Middle East & Africa Marine Vessel Market Growth and Analysis by 2030

Historic Data: 2021-2022 | Base Year: 2023 | Forecast Period: 2024-2030

Middle East & Africa Marine Vessel Market Forecast to 2030 - Regional Analysis by Type (Commercial Vessels, LNG/LPG, Passenger Ships, and Special Purpose Vessels) and System (Marine Engine, Control System, Communication System, and Others)

Report Date : Jul 2023
Report Code : TIPRE00029933

Category : Manufacturing and Construction
Status : Published

Available Report Formats :
No. of Pages : 150

Page Updated: May 2025

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

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

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

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FUTURE TRENDS

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OPPORTUNITIES

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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

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Middle East & Africa Marine Vessel MarketReport Scope

Middle East & Africa Marine Vessel Market Report Scope

Report Attribute	Details
Market size in 2023	US$ 9,054.90 Million
Market Size by 2030	US$ 13,244.79 Million
CAGR (2023 - 2030)	5.6%
Historical Data	2021-2022
Forecast period	2024-2030
Segments Covered	By Type Commercial Vessels LNG/LPG Passenger Ships Special Purpose Vessels By System Marine Engine Control System Communication System
Regions and Countries Covered	Middle East and Africa South Africa Saudi Arabia UAE Rest of Middle East and Africa
Market leaders and key company profiles	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

Frequently Asked Questions

What is the estimated market size for the Middle East & Africa marine vessel market in 2023?

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.

What are the driving factors impacting 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.

What are the future trends of the Middle East & Africa marine vessel market?

The advancement in the maritime communication technology can be future trends for the Middle East & Africa marine vessel market.

What is the incremental growth of the Middle East & Africa marine vessel market during the forecast period?

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.

What will be the global market size for Middle East & Africa marine vessel by 2030?

The Middle East & Africa marine vessel market is expected to reach US$ 13,244.79 by 2030.

Which are the key players holding the major market share of Middle East & Africa marine vessel market?

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.

Research Manager

Nivedita Upadhyay

Manager,
Market Research & Consulting

Nivedita is an accomplished research professional with over 9 years of experience in Market Research and Business Consulting. Currently serving as a Project Manager in the ICT domain at The Insight Partners, she brings deep expertise in managing and executing Syndicated, Custom, Subscription-based, and Consulting research assignments across diverse technology sectors.

With a proven track record of delivering data-driven analysis and actionable insights, Nivedita has been a key contributor to several critical projects. Her work involves end-to-end project execution—right from understanding client objectives, analyzing market trends, to deriving strategic recommendations. She has collaborated extensively with leading ICT companies, helping them identify market opportunities and navigate industry shifts.

Nivedita holds an MBA in Management from IMS, Dehradun. Prior to joining The Insight Partners, she gained valuable experience at MarketsandMarkets and Future Market Insights in Pune, where she held various research roles and built a strong foundation in industry analysis and client engagement.

What are the Middle East & Africa Marine Vessel Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Regional, Country
Industry and Competitive Landscape
Excel Dataset

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