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.
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Middle East & Africa Marine Vessel Market: Strategic Insights
Market Size Value in US$ 9,054.90 million in 2023 Market Size Value by US$ 13,244.79 million by 2030 Growth rate CAGR of 5.6% from 2023 to 2030 Forecast Period 2023-2030 Base Year 2023
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Middle East & Africa Marine Vessel Market: Strategic Insights
| Market Size Value in | US$ 9,054.90 million in 2023 |
| Market Size Value by | US$ 13,244.79 million by 2030 |
| Growth rate | CAGR of 5.6% from 2023 to 2030 |
| Forecast Period | 2023-2030 |
| Base Year | 2023 |
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Middle East & Africa Marine Vessel Market: Key Players
Major Middle East & Africa marine vessel market players include 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. Increasing investments by these companies in product developments are propelling the Middle East & Africa marine vessel market growth. For instance, in May 2022, Nautic Africa launched a 35-meter-long Sentinel vessel—MV Tuguemi—which would be deployed in the Gulf of Guinea. The vessel was christened at Hamlet Quay in Elliot Basin in Cape Town, marking the third launch of the 35-meter version of the Sentinel series.
Middle East & Africa Marine Vessel Market: By Type
Based on type, the Middle East & Africa marine vessel market is segmented into commercial vessels, passenger ships, LNG/LPG, and special purpose vessels. The commercial vessels segment held the largest market share in 2021. Commercial vessels are used for the import and export of different goods in and out of the MEA. As the region is one of the biggest exporters of oil worldwide, the demand for commercial vessels is increasing.
Impact of COVID-19 Pandemic on Middle East & Africa Marine Vessel Market
In 2020, the COVID-19 outbreak hampered the ocean trade in the Middle East and Africa (MEA) owing to strict lockdowns and restrictions imposed by several governments on import and export activities to combat the spread of the disease. Severe restrictions on transport in the Q1 and Q2 of 2020 led to suspended operations in the manufacturing and transportation sectors, and resulted in reduced revenue generation. However, in the Q3 of 2020, as several countries revoked restrictions on import and export, the Middle East & Africa witnessed a strong demand for marine vessels. According to the Review of Maritime Transport 2022 report by the United Nations Conference on Trade and Development (UNCTAD), maritime trade in Africa amounted to 1.3 billion metric tons in 2021, recording an increase of 5.6% compared to 2020.
Middle East & Africa Marine Vessel Market: Market Initiative
The Middle East & Africa marine vessel market players are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
- In 2023, Al Seer Marine, a global player across multiple marine sectors and a subsidiary of the International Holding Company (IHC), secured a major cornerstone investment in ADNOC Logistics & Services PLC, an international leader in the energy maritime logistics, with a share value of AED 257 million (US$ 70 million).
- In 2023, Abu Dhabi Shipbuilding (ADSB), a company working in the design, new build, repair, maintenance, refit, and naval and commercial vessels’ conversion, announced the launch of a 92-meter corvette designed by ADSB in the UAE.
Middle East & Africa Marine Vessel Market Revenue and Forecast to 2028 (US$ Million)
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The Middle East & Africa marine vessel market is segmented on the basis of type, system, and country. In terms of type, the Middle East & Africa marine vessel market is divided into commercial vessels, passenger ships, LNG/LPG, and special-purpose vessels. Based on system, the Middle East & Africa marine vessel market is segmented into marine engines, control systems, and communication systems. Based on country, the Middle East & Africa marine vessel market is segmented into South Africa, the UAE, Qatar, Israel, Oman, and the rest of MEA.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and System
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Israel, Oman, Qatar, South Africa, United Arab Emirates
Frequently Asked Questions
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.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Marine Vessel Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Marine Vessel Market- Key Market Dynamics
5.1 Market Drivers
5.1.1 Upsurge in Seaborne Trade
5.1.2 Increasing Cruise Tourism in Middle East
5.2 Market Restraints
5.2.1 Limitations Posed by Environmental Regulations
5.3 Market Opportunities
5.3.1 Rising Demand for Electric and Hybrid Vessels
5.4 Future Trends
5.4.1 Advancement in Maritime Communication Technology
5.5 Impact Analysis of Drivers and Restraints
6. Marine Vessel Market– Middle East & Africa Market Analysis
6.1 Marine Vessel Market Middle East & Africa Overview
6.2 Middle East & Africa Marine Vessel Market Forecast and Analysis
6.3 Market Positioning- Top Five Players
7. Marine Vessel Market Revenue and Forecast to 2030 –Type.
7.1 Overview
7.2 Marine Vessel Market, By Type (2022 and 2030)
7.3 Commercial Vessel
7.3.1 Overview
7.3.2 Commercial Vessel: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
7.4 LPG/LNG
7.4.1 Overview
7.4.2 LPG/LNG: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
7.5 Passenger Ships
7.5.1 Overview
7.5.2 Passenger Ships: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
7.6 Special Commercial Vessel
7.6.1 Overview
7.6.2 Special Commercial Vessel: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
8. Marine Vessel Market Revenue and Forecast to 2030 – System
8.1 Overview
8.2 Marine Vessel Market, By System (2022 and 2030)
8.3 Marine Engine
8.3.1 Overview
8.3.2 Marine Engine: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
8.4 Control System
8.4.1 Overview
8.4.2 Control System: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
8.5 Communication System
8.5.1 Overview
8.5.2 Communication System: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Marine Vessel Market Revenue and Forecast To 2030 (US$ Million)
9. Marine Vessel Market– Country Analysis
9.1.1.1 South Africa: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
9.1.1.1.1 South Africa: Marine Vessel Market, By Type
9.1.1.1.2 South Africa: Marine Vessel Market, By System
9.1.1.2 UAE: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
9.1.1.2.1 UAE: Marine Vessel Market, By Type
9.1.1.2.2 UAE: Marine Vessel Market, By System
9.1.1.3 Qatar: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
9.1.1.3.1 Qatar: Marine Vessel Market, By Type
9.1.1.3.2 Qatar: Marine Vessel Market, By System
9.1.1.4 Israel: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
9.1.1.4.1 Israel: Marine Vessel Market, By Type
9.1.1.4.2 Israel: Marine Vessel Market, By System
9.1.1.5 Oman: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
9.1.1.5.1 Oman: Marine Vessel Market, By Type
9.1.1.5.2 Oman: Marine Vessel Market, By System
9.1.1.6 Rest of MEA: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
9.1.1.6.1 Rest of MEA: Marine Vessel Market, By Type
9.1.1.6.2 Rest of MEA: Marine Vessel Market, By System
10. Impact of COVID-19 Pandemic on Marine Vessel Market
10.1 Overview
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions
12. Company Profiles
12.1 Al Masaood LLC
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 VM Marine International Ltd
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Al Seer Marine Supplies & Equipment Co
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Seapride Marine Engineering Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Nautic Africa (Pty) Ltd
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Comarco Group
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Israel Shipyards Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Marisol Qatar
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 ADNOC Drilling Co
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Oman Oil Marketing Company SAOG
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
12.11 Abu Dhabi Ship Building PJSC
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
12.12 Mitsubishi Heavy Industries Ltd
12.12.1 Key Facts
12.12.2 Business Description
12.12.3 Products and Services
12.12.4 Financial Overview
12.12.5 SWOT Analysis
12.12.6 Key Developments
12.13 Saudi Arabian Oil Co
12.13.1 Key Facts
12.13.2 Business Description
12.13.3 Products and Services
12.13.4 Financial Overview
12.13.5 SWOT Analysis
12.13.6 Key Developments
12.14 Qatar Gas Transport Co Ltd (Nakilat)
12.14.1 Key Facts
12.14.2 Business Description
12.14.3 Products and Services
12.14.4 Financial Overview
12.14.5 SWOT Analysis
12.14.6 Key Developments
12.15 Qatargas Operating Co Ltd
12.15.1 Key Facts
12.15.2 Business Description
12.15.3 Products and Services
12.15.4 Financial Overview
12.15.5 SWOT Analysis
12.15.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Middle East & Africa Marine Vessel Market, Revenue and Forecast, 2020–2030 (US$ Million)
Table 2. South Africa: Marine Vessel Market, By Type – Revenue and Forecast to 2030 (US$ Million)
Table 3. South Africa: Marine Vessel Market, By System – Revenue and Forecast to 2030 (US$ Million)
Table 4. UAE: Marine Vessel Market, By Type – Revenue and Forecast to 2030 (US$ Million)
Table 5. UAE: Marine Vessel Market, By System – Revenue and Forecast to 2030 (US$ Million)
Table 6. Qatar: Marine Vessel Market, By Type – Revenue and Forecast to 2030 (US$ Million)
Table 7. Qatar: Marine Vessel Market, By System – Revenue and Forecast to 2030 (US$ Million)
Table 8. Israel: Marine Vessel Market, By Type – Revenue and Forecast to 2030 (US$ Million)
Table 9. Israel: Marine Vessel Market, By System – Revenue and Forecast to 2030 (US$ Million)
Table 10. Oman: Marine Vessel Market, By Type – Revenue and Forecast to 2030 (US$ Million)
Table 11. Oman: Marine Vessel Market, By System – Revenue and Forecast to 2030 (US$ Million)
Table 12. Rest of MEA: Marine Vessel Market, By Type – Revenue and Forecast to 2030 (US$ Million)
Table 13. Rest of MEA: Marine Vessel Market, By System – Revenue and Forecast to 2030 (US$ Million)
Table 14. List of Abbreviation
LIST OF FIGURES
Figure 1. Marine Vessel Market Segmentation
Figure 2. Marine Vessel Market Segmentation – Geography
Figure 3. Marine Vessel Market Overview
Figure 4. Marine Vessel Market, By Type
Figure 5. Marine Vessel Market, By System
Figure 6. Marine Vessel Market, By Country
Figure 7. Middle East & Africa PEST Analysis
Figure 8. Marine Vessel Market Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. Marine Vessel Market: Impact Analysis of Drivers and Restraints
Figure 11. Geographic Overview of Marine Vessel Market
Figure 12. Middle East & Africa Marine Vessel Market, Forecast and Analysis (US$ Million)
Figure 13. Market Positioning- Top Five Players
Figure 14. Marine Vessel Market, By Type (2022 and 2030)
Figure 15. Commercial Vessel: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
Figure 16. LPG/LNG: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
Figure 17. Passenger Ships: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
Figure 18. Special Commercial Vessel: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
Figure 19. Marine Vessel Market, By System (2022 and 2030)
Figure 20. Marine Engine: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
Figure 21. Control System: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
Figure 22. Communication System: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
Figure 23. Others: Marine Vessel Market Revenue and Forecast to 2030 (US$ Million)
Figure 24. South Africa: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
Figure 25. UAE: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
Figure 26. Qatar: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
Figure 27. Israel: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
Figure 28. Oman: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
Figure 29. Rest of MEA: Marine Vessel Market– Revenue and Forecast to 2030 (US$ Million)
Figure 30. Impact of COVID-19 Pandemic on Middle East & African Country Market
The List of Companies - Middle East & Africa Marine Vessels Market
- Al Masaood LLC
- VM Marine International Ltd
- Al Seer Marine Supplies & Equipment Co
- Seapride Marine Engineering Ltd
- Nautic Africa (Pty) Ltd
- Comarco Group
- Israel Shipyards Ltd
- Marisol Qatar
- ADNOC Drilling Co
- Oman Oil Marketing Company SAOG
- Abu Dhabi Ship Building PJSC
- Mitsubishi Heavy Industries Ltd
- Saudi Arabian Oil Co
- Qatar Gas Transport Co Ltd ( Nakilat)
- Qatargas Operating Co Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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