Global Marine & Shipping Industry Outlook, 2025
An in-depth analysis of key trends, market dynamics, and growth opportunities shaping the Global Marine and Shipping industry in 2025.
Author: Vineet Pandey
Introduction to the Marine & Shipping Industry
Shipping is the most efficient and cost-effective method of international transportation for most goods, providing a dependable, low-cost means of moving products across the globe. The marine and shipping industry underpins nearly 80% of global trade by volume, facilitating commerce and contributing directly to prosperity among nations and people. This vast industry spans multiple interconnected areas, including vessel manufacturing, commercial shipping services, maritime logistics, port operations, and offshore support services. It plays a critical role in sustaining global supply chains while driving industrial and economic growth.
In recent years, the industry has entered a transformative phase shaped by technological innovation, environmental regulation, and the pursuit of efficiency. From eco-friendly propulsion systems and advanced maritime coatings to automated port management and digital logistics platforms, marine players are investing in modernization to remain competitive and compliant. Chemicals such as anti-fouling coatings, lubricants, and corrosion-resistant alloys have become indispensable in improving vessel durability, safety, and operational efficiency. With sustainability at the forefront and trade networks continuing to expand, the marine and shipping industry is positioned as both a global economic pillar and a field of immense opportunity for investors, manufacturers, and service providers.
Marine and shipping industry growth pattern highlighting COVID-19 disruptions, port congestion, and global trade recovery.
Market Size, Demand & Key Parameters
The global marine and shipping industry was valued at approximately USD 307 billion in 2024, reflecting its scale and centrality to global trade infrastructure and maritime services. This valuation covers shipbuilding and the wider maritime logistics ecosystem, excluding commercial shipping operations such as container, bulk, and tanker transport.
Within this, shipbuilding contributed USD 192.8 billion, a sector dominated by East Asia, with China, South Korea, and Japan collectively accounting for nearly 90% of global production. South Korea's HD Hyundai Heavy Industries (HHI) maintained close to 10% global market share in 2024, supported by its robust group of subsidiaries. HHI reported revenues of KRW 14.4 trillion, while affiliates such as HD Hyundai Samho (KRW 7 trillion), HD Hyundai Mipo (KRW 4.57 trillion), and Hyundai Vietnam Shipbuilding (KRW 0.85 trillion) further enhanced its capacity and reach. The sector is projected to reach USD 267 billion by 2030, expanding at a 5.6% CAGR, driven by strong demand for LNG carriers, eco-friendly ships, and global fleet renewal.
The maritime logistics market accounted for USD 114.2 billion in 2024, which includes USD 77.6 billion from port and cargo handling services, USD 18.1 billion from offshore services, USD 12 billion from Ship Repair industry and USD 6.4 billion from other maritime logistics activities. Leading operators such as PSA International, with 7.3% market share and revenues of USD 5.7 billion in 2024, highlight the crucial role of ports in global supply chains. This segment is rapidly evolving with investments in automation, digital platforms, and sustainability initiatives that enhance efficiency and throughput. Offshore services and integrated logistics providers also play a vital role, supporting both traditional and emerging offshore renewable energy projects.
Looking ahead, the marine and shipping industry—measured at over USD 300 billion excluding commercial shipping—is poised for steady growth. Sustainability imperatives, port digitalization, offshore energy expansion, and next-generation vessel development will be the key forces shaping its future.
Regulatory & classification bodies
The global shipping industry operates under a robust international regulatory framework designed to ensure safety, security, and environmental compliance. At the center of this system is the International Maritime Organization (IMO), a specialized United Nations agency that develops and enforces conventions such as the Safety of Life at Sea (SOLAS) and the International Convention for the Prevention of Pollution from Ships (MARPOL). These regulations are adopted by member states and enforced through flag-state and port-state control regimes worldwide.
In parallel, classification societies play a vital role in safeguarding vessel integrity and seaworthiness. Major organizations such as the American Bureau of Shipping (ABS), Bureau Veritas, and Lloyd's Register establish technical standards, inspect vessel design and construction, and issue class certificates. These certificates are essential for ships to operate legally, obtain insurance, and secure financing. Without valid class, a vessel cannot engage in international trade.
Additional industry bodies, including the International Chamber of Shipping (ICS) and the Baltic and International Maritime Council (BIMCO), provide global representation for shipowners, shape commercial practices, and contribute to policy development at the IMO and beyond. Together, these entities maintain a structured balance between regulation, safety, and commercial viability in the global marine and shipping sector.
Vessel Identification & Global Fleet
Every seagoing vessel is assigned a series of codes that serve as its unique identity throughout its operational life. The most important of these is the IMO number, a permanent seven-digit identifier managed under the IMO framework. This number remains linked to the hull for its lifetime, regardless of changes in ownership, name, or flag.
Ships are also allocated a Maritime Mobile Service Identity (MMSI), a nine-digit code used in radio communications and the Automatic Identification System (AIS). MMSIs are issued by national authorities under the International Telecommunication Union (ITU) framework and must be updated if a vessel changes flag. In addition, vessels carry a radio call sign and a flag-state official registry number, both issued by the flag administration at the time of registration. These identifiers collectively ensure transparency, traceability, and compliance across global shipping networks.
As of early 2024, the global merchant fleet consisted of over 109898 ships, with a combined carrying capacity of approximately 2.36 billion deadweight tons (DWT). This fleet includes container ships, bulk carriers, tankers, general cargo ships, and offshore support vessels. The number continues to grow steadily, driven by rising global trade volumes, replacement of older ships with more efficient designs, and new orders for LNG carriers and low-emission vessels.
According to UNCTAD statistics, there are 112495 registered merchant ships globally in 2025 and Asia region leads with 30.6% market share in this. Below table provide details at region level including average age of vessels, Merchant ship count and dead weight ton.
| Region | Count | Dead weight tons in thousand | Average Age of Vessels |
|---|---|---|---|
| Africa | 10620 | 473559 | 22 |
| Americas | 21718 | 536694 | 26 |
| Asia | 53323 | 746672 | 20 |
| Europe | 17694 | 346568 | 27 |
| Oceania | 6968 | 324261 | 17 |
| Others | 2172 | 12077 | - |
| Total | 112495 | 2439831 | 23 |
Sub-Categories of the Marine & Shipping Industry
To better understand the marine and shipping industry from a revenue perspective, we sub-categorize it into three key areas: Shipbuilding & MRO, Marine Logistics, and Other Marine Services. Each sub-category includes the products, services, and solutions that define its scope and contribution to the overall market.
Shipbuilding & MRO
This sub-category includes products, services, and solutions related to the design, construction, and maintenance of vessels. It covers large ships such as container vessels, bulk carriers, LNG carriers, and tankers, as well as smaller craft including boats and specialized marine vessels. The services and solutions include shipyard operations, dry-docking, hull and engine repairs, retrofitting, modernization, and upgrades for compliance with international environmental and safety standards.
Marine Logistics
This sub-category encompasses the products, services, and solutions supporting global trade flows and offshore operations. It includes port infrastructure, cargo handling equipment like cranes & other movable heavy machineries, offshore support vessels, and intermodal transport assets. Services cover terminal management, cargo consolidation, offshore energy industry support, and freight forwarding, while solutions involve digital platforms for cargo tracking, route optimization, automation systems, and sustainability-focused port technologies.
Other Marine Services
This sub-category includes a wide range of products, services, and solutions that support the broader maritime ecosystem. These include marine insurance and financial products, vessel brokerage platforms, crewing and training services, classification and certification solutions, and legal and arbitration services. It also spans marine technology solutions such as navigation systems, communication platforms, cybersecurity tools, fleet management software, and emissions monitoring systems that ensure efficiency, compliance, and innovation across the industry.
Key Growth Drivers
The Marine & Shipping industry is being driven by increasing global trade, rising demand for cargo transportation, and adoption of advanced shipbuilding technologies. Growing investments in port infrastructure and sustainable shipping solutions further accelerate market growth. These factors collectively enhance operational efficiency and industry competitiveness.
Expanding Global Trade and Energy Transport
The marine and shipping industry remains the backbone of global trade, carrying nearly 80% of world merchandise by volume. Between 2024 and 2025, global fleet gross deadweight tonnage grew by 3.4%, highlighting sustained demand for capacity. According to <a href='https://unctadstat.unctad.org/EN/' class='text-[#295596] hover:underline font-semibold' target='_blank'>UNCTAD</a>, maritime trade is projected to expand at a 2.45% CAGR between 2025 and 2029, driven by container flows, energy transport, and diversified supply chains. The continued need to move crude oil, LNG, refined products, and bulk commodities underpins shipping's strategic role, while offshore oil, gas, and renewables further reinforce demand for specialized vessels and support services.
Fleet Modernization, MRO, and Digital-Sustainability Shift
Aging fleets and regulatory pressures are driving significant investment in modernization. Currently, 36% of all registered ships are over 26 years old, placing them in the final stage of their operating life. By 2030, more than 55% of ships will fall into this category, creating a surge in demand for maintenance, repair, and overhaul (MRO) services. This market is expected to double in size by 2030, supported by expenses on engine overhauls, retrofits, and compliance upgrades. At the same time, decarbonization and digital transformation are reshaping the industry, with operators adopting LNG, ammonia, and hydrogen fuels, as well as deploying smart ports, automation, and real-time cargo management solutions. Together, modernization and innovation are not just ensuring fleet reliability but also unlocking new growth opportunities across shipbuilding, MRO, and marine logistics.
Fleet Modernization and the Expanding Ship Repair & MRO Market
The ageing global fleet is creating an unprecedented opportunity for ship repair and maintenance providers. Currently, 36% of registered vessels are older than 26 years, and by 2030 more than 55% will fall into this late operational stage. This ageing profile is driving heavy demand for maintenance, retrofitting, and modernization to extend vessel life and meet stricter environmental regulations. The ship repair market, estimated at USD 12 billion in 2023, is projected to surge to USD 40 billion by 2030, growing at a 19% CAGR—making it one of the fastest-growing niches within the maritime sector. Coupled with regulatory-driven upgrades such as ballast water treatment systems, low-sulfur fuel conversions, and green propulsion retrofits, MRO services are set to become a dominant revenue stream, surpassing the growth pace of new shipbuilding orders.
Digitalization, Smart Ports, and Green Shipping Solutions
Rising investments in digital platforms, automation, and port modernization are reshaping maritime logistics. Smart port systems, AI-driven navigation, and blockchain-based cargo tracking are enhancing efficiency, reducing dwell times, and cutting operational costs. Simultaneously, global decarbonization targets are accelerating adoption of LNG-fueled carriers, hydrogen propulsion, and carbon capture solutions, creating new growth vectors for both shipbuilders and logistics operators. Companies that embrace digitalization and sustainability not only align with regulatory imperatives but also secure competitive advantages in an industry where customers and governments increasingly demand resilient, low-carbon logistics. Together, these shifts represent a transformative growth path for the sector over the coming decade.
Restraints & Challenges
Despite growth prospects, the industry faces challenges such as stringent environmental regulations, rising fuel costs, and logistical complexities. Limited availability of skilled seafarers and high capital expenditure for fleet modernization can also restrict expansion. Companies must navigate these constraints to maintain profitability and compliance.
Rising Operating Costs Amid Route Disruptions
The industry is increasingly burdened by higher operating costs as sea trade routes face disruptions from geopolitical and climate-related chokepoints. Events such as the Red Sea crisis and reduced capacity in the Panama Canal have forced vessels to take longer alternative routes, inflating freight charges and fuel consumption. The impact is evident in the China Containerized Freight Index (CCFI), which surged by more than 150% in the first half of 2024, underscoring the volatility in shipping costs. Container shipping fleets—though representing only about 14% of the global fleet—play a critical role in transporting high volumes of consumer goods, making these disruptions particularly damaging to global supply chains and trade stability.
Regulatory Pressure, Infrastructure Bottlenecks, and Slow Fleet Renewal
Stringent international regulations, particularly from the International Maritime Organization (IMO), continue to increase compliance and retrofitting costs for shipowners. Decarbonization targets, ballast water treatment mandates, and sulfur emission caps require significant capital expenditure in both new vessel technologies and existing fleet upgrades. However, shipbuilding orders currently stand at only about 12% of active fleet tonnage, reflecting how operators are prioritizing maximum utilization of aging fleets instead of committing to high-CapEx new builds. This imbalance is further compounded by uneven port infrastructure modernization and congestion, which restrict throughput and add to cost inefficiencies. Collectively, regulatory demands, under-investment in fleet renewal, and infrastructure constraints create a structural bottleneck that restrains long-term industry growth and margin expansion.
Opportunities
Significant opportunities exist through the adoption of green shipping technologies, digitalization of fleet management, and expansion into emerging maritime trade routes. Innovative solutions in port automation and autonomous vessels provide further avenues for growth. These trends enable businesses to enhance efficiency and capitalize on evolving market demands.
Fleet Modernization and the Expanding Ship Repair & MRO Market
The ageing global fleet is creating an unprecedented opportunity for ship repair and maintenance providers. Currently, 36% of registered vessels are older than 26 years, and by 2030 more than 55% will fall into this late operational stage. This ageing profile is driving heavy demand for maintenance, retrofitting, and modernization to extend vessel life and meet stricter environmental regulations. The ship repair market, estimated at USD 12 billion in 2023, is projected to surge to USD 40 billion by 2030, growing at a 19% CAGR—making it one of the fastest-growing niches within the maritime sector. Coupled with regulatory-driven upgrades such as ballast water treatment systems, low-sulfur fuel conversions, and green propulsion retrofits, MRO services are set to become a dominant revenue stream, surpassing the growth pace of new shipbuilding orders.
Digitalization, Smart Ports, and Green Shipping Solutions
Rising investments in digital platforms, automation, and port modernization are reshaping maritime logistics. Smart port systems, AI-driven navigation, and blockchain-based cargo tracking are enhancing efficiency, reducing dwell times, and cutting operational costs. Simultaneously, global decarbonization targets are accelerating adoption of LNG-fueled carriers, hydrogen propulsion, and carbon capture solutions, creating new growth vectors for both shipbuilders and logistics operators. Companies that embrace digitalization and sustainability not only align with regulatory imperatives but also secure competitive advantages in an industry where customers and governments increasingly demand resilient, low-carbon logistics. Together, these shifts represent a transformative growth path for the sector over the coming decade.
Competitive Landscape
Below image showcase the leading players in three major segments of the marine & shipping industry: shipbuilding, shipping (container & ocean transport), and marine logistics. These are the companies with the strongest global presence, capacity, or influence in their respective sub-segments.
| Industry Particulars | Industry Players |
|---|---|
| Shipbuilding | Hyundai Heavy Industries, China State Shipbuilding Corporation (CSSC), Daewoo Shipbuilding & Marine Engineering (DSME), Samsung Heavy Industries, Fincantieri S.p.A. |
| Shipping | Mediterranean Shipping Company (MSC), Maersk Line, CMA CGM Group, COSCO Shipping Lines, Hapag-Lloyd AG |
| Marine Logistics | PSA International, CMA CGM Logistics, DSV, Kuehne + Nagel, DB Schenker/DHL Global Forwarding |