Middle East & Africa Marine Vessel Market to 2030 - By Size, Share, Growth by End User and Forecast

The Middle East & Africa marine vessel market is expected to grow from US$ 9,054.90 million in 2023 to US$ 13,244.79 million by 2030; it is estimated to grow at a CAGR of 5.6% from 2023 to 2030.

Market Introduction

Marine vessels are ships or large boats that travel on the oceans and deep waterways, carrying cargo or passengers. They are also used for specialized missions (such as defense and research) and fishing. The waterways of the Middle East and Africa facilitate the export of large volumes of natural gas and oil while bridging trade and commerce through the Suez Canal and the Red Sea.

The growing seaborne trade, including the import and export of goods in the Middle East and African countries further propels the Middle East & Africa marine vessel market growth. In addition, the growing cruise tourism, and the increasing number of cruise terminals in trigger the demand for marine vessels, such as cruises, yachts, and catamarans. As a result, various market players are working on expanding their product lines to cater to this growing tourism. In April 2023, Emirates, a Dubai-based airline, announced the launch of a new cruise line division—Emirates Sealine. Through this division, the company would offer an ultra-luxury cruise experience to customers. Further, the need for electric and hybrid ships is on the rise due to the increasing contribution of marine vessels to oceanic pollution and CO2 emissions, which creates significant opportunities for the growth of the Middle East & Africa marine vessel market.

Increasing sea trade in the Middle East & Africa is raising the demand for advanced maritime communication. The growing connectivity in the region with the mounting adoption of 5G is expected to aid in accurate maritime communication. The adoption of 5G will help improve speed and reliability, resulting in greater ocean safety, and enhanced guest and crew experience. Various ports in the Middle East & Africa are working on improving their maritime communication systems. For instance, in March 2023, AD Ports Group announced the implementation of a Vessel Traffic Management Information System (VTMIS) across its UAE operations to attain safety, security, and efficiency as per the highest international standards. The company announced that the new technology would be installed across Free Port, Khalifa Port, Zayed Port, Musaffah Port, and Al Dhafra Ports. The VTMIS would also assist the regional marine services team of AD Ports Group in making intelligent, rapid decisions based on real-time information provided by the system.

In addition, various market players in the region are adopting satellite communication for advanced maritime communication, which is further fueling the growth of the Middle East & Africa marine vessel market. In March 2022, Yahsat Government Solutions (YGS) signed a memorandum of understanding (MoU) with Al Seer Marine PJS to test line-fitting unmanned vessels with advanced Comms-on-the-Move (COTM) satellite communications solutions. The satellite communications solutions would support critical operations such as security, anti-piracy, anti-human trafficking, exclusive economic zone (EEZ) protection, and coastal patrol. Moreover, the COTM satellite communication solutions are likely to help Al Seer’s unmanned vessels to reduce the integration and timeline risks, ensure platforms’ structural and design integrity, warrant onboard combat systems and sensor compatibility, and optimize system integration costs. Thus, the growing adoption of advanced technologies to improve maritime communication would fuel the the Middle East & Africa marine vessel market growth during the forecast period.

Key Market Segments

Based on system, the Middle East & Africa marine vessel market analysis is segmented into marine engine, control system, communication system, and others. The marine engine segment dominated the Middle East & Africa marine vessel market in 2021. Marine engines are responsible for the propulsion of the vessel from one port to another. These engines can be petrol engines, diesel engines, or gasoline-powered engines. Diesel engines are mostly used in ships as they are less flammable, have a longer life span, and are energy efficient. Diesel fuel has a flashpoint between 52°C and 96°C, making it less flammable. Also, diesel fuel has more energy potential and is 20% more thermally efficient than gas engines. Due to all the above factors, the demand for diesel engines is high, further propelling the growth of the Middle East & Africa marine vessel market.

Major Sources and Companies Listed

Al Masaood LLC, VM Marine International Ltd, Al Seer Marine Supplies & Equipment Co, Seapride Marine Engineering Ltd, Nautic Africa (Pty) Ltd, Israel Shipyards Ltd, Marisol Qatar, ADNOC Drilling Co, QatarEnergy, Oman Oil Marketing Company SAOG, Abu Dhabi Ship Building PJSC, Mitsubishi Heavy Industries Ltd, and Saudi Arabian Oil Co are some of the key Middle East & Africa marine vessel market players. Various other companies are also introducing new technologies and offerings, helping the Middle East & Africa marine vessel market players to expand their business in terms of revenue.

Reasons to Buy Report

To understand the Middle East & Africa marine vessel market landscape and identify market segments that are most likely to guarantee a strong return.
To stay ahead of the race by comprehending the ever-changing competitive landscape for the Middle East & Africa marine vessel market.
To efficiently plan M&A and partnership deals in the Middle East & Africa marine vessel market analysis by identifying market segments with the most promising probable sales.
To make knowledgeable business decisions from the perceptive and comprehensive analysis of the market performance of various Middle East & Africa marine vessel market segments.
To obtain revenue forecast for the market by various segments from 2023 to 2030 in US$.