MENA Marine Vessel Market: Current Analysis and Forecast (2024-2032)

A marine vessel refers to any watercraft designed for navigation on bodies of water such as seas, oceans, lakes, or rivers. These vessels serve various purposes including transportation of goods and passengers, fishing, offshore operations, research expeditions, and military activities. They come in a diverse range of types and sizes, from small fishing boats and leisure yachts to massive cargo ships, passenger liners, and specialized vessels like oil tankers, research ships, and naval warships. Each type of marine vessel is designed with specific features and capabilities to suit its intended function and operating environment, contributing to the vast and intricate world of maritime activities and industries.

The MENA marine vessel market was valued at USD 4,250.00 Million in 2023 and is expected to grow at a strong CAGR of around 2.3% during the forecast period (2024-2030). The Middle East and North Africa (MENA) region have been experiencing a notable uptick in the adoption and utilization of marine vessels across various sectors. This growth can be attributed to several factors contributing to the region's maritime industry's vibrancy and resilience. Firstly, the strategic geographic location of many MENA countries along major maritime trade routes, such as the Suez Canal, Red Sea, Arabian Gulf, and Mediterranean Sea, positions them as crucial hubs for global shipping, logistics, and transit activities. This strategic advantage has led to increased maritime traffic, port expansions, and investments in maritime infrastructure to accommodate larger vessels, enhance cargo handling capabilities, and streamline supply chain operations. Moreover, growing sea trade is also a factor driving the growth of marine vessel market. For instance, according to OCED Turkey has done net trade of around 273.610 Billion US dollar in 2022.

Based on type, the marine vessel market is segmented into passenger ships, commercial vessels, LNG/LPG and Others. Commercial vessels will hold a significant share of the market in the present scenario as well as during the forecast period. (2024-2032). With strategic coastal locations and a growing tourism sector, countries like the UAE, Saudi Arabia, Egypt, and Oman are investing in modern cruise terminals and marinas to accommodate the increasing demand for maritime travel. Luxury cruise liners, ferry services, and yacht charters are attracting a diverse range of travelers seeking unique and luxurious sea experiences. As the region continues to develop its tourism infrastructure and promote maritime tourism, the adoption of passenger ships is expected to continue growing, offering travelers memorable journeys along MENA's picturesque coastlines and cultural destinations.

By end-user, the market is segmented OEM and aftermarket. The aftermarket segment in the marine vessel industry is experiencing significant growth as vessel owners and operators prioritize maintenance, upgrades, and efficiency enhancements to prolong the lifespan and performance of their fleets. This growing emphasis on aftermarket services is driven by factors such as stringent regulatory requirements, technological advancements, and the need to optimize operational costs. Aftermarket providers offer a range of services including spare parts supply, maintenance and repair services, retrofitting solutions for environmental compliance, modernization projects, and performance upgrades.

For a better understanding of the market adoption of the marine vessel, the MENA market is analyzed based on its worldwide presence in countries such as Saudi Arabia, UAE, Egypt, Turkey, and the Rest of MENA. Saudi Arabia held the largest share in 2023. Saudi Arabia's maritime ambitions are closely tied to its economic diversification efforts under Vision 2030. The kingdom's expansive coastline along the Red Sea and Arabian Gulf has immense potential for maritime activities, including shipping, ports, shipbuilding, offshore exploration, and marine tourism. Initiatives like the Saudi Maritime Transport Company (Bahri), the Saudi Ports Authority (Mawani), and the King Salman International Complex for Maritime Industries and Services in Ras Al-Khair reflect Saudi Arabia's commitment to developing a robust maritime ecosystem. The Red Sea Project, NEOM, and the Riyadh Metro Project also contribute to increased demand for marine vessels for transportation of goods, equipment, and personnel, driving growth in the marine vessel market. For instance, according to OCED Saudi Arabia has done net trade of around 23.47 Billion US dollar in 2022.

Some of the major players operating in the market include Al Masaood, Vmmarine, Al Seer Marine, Rolls-Royce plc, Nautic Africa, Maast Maritime, Israel Shipyards Ltd, Marisol Qatar, ADNOC Drilling Company PJSC, and Mitsubishi Heavy Industries Ltd.