The popularity of cruise tourism is increasing with the rising number of high-net-worth individuals. People from this category prefer spending their free time cruising to release the stress of everyday life. Besides relaxing on the oceans, they visit historical places and scenic natural destinations. Due to the rising demand, cruise tourism has become an essential asset for development in various Middle Eastern countries. Further, the cruise tourism sector brings national and international investments, employment opportunities, foreign exchange income, business volumes, and socioeconomic and sociocultural benefits to national economies. According to the Economic Impact Report from World Travel and Tourism Council (WTTC), the travel and tourism sector in the region is expected to generate more than 3.6 million new jobs in the next decade. In addition, with the development of the modern ports in Dubai and Abu Dhabi, the region has become a central hub for cruise lines, offering a starting point for the journey to the Red Sea, Arabian Peninsula, and the Persian Gulf.
Governments of different Middle Eastern countries are investing significant resources in infrastructure development to boost their cruise tourism sector. For instance, in January 2023, Abu Dhabi Ports Group, UAE, inaugurated the first cruise terminal in Aqaba in collaboration with the Government of Jordan. They also announced that more than 50 vessels are scheduled to dock at the terminal in the next four months after inauguration, bringing numerous visitors to the country. In the 2021 cruise season, Dubai received 98 ship calls with more than 330,000 passengers and crew members. Similarly, according to Qatar Tourism, 18 cruise ships arrived at ports in the country with more than 58,000 passengers and crew members in the first half of 2021. Also, the Tourism Ministry of Oman reported that the country hosted 99 cruise ships in 2021. Thus, the growing cruise tourism in the Middle East is boosting the Middle East & Africa marine vessel market growth in the forecasted period.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 9,054.90 Million |
| Market Size by 2030 | US$ 13,244.79 Million |
| Global CAGR (2023 - 2030) | 5.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The List of Companies - Middle East & Africa Marine Vessels Market
The incremental growth, expected to be recorded for the Middle East & Africa marine vessel market during the forecast period, is US$ 4,189.89 million.
The Middle East & Africa marine vessel market is expected to reach US$ 13,244.79 by 2030.
The key players, holding majority shares, in of Middle East & Africa marine vessel market includes Hyundai Heavy Industries (HHI), Hanwha Ocean co., Ltd., Samsung Heavy Industries, Fincantieri S.p.A., and MITSUBISHI HEAVY INDUSTRIES, LTD.
The advancement in the maritime communication technology can be future trends for the Middle East & Africa marine vessel market.
The Seaborne trade is continuously expanding in the Middle East & Africa (MEA) and increasing cruise tourism in Middle East are the major factors that propel the Middle East & Africa marine vessel market.
The Middle East & Africa marine vessel market was estimated to be USD 9054.90 Mn million in 2023 and is expected to grow at a CAGR of 5.6 %, during the forecast period 2023 - 2030.