Pune, May 05, 2020 (GLOBE NEWSWIRE) -- The global Marine Vessels Market size is projected to reach USD 220.18 billion by the end of 2026. The increasing use of innovative concepts in the marine vessel will bode well for the market in the coming years. According to a report published by Fortune Business Insights, titled “Marine Vessels Market Size, Share and Industry Analysis by Type (Commercial Vessel, Passenger Ship, LNG/LPG Carrier, and Special Purpose Vessel), By System (Marine Engine System, Sensor System, Control System, Electrical System, Auxiliary System, and Communication System), and Regional Forecast, 2019- 2026,” the market was worth USD 201.36 billion in 2018 and will exhibit a CAGR of 1.10% during the forecast period, 2019-2026.
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Marine vessels are physical containers that are mostly used in maritime trade and shipping activities. The product refers to any type of physical body that is used to carry out trade, transportation, and shipping activities across the world. The primary aspect of any ship trading activity is a marine vessel because it carries all types of goods as well as passengers. The growing investments by large scale companies towards the developments of marine vessels will create several growth opportunities in the coming years. The increasing emphasis on the development of advanced marine vessel will open up a huge potential for the companies operating in the market. Increasing trade activities have also boded well for the market in recent years.
Increasing Number of Product Launches to Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing number of product launches has emerged in favor of market growth. Due to the growing demand for marine vessels across the world, several large companies are looking to introduce products of the highest caliber and efficiency. In October 2019, it announced that it has completed the delivery of 8th marine ship. The company delivered 32,336 GT roll-on/roll-off (RoRo) ferry to Siem Europe. The company’s latest product will not just benefit the company but will enhance trade and transportation activities in several countries across Europe.
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Asia Pacific Held the Highest Market Share; Adoption of Innovative Concepts to Aid Growth
The report analyzes the ongoing Marine Vessels Market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in Asia Pacific currently dominates the market. The focus on integrating modern concepts in these products will aid the growth of the regional market. The market in North America will also witness considerable growth, driven by the presence of several large scale companies. As of 2018, the market in North America was worth USD 8.83 billion and this value is projected to increase further in the coming years.
List of the Key Companies that are Currently Operating in Marine Vessels Market Include;
- Hyundai Heavy Industries Co., Ltd.
- Mitsubishi Heavy Industries, Ltd.
- Kawasaki Shipbuilding Corporation
- Samsung Heavy Industries Co. Ltd.
- Imabari Shipbuilding Co. Ltd.
- Hyundai Samho Heavy Industries Co. Ltd.
- Hyundai Mipo Dockyard Co. Ltd.
- Fincantieri S.P.A.
- DSME Co., Ltd.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Global Marine Vessels Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Commercial
- Passenger Ship
- LNG/LPG Carrier
- Special Purpose Vessel
- Market Analysis, Insights and Forecast – By System
- Marine Engine System
- Sensor System
- Control System
- Electrical System
- Auxiliary System
- Communication System
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
TOC Continued….!
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Industry Developments:
February 2020 – The Daewoo Shipbuilding and Marine Engineering Co. announced that it plans to build two shuttle tankers for Knutsen NYK Offshore Tankers (KNOT). The products will be powered by liquefied natural gas (LNG) and will be delivered in mid-2022.
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