Marine Vessels Market

The marine vessels market is projected to reach USD 133.63 billion by 2030, from USD 111.10 billion in 2024, at a CAGR of 3.1%. The marine vessels market is growing due to expanding global trade, which is driving demand for commercial ships. Military navies are expanding and modernizing, contributing to market activity. The rise in passenger and tourism demand is increasing the need for more vessels. Strategic fleet renewal efforts, aimed at replacing older ships with newer models, are also supporting the market's growth.

China State Shipbuilding Corporation (China), FINCANTIERI S.p.A. (Italy), Huntington Ingalls Industries (US), HD Hyundai Heavy Industries Co., Ltd. (South Korea), and Hanwha Ocean Co., Ltd. (South Korea) are some of the leading companies in the market. These companies have implemented various growth strategies such as the development of advanced ships, partnerships, contracts, joint ventures, and acquisitions to strengthen their position in the marine vessels market. The organic and inorganic strategies have helped the market players expand globally.

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Major Steam Trap Market companies include:

• China State Shipbuilding Corporation (China)
• FINCANTIERI S.p.A. (Italy)
• Huntington Ingalls Industries (US)
• HD Hyundai Heavy Industries Co., Ltd. (South Korea)
• Hanwha Ocean Co., Ltd. (South Korea)
• Samsung Heavy Industries Co., Ltd. (South Korea)
• Mitsubishi Heavy Industries, Ltd. (Japan)
• Naval Group (France)
• Austal (Australia)
• Mazagon Dock Shipbuilders Limited (India)

China State Shipbuilding Corporation (China)

The China State Shipbuilding Corporation (CSSC) is a shipbuilding conglomerate in China. CSSC operates as a state-authorized investment institution overseen by the Chinese central government. The corporation operates in both military and civilian maritime sectors. CSSC comprises over 60 sole proprietorship enterprises and shareholding institutions, including shipyards, ship repair yards, marine equipment manufacturers, research institutes, and trading firms. Among its subsidiaries are shipbuilders such as Dalian Shipbuilding Industry Company, Jiangnan Shipyard, Hudong-Zhonghua Shipbuilding, Guangzhou Huangpu Shipbuilding, and Guangzhou Wenchong Shipyard. It also operates China CSSC Holdings Limited, a publicly listed company on the Shanghai Stock Exchange that owns subsidiaries like Shanghai Waigaoqiao Shipbuilding. CSSC builds civilian and military vessels and constructs a third of all ships globally. CSSC ships are built to military specifications, which aligns with Chinese government doctrine.

FINCANTIERI S.p.A. (Italy)

FINCANTIERI S.p.A. is a shipbuilding group that constructs and converts cruise vessels, defense vessels, and offshore vessels. The company also operates in the wind, oil and gas, fishing vessels, and specialized vessel sectors. It produces mechatronic and electronic marine systems and naval accommodation solutions and provides after-sales services such as logistical support and fleet assistance. FINCANTIERI focuses on building environmentally sustainable vessels, incorporating new propulsion technologies and fuels, including vessels for offshore wind farms. The group also operates in digital and cyber security, engineering services, infrastructure monitoring, energy management systems, and facility management. FINCANTIERI's production network includes 18 shipyards on four continents, employing over 21,000 workers. The company operates through four segments: Shipbuilding, Equipment, Offshore and Specialized Vessels, and Systems and Infrastructure. The Shipbuilding segment focuses on designing and building cruise and naval vessels. The work is carried out in Italian, European, and US shipyards. In 2023, activities related to ship interiors were moved to the Shipbuilding segment, while activities from the Romanian shipyards were reallocated to the Offshore and Specialized Vessels segment.

Huntington Ingalls Industries (US)

Huntington Ingalls Industries (HII) is a publicly traded company that was formed by merging two legacy shipyards. HII has expanded its operations to include a third division that provides technology solutions across civil, commercial, and defense sectors, both domestically and internationally. The company employs over 44,000 personnel and operates through Ingalls, Newport News, and Mission Technologies segments. The Ingalls segment builds warships for the US Navy, US Coast Guard, US Marine Corps, and international clients. Ingalls produces amphibious assault ships, expeditionary warfare ships, surface combatants, and national security cutters. The Newport News segment designs and builds nuclear-powered aircraft carriers and submarines. The segment is engaged in constructing, refueling, overhauling, and inactivating these vessels and providing maintenance services for the US Navy's aircraft carrier fleet. Through these segments, HII plays a critical role in the US defense sector, delivering advanced naval capabilities while prioritizing innovation and operational efficiency in shipbuilding and marine support services.

HD Hyundai Heavy Industries Co., Ltd. (South Korea)

HD Hyundai Heavy Industries (HHI) is a global leader in the shipbuilding industry. It is recognized for its advanced technological capabilities and innovative solutions in maritime construction. As a core subsidiary of HD Hyundai, HHI operates through four major segments: Shipbuilding, Offshore, Industrial Plant, and Engineering, Engine and Machinery, and Others. Hyundai Heavy Industries (HHI) operates in naval defense and commercial shipbuilding through its Shipbuilding segment, which includes the Naval & Special Ship Business Unit (NSSBU) and the Shipbuilding Division. NSSBU, an independent organization within HHI, specializes in designing and building surface combatants, submarines, and auxiliary vessels for the Republic of Korean Navy (ROKN) and the Korean Coast Guard (KCG). NSSBU has delivered domestic and international naval vessels, including recent projects for the Philippine Navy and the Royal New Zealand Navy. The Shipbuilding Division operates ten drydocks, known as Drydocks 1 through 10, along Mipo Bay in Ulsan, Korea. By 2023, this division had delivered over 2,300 ships to clients in 51 countries, maintaining a position in the shipbuilding industry. HHI employs approximately 14,000 people and has a yard size of 6,800,000 square meters across its production plants.

Hanwha Ocean Co., Ltd. (South Korea)

Hanwha Ocean Co., Ltd., formerly Daewoo Shipbuilding & Marine Engineering (DSME), was acquired by Hanwha Group on May 23, 2023. The company is located near the Port of Okpo in Geoje, South Korea, and employs approximately 35,000 people. Hanwha Ocean specializes in the shipbuilding and offshore industry, producing a range of products, including LNG carriers, very large gas carriers (VLGC), very large crude oil carriers (VLCC), container ships, and submarines. Hanwha Ocean also produces specialty ships, including destroyers and frigates.

Related Reports:

Marine Vessels Market by Ship Type (Destroyer, Frigate, Corvette, Patrol Vessels, Passenger Vessels, Container Vessels, Tanker), Tonnage (100 - 500 DWT, 500 - 5,000 DWT, 5,000 - 15,000 DWT, >15,000 DWT), Operation and Region - Global Forecast to 2030

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