organization of the Petroleum Exporting Countries, Saudi Arabia had 267,192 million barrels of oil-proven reserves in 2022, an increase of 0.35% compared to 2017.
- For instance, in December 2022, the Public Investment Fund (PIF) of Saudi Arabia acquired a 9.5% stake in Skyborn Renewables, a prominent player in the offshore wind sector. This investment is anticipated to enable PIF to actively participate in the global advancement of energy transition and clean energy.
MENA Marine Vessel Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The MENA marine vessel market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Marine Vessel Market Analysis (2024-2032)
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:
Analysis of Historical Market Size
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 Size Estimate & Forecast
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:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the marine vessel market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the MENA marine vessel market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
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.
Split of Primary Participants in Different Regions
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 main objective of the MENA Marine Vessel Market Study
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:
- Analyze the current and forecast market size of the marine vessel market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the type and end-user.
- Define and analysis of the regulatory framework for the marine vessel
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the marine vessel market for the major region.
- Major countries of regions studied in the report include UAE, Saudi Arabia, Egypt, Turkey, and Rest of MENA
- Company profiles of the marine vessel market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
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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