Fishing Vessels Global Market Poised for Significant Growth, Projected to Reach $2.13 Billion at a CAGR of 8.4% By 2028

The fishing vessels global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Market Size – The fishing vessels market size has grown strongly in recent years. It will grow from $1.43 billion in 2023 to $1.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to the growing demand for fish in the hotel, restaurant, and cafe (HORECA) industry, growth of global trade and seafood consumption, rising fuel costs and environmental concerns, growing emphasis on sustainable fishing, and increasing government regulations.

The fishing vessels market size is expected to see strong growth in the next few years. It will grow to $2.13 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to increasing focus on deep-sea fishing, increasing fishing production, growing focus on deep-sea fishing, rising launch of new fishing vessels, rising concerns for ensuring the safety and well-being of the crew, and intense competition among fishing companies. Major trends in the forecast period include technological advancements, innovation in trawler design, smart vessel design, innovation for routes and correspondences, and advancements in fishery technologies.

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Scope Of Fishing Vessels Market

The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Fishing Vessels Market Overview

Market Drivers –The rise in seafood consumption is expected to drive the growth of the fishing vessels market moving forward. Seafood, which includes fish and shellfish, is experiencing increasing demand due to global population growth, rising incomes, and a shift toward seafood consumption, supported by the growth of aquaculture. Fishing vessels are essential for harvesting, preserving, and transporting seafood from oceans while supporting sustainable fishing practices and benefiting coastal communities. According to the FAO’s July 2024 SOFIA report, global fisheries and aquaculture production reached 223.2 million tonnes in 2022, marking a 4.4% increase compared to 2020. This growth in seafood popularity will continue to drive the fishing vessel market through 2023, further boosting demand into 2024 and expected to maintain momentum by 2028.

Market Trends – Major companies operating in the fishing vessels market are focused on developing innovative products, such as multipurpose fishing vessels capable of handling various fishing methods. A multipurpose large fishing vessel is a type of maritime craft designed to perform various fishing activities efficiently and effectively, equipped to deploy multiple types of fishing gear, such as trawl nets and longlines, without requiring significant modifications. For instance, in November 2023, NAVANEX, a Canada-based boat builders’ company, launched a new Multipurpose Large fishing vessel. This vessel is designed to be versatile and capable of fishing year-round, from snow crab in spring to redfish in autumn and winter. The new vessel features a refined hull shape and a recessed stabilizer fin system to enhance flow resistance. It is powered by a Yanmar propulsion engine equipped with a NOx exhaust gas treatment system that complies with environmental standards.

The fishing vessels market covered in this report is segmented –
1) By Type: Below 14 Feet, 14-16 Feet, Above 16 Feet
2) By Deck Type: Large Decks, Medium Decks, Small Decks
3) By Trawlers: Freezer Trawlers, Wet-Fish Trawlers, Side Trawlers, Outrigger Trawlers, Factory Trawlers, Stern Trawlers
4) By Application: Commercial, Recreational Fishing

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Regional Insights – North America was the largest region in the fishing vessels market in 2023. The regions covered in the fishing vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies – Major companies in the market are HD Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., Rolls-Royce PLC, Fincantieri S.p.A., Wärtsilä Corporation, Damen Shipyards Group, Lerøy Havfisk AS, Vard Group, Austal Limited, Sanford Limited, Talley’s Limited, Eastern Shipbuilding Group Inc., Groupe PIRIOU, Heinen & Hopman Engineering BV, Zamakona Yards, Nauta Shiprepair Yard, Master Boat Builders Inc., Karstensens Skibsvaerft A/S, Freire Shipyard, MacGregor

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