Middle East & Africa Marine Vessel Market Growth and Analysis by 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)
Historic Data: 2021-2022 | Base Year: 2023 | Forecast Period: 2024-2030- Report Date : Jul 2023
- Report Code : TIPRE00029933
- Category : Manufacturing and Construction
- Status : Published
- Available Report Formats :
- No. of Pages : 150
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
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Market Size 2023
US$ 9,054.90 Million -
Market Size 2030
US$ 13,244.79 Million
Market Dynamics
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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 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).
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- 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.
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Middle East & Africa Marine Vessel Market Revenue and Forecast to 2028 (US$ Million)
- This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
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.
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
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| Regions and Countries Covered |
Middle East and Africa
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| Market leaders and key company profiles |
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