Research reveals future growth for marine vessel market

A recent analysis of the global marine vessel market has projected considerable industry growth. 

From its current value of £130 billion, the sector is expected to reach £189 billion by the year 2034. This increase in demand will require operators to fortify their supply chains and manufacturing processes to support expansion and unlock further potential. 

Marine vessels are engineered for a wide range of applications, including passenger and cargo transport, naval defence, offshore energy operations and research. These vessels include bulk carriers, container ships, cruise ships, tankers, naval fleet ships, ferries and offshore support vessels.

Market growth will require greater availability of specialised shipyards that have the capacity to construct technologically advanced vessels for offshore support, commercial, LNG (liquefied natural gas) transport and naval usage at scale. There will also be an increased need for suppliers that can produce parts to order and deliver them to meet vessel construction timelines. 

Marine springs are key components used in the manufacture of a wide range of watercraft. Vessels require heavy-duty springs that are resistant to corrosion. Springs are typically made from robust materials that can cope with marine environments, such as the 316 stainless steel option. These built-for-purpose components can operate dependably in saltwater and at high levels of humidity, while managing extreme mechanical stress in onboard equipment like steering gears, engine systems and deck hardware. Examples include constant force, compression, torsion, tension and extension springs.

Forecast market growth is expected to create opportunities for specialist manufacturers and engineering companies supplying customised critical components, such as clamps and springs, for marine vessel construction.