Middle East & Africa Marine Vessel Market to Grow at a CAGR of 5.6% to reach US$ 13,244.79 million from 2023 to 2030

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 register a CAGR of 5.6% from 2023 to 2030.

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.

Customize This Report To Suit Your Requirement

You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities

Get FREE CUSTOMIZATION

Middle East & Africa Marine Vessel Market: Strategic Insights

Middle East & Africa Marine Vessel Market

• Market Size 2023
  US$ 9,054.90 Million
• Market Size 2030
  US$ 13,244.79 Million

Market Dynamics

GROWTH DRIVERS

• XXXXXXX
• XXXXXXX
• XXXXXXX

FUTURE TRENDS

• XXXXXXX
• XXXXXXX
• XXXXXXX

OPPORTUNITIES

• XXXXXXX
• XXXXXXX
• XXXXXXX

Regional Overview

• Middle East and Africa

Market Segmentation

Type

• Commercial Vessels
• LNG/LPG
• Passenger Ships
• Special Purpose Vessels

System

• Marine Engine
• Control System
• Communication System

• Get Top Key Market Trends of this report.
  This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Free Sample PDF

Middle East & Africa Marine Vessel MarketReport Scope

Middle East & Africa Marine Vessel Market Report Scope