Fishing Vessel Market

Fishing Vessel Market Outlook (2022-2032)

The global market for fishing vessels is being driven by an increase in both large- and small-scale fishery technology. The need for fishing boats for both large-scale and small-scale fishing is now rising due to global trends in fish catching that aim to boost fish production.

The global fishing boat industry is anticipated to grow as governments in developing nations, like India, impose more rules to increase fishing yield. End customers continue to make clear recommendations for renting a fishing boat rather than purchasing a new one in the market for fishing vessels.

This is primarily attributed to the significant cost savings that renting offers over full ownership. Although the prevalent status quo is advantageous for end users, it poses challenges in terms of higher overhead costs for manufacturers.

Besides, fish reaping in a boat also incorporates gadgets for fish findings, satellite-based innovation for routes and correspondences, installed preservation, and expanded utilization of detachable motors. The rising demand for fishing equipment in fishery technology is estimated to boost the arcade across the globe.

The global fishing vessel market is USD 1463.87 Million in 2022. This market is expected to cross a valuation of USD 3000.28 Million by 2032. The industry is anticipated to grow with a CAGR of 7.44% in the forecast period.

Report Attributes	Details
Market size (2022 A)	USD 1463.87 Million
Base Year for Estimation	2022
Forecast duration for this research	2022-2032
Forecasted Market value (2032 F)	USD 3000.28 Million
Global Market Growth rate (2022-2032 E)	CAGR of 7.44
Key Companies Profiled	Boat Builders, Inc. Nichols Bros Boat Builders Lund’s Fisheries Chantier de constructions navales Martinez Astilleros Armon KARSTENSENS SKIBSVÆRFT A/S Simek AS Kleven AS

What are the drivers of demand for this market?

The increasing number of large-scale, as well as small-scale fishery technologies, across the world, driving the fishing boat market. At present, the fish-catching trends across the world for raising the production of fish to gain more traction, which ultimately increases the demand for fishing vessels for large and small-scale fishing.

Increasing government regulations across emerging countries, such as India, for increasing fishing production, is likely to boost the global market. End users in the market continue to show marked references for renting a fishing vessel instead of buying a new one.

This is primarily attributed to the significant cost savings that renting offers over full ownership. Although the prevalent status quo is advantageous for end users, it poses challenges in terms of higher overhead costs for manufacturers.

What are the hindrances ahead of this market?

The major restraint faced by this industry could be the increasing demand for eco-friendly development. Fishing boats extract more water bodies replenished short span of time. Maritime regulations are hindering this market. The pandemic of Covid-19 has affected the fisheries industry due to the lockdown. Turndown of the tourism sector during this pandemic period had affected fisheries activity so the sales of vessels were stagnant.

Trends in Fishing Boats Market

There is a rise in the adoption of fish as pets by people is penetrating key trends in this market. fishes are considered as convenient for maintenance and also used as meat. The United States is home to 13.1 Million fish pet owners. Fishes are most popular among cat and dog pet lovers.

Fish meat is globally popular as food and is consumed for overall health benefits. This has led to gaining attention across the globe. The fisheries production is increasing in comparison to previous years. This is likely to promote demand for fishing vessels globally.

The modern trawler boat builders incorporate electronic gadgets into their boats, including technology for communication and navigation. They also integrate fish identification systems, and supporting machinery for monitoring and controlling gear. GPS and autopilot are two navigational aids that are used to maneuver the ship in a harbour at sea.

When partnering trawlers, radar could be used to maintain the proper distance between the two boats. Furthermore, Radios, marine EPIRBs, distress signals, and equipment for crew communication are all examples of communication tools. Last but not least, fish detection equipment like sonar and echo sounders (to locate fish).

Regional Outlook

The global market can be segmented with respect to the regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA (Middle East and Africa). The Asia Pacific region is expected to have a significant market for such vessels owing to the dominance of fish production in a year where major contributors are China, Japan, India, and Indonesia.

The Latin American market for fishing vessels also has lucrative opportunities which are driven by fishery activities. For instance, Mexico, Brazil, Peru, Ecuador, and Chile account for 80% of the regional aquaculture of the region. Developed countries such as the U.S. and European countries are substantial markets for fishing boats due to the growing demand for fishery technologies for large-scale fishing production as well as in shipyard sectors.

Segment wise insights

With the rapid growth in fishery production across the world, the segment by medium fishing vessels is estimated to witness high growth over the forecast period. On the other hand, advancement in fishery technologies across the world will aid in the expansion of the global market over the forecast period.

Competitive Landscape

The global players are expected to strengthen their market positions by offering loyalty schemes and competitive prices. Several small-sized players also have a presence in the market globally. Prominent players in the global market are Master Boat Builders, Inc., Nichols Bros Boat Builders, Lund’s Fisheries, Chantier de constructions navales Martinez, Astilleros Armon, KARSTENSENS SKIBSVÆRFT A/S, Simek AS, Kleven AS, Rolls-Royce plc., Wärtsilä, and other market players.

The global market for fishing boats is fragmented in nature owing to the presence of a large number of players in the market. The global market has lucrative opportunities for new entrants, which will cater to competitiveness in the product offerings and also leads to the reduction in prices of the products.

Fishing Vessel Market: Segmentations

• By Trawlers :

  • Side Trawlers
  • Stern Trawlers
  • Eet-fish Trawlers
  • Freezer Trawlers
  • Factory Trawlers
  • Outrigger Trawlers

• By Deck Type :

  • Small Decks
  • Medium Decks
  • Large Decks

• By Region :

  • North America
    • U.S.
    • Canada
  • Latin America
    • Mexico
    • Brazil
    • Argentina
    • Chile
    • Peru
  • Europe
    • Germany
    • Italy
    • France
    • U.K
    • Spain
    • BENELUX
    • Nordic
    • Russia
  • East Asia
    • China
    • Japan
    • South Korea
  • South Asia
    • India
    • Thailand
    • Indonesia
    • Malaysia
  • Oceania
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Turkey
    • Iran
    • Israel