March 2025
Senior Research Analyst
Reviewed By
The commercial vessel market is projected to reach USD 172.94 billion by 2034, growing from USD 96.72 billion in 2025, at a CAGR of 6.67% during the forecast period from 2025 to 2034.
With a compound annual growth rate (CAGR) exceeding 6%, this market segment is essential for global trade, maritime transportation, and offshore operations.
The increasing demand for oil, gas, and other energy products is driving specific needs for commercial vessels such as LNG carriers, oil tankers, offshore support vessels, and other vessels. For instance, in August 2023, Pyxis Ocean will embark on testing a newly designed ship as a sustainable energy technology. WindWings collaborated with Cargill Shipping Company to retrofit older ships with this technology. The project aims to reduce carbon emissions, addressing a crucial issue in the maritime sector.
Constructing a commercial ship requires ship designers, engineers, and architects. These expert teams create designs and meticulously test them during the shipbuilding process. Commercial boats are constructed using robust materials capable of withstanding harsh weather conditions. However, such expertise and specialized equipment come at a high cost. Additionally, stringent regulations in the maritime industry, including the use of low-sulfur fuel and the installation of advanced technology, add to the additional costs for the shipbuilding industry.
The COVID-19 pandemic led to border closures and disruptions in domestic transportation, halting production and distribution, significantly affecting the shipping merchant's business. Declining tourism also led to a decrease in passenger and cruise lines. Furthermore, product disruptions and labor shortages caused delays in equipment and new ship construction. However, after the initial outbreak, the global economy gradually recovered, leading to increased demand for cargo ships, oil tankers, large ships, and other vessels.
Cross-border trade by sea has continued to increase in the past two years, driving up demand for commercial ships. The top 20 shipping companies have doubled their business and now handle more than half of the world's container shipments. Asian ports handle the largest cargo volume compared to other countries. Additionally, the promotion of bilateral trade agreements, free trade agreements (FTAs), and reductions in trade tariffs contribute to global trade growth. Furthermore, advancements in communication, transportation, and internet technology have facilitated international trade and transportation for businesses.
There is a growing demand for ships specialized in offshore operations as they are used for underwater work, oil and gas extraction, natural gas exploration, wind energy development, among other operations. These vessels are equipped with technological systems to operate in harsh environments. With the increasing production of oil and gas and the establishment of offshore wind farms worldwide, a variety of specialized ships are needed to meet drilling, crew transfer, maintenance, and other requirements. Additionally, these vessels are equipped with remotely operated vehicles (ROVs) for laying underwater lines, pipelines, and maintenance and installation of other underwater structures.
Commercial vessels serve as the backbone of maritime transportation, facilitating the movement of goods, passengers, and resources across oceans, rivers, and waterways worldwide. From cargo ships and tankers to passenger vessels and offshore platforms, commercial vessels play a crucial role in supporting economic growth, international trade, and offshore activities.
By 2022, wholesalers in the Asia-Pacific region are expected to generate more than 85% of the total revenue. This dominance is fueled by robust economies like China, Japan, and South Korea, which continue to expand, thereby bolstering the market in the Asia-Pacific region. The region's significance in international trade and commerce further amplifies the demand for various export commodities. Moreover, the Asia-Pacific region hosts commercial shipbuilding companies that play a vital role in boosting the economy.
Southeast Asian nations such as Vietnam, Indonesia, the Philippines, and Thailand are driving the demand for commercial ships. These countries are actively investing in port infrastructure to enhance their ports' capacity and establish new shipping routes, thereby contributing to the growth of the commercial shipbuilding industry in the region.
The commercial vessel market is characterized by the presence of several key players with global operations and diversified fleets.
Some of the prominent companies in the market include:
By Vessel Type
By End-User Industry
By Geography
March 2025
March 2025
March 2025
March 2025
Dr. Arjun Patel is a distinguished expert in the automotive industry, holding advanced degrees in Automotive Engineering and Mechanical Engineering. His expertise spans automotive market dynamics, technological advancements, and sustainable practices. Dr. Patel excels in conducting in depth research and analysis on market trends, consumer preferences, and the economic implications within the automotive sector. He is renowned for his insightful publications on topics such as electric vehicles, autonomous driving technologies, and the evolution of sustainable transportation solutions. Dr. Patels research contributions have significantly advanced understanding in the field, earning him recognition as a leading authority in automotive research and analysis.
We offer automotive expertise for market projections and customizable research, adaptable to diverse strategic approaches.
Contact Us