Marine engineering market is estimated to be valued at USD 250.90 Billion in 2031

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the marine engineering market. Coherent Market Insights’ analyst projected the marine engineering market to be valued at USD 250.90 Bn in 2031. It is expected to exhibit a CAGR of 5% over the forecast period 2024 -2031.

Increasing global sea trade and growing offshore oil and gas exploration activities drives market growth. Approximately 90% of the global trade is carried by sea and the trend is expected to continue over the forecast period. This substantial dependence on sea trade is propelling the demand for Marine engineering services including ship design and build, repair and conversion planning.

Furthermore, continuous exploration of untapped reserves in offshore regions by major oil and gas companies is also fueling the market growth. However, stringent environmental norms regarding emission from ships might hamper the growth of the market.

Key Market Trends: Naval vessels is a key trend driving market growth. The naval vessels segment dominated the market in 2023 and is expected to retain its dominance over the forecast period. This is attributed to increasing maritime territorial disputes and rising investments in naval military strengthening by countries globally.

Advanced shipbuilding technologies: Implementation of advanced technologies like 3D printing, augmented reality, and automation in shipbuilding process has emerged as a key trend in the market. It allows constructing ships in less time and with higher efficiency.

Market Opportunities: Mechanical engineering accounts for a major part of marine engineering activities. Mechanical engineering services help design propulsion systems, cargo handling systems, deck machinery, and other mechanical components and systems. This provides opportunities for mechanical engineering companies to work with shipbuilders and rig operators to develop advanced and customized solutions catering to their unique operational requirements.

Electrical and Computer Engineering: The marine sector is increasingly automation-driven with greater use of automated systems, IoT, and digital technologies. This is driving the demand for electrical and computer engineering services. Areas like integrated ship command and control systems require specialized electrical and software engineering expertise. The growing complexities and integration of various vessel systems offer opportunities for engineering companies to provide customized electrical and digital solutions for automation and efficient operations at sea.

Key Market Takeaways: The global marine engineering market is anticipated to witness a CAGR of 5% during the forecast period 2024-2031. This is owing to growing international maritime trade and offshore oil and gas exploration and production activities.

On the basis of type, mechanical engineering segment is expected to hold a dominant position, accounting for over 30% of the market share. This is owing to strong demand for engineering of ship propulsion systems and offshore rig machinery.

Based on application, the ships segment holds the largest share currently and is expected to continue its dominance through the forecast period. This is due to engineering needs of cargo ships, tankers, bulk carriers and other commercial vessels.

North America is expected to hold a dominant position over the forecast period. This is with over 25% of the market share led by offshore oil drilling and engineering activities in the US and Canada.

Competitor Insights: Key players operating in the marine engineering market include, Here is the corrected version with commas: Shell, DSME, Petrobras, PTTEP, ConocoPhillips, Chevron, Samsung Heavy Industries, Exxon Mobil, Equinor.

Recent Developments:  In September 2024, the Netherlands awarded a €5 billion contract to purchase four Barracuda-class submarines from French defense contractor Naval Group. The Delivery arrangement for the Replacement Netherlands Submarine Capability (RNSC) program was signed in September 2024, thereby establishing the arrangement. This contract demonstrates the rising need for cutting-edge navy ships in the face of shifting geopolitical conditions. More information is available in full report.