Construction Vessel Market Trends and Forecast
The future of the global construction vessel market looks promising with opportunities in the petroleum & natural gas, freight, and platform construction markets. The global construction vessel market is expected to reach an estimated $190.1 billion by 2030 with a CAGR of 5.3% from 2024 to 2030. The major drivers for this market are growth in offshore energy industry, expansion of underwater construction projects, and rising need for upgrades and replacements with modern and more efficient vessels.
• Lucintel forecasts that 20T is expected to witness the highest growth over the forecast period.
• Within this market, petroleum & natural gas is expected to witness the highest growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Construction Vessel Market
• United States: In the United States, companies like McDermott International and Tidewater Inc. are active in the construction vessels market. McDermott International has announced plans to expand its fleet of specialized vessels to support offshore oil and gas projects in the Gulf of Mexico, aiming to enhance operational efficiency and capacity. Tidewater Inc., a leading provider of offshore service vessels, has focused on modernizing its fleet to meet increasing demands in offshore energy exploration and production. The U.S. government supports maritime infrastructure development through initiatives like the Jones Act, which mandates the use of U.S.-built and operated vessels for domestic maritime transportation.
• India: In India, companies such as Shipping Corporation of India (SCI) and Great Eastern Shipping Company (GESCO) are prominent in the construction vessels market. SCI has aimed to enhance its fleet with specialized vessels for offshore exploration and production activities in the Indian Ocean region, supporting the countryÄX%$%Xs energy security goals. GESCO has focused on fleet expansion to cater to offshore infrastructure projects, including those in the oil and gas sector and emerging opportunities in renewable energy. The Indian government promotes maritime development through initiatives like Sagarmala, which aims to modernize ports and enhance coastal shipping and inland waterways connectivity.
• China: ChinaÄX%$%Xs construction vessels market sees participation from companies like China State Shipbuilding Corporation (CSSC) and COSCO Shipping Heavy Industry. CSSC has focused on developing advanced construction vessels for offshore wind farm installations and deep-sea oil exploration projects, aligning with ChinaÄX%$%Xs push for renewable energy and maritime infrastructure development (source: CSSC announcements). COSCO Shipping Heavy Industry has expanded its shipbuilding capabilities to meet domestic and international demand for specialized vessels supporting offshore construction activities. The Chinese government supports maritime technology advancement through initiatives under the Belt and Road Initiative (BRI), enhancing ChinaÄX%$%Xs role in global maritime infrastructure projects
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Construction Vessel Market by Segment
The study includes a forecast for the global construction vessel market by type, application, and region.
Construction Vessel Market by Type [Value from 2018 to 2030]:
• 20T
• 50T
• 100T
• Others
Construction Vessel Market by Application [Value from 2018 to 2030]:
• Petroleum & Natural Gas
• Freight
• Platform Construction
• Others
Construction Vessel Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Construction Vessel Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies construction vessel companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the construction vessel companies profiled in this report include-
• Tidewater
• Bourbon Offshore
• Gulf Mark
• Maersk Supply Service
• Farstad Shipping Asa
• Hornbeck
• Swire
Recent Development in the Construction Vessel Market
• Keppel Offshore & Marine : Keppel Offshore & Marine has embarked on developing LNG-powered construction vessels to reduce emissions and operational costs. These vessels are designed to support offshore oil and gas projects with enhanced fuel efficiency and environmental sustainability. KeppelÄX%$%Xs initiative aligns with global efforts towards greener maritime operations and addresses regulatory pressures on emissions.
• Bourbon Corporation : Bourbon Corporation has implemented digitalization initiatives in its fleet of construction vessels. These include the integration of digital technologies for real-time monitoring, predictive maintenance, and operational efficiency improvements. BourbonÄX%$%Xs initiative aims to enhance vessel performance, safety, and cost-effectiveness while meeting the evolving demands of offshore construction projects.
• Subsea 7 : Subsea 7 has expanded its fleet of specialized vessels to support offshore wind farm construction and maintenance. These vessels include installation and cable-laying ships equipped with advanced technologies for efficient and safe operations in challenging marine environments. Subsea 7ÄX%$%Xs initiative targets the growing renewable energy sector, particularly offshore wind projects, by providing tailored vessel solutions.
• DOF Subsea : DOF Subsea has focused on enhancing its fleet of subsea construction vessels equipped with advanced robotics and remote-operated technologies. These vessels are designed for subsea installation, inspection, and maintenance tasks, supporting offshore oil and gas developments and renewable energy projects. DOF SubseaÄX%$%Xs initiative aims to improve operational capabilities and client service delivery in the subsea construction segment
Features of the Global Construction Vessel Market
Market Size Estimates: Construction vessel market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Construction vessel market size by type, application, and region in terms of value ($B).
Regional Analysis: Construction vessel market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the construction vessel market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the construction vessel market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the construction vessel market size?
Answer: The global construction vessel market is expected to reach an estimated $190.1 billion by 2030.
Q2. What is the growth forecast for construction vessel market?
Answer: The global construction vessel market is expected to grow with a CAGR of 5.3% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the construction vessel market?
Answer: The major drivers for this market are growth in offshore energy industry, expansion of underwater construction projects, and rising need for upgrades and replacements with modern and more efficient vessels.
Q4. What are the major segments for construction vessel market?
Answer: The future of the construction vessel market looks promising with opportunities in the petroleum & natural gas, freight, and platform construction markets.
Q5. Who are the key construction vessel market companies?
Answer: Some of the key construction vessel companies are as follows:
• Tidewater
• Bourbon Offshore
• Gulf Mark
• Maersk Supply Service
• Farstad Shipping Asa
• Hornbeck
• Swire
Q6. Which construction vessel market segment will be the largest in future?
Answer: Lucintel forecasts that 20T is expected to witness the highest growth over the forecast period.
Q7. In construction vessel market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the construction vessel market by type (20T, 50T, 100T, and others), application (petroleum & natural gas, freight, platform construction, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Construction Vessel Market, Construction Vessel Market Size, Construction Vessel Market Growth, Construction Vessel Market Analysis, Construction Vessel Market Report, Construction Vessel Market Share, Construction Vessel Market Trends, Construction Vessel Market Forecast, Construction Vessel Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.