Fishing Vessel Market Technology Advancements and R\&D Trends 2025–2032
The global fishing vessel market was valued at USD 3.32 billion in 2024. It is projected to grow from USD 3.40 billion in 2025 to USD 4.33 billion by 2032, reflecting a compound annual growth rate (CAGR) of 3.5% during the forecast period. The steady demand for seafood and increasing investments in modernizing fleets and enhancing fisheries infrastructure are contributing significantly to the market's growth.
Fishing vessels are essential for commercial fishing operations across coastal and deep-sea waters. These vessels vary by deck size, engine capacity, and trawler type, depending on the scale and purpose of fishing operations. Increasing global consumption of fish protein and investments in improving marine supply chains will likely support the expansion of this market.
Fortune Business Insights™ presents this information in a report titled, "Fishing Vessel Market Size, Share & Industry Analysis, By Deck Type (Large Decks, Medium Decks, and Small Decks), By Trawlers (Freezer Trawlers, Wet-Fish Trawlers, Side Trawlers, Outrigger Trawlers, Factory Trawlers, and Stern Trawlers), By Engine Capacity (<200 HP, 200–300 HP, and >300 HP), and Regional Forecast, 2025–2032."
LIST OF KEY FISHING VESSEL COMPANIES PROFILED
Eastern Shipbuilding Group (U.S.)
Wärtsilä (Finland)
Kleven Maritime (Norway)
Yangzijiang Shipbuilding (China)
Rolls Royce Plc (U.K.)
Damen Shipyards Group (Denmark)
Vard Group (Norway)
Astilleros Armon (Spain)
Fincantieri (Italy)
Astilleros Gondán (Spain)
Information Source:
https://www.fortunebusinessinsights.com/fishing-vessel-market-112873
Segmentation: Fishing Vessel Market
By deck type, the large deck segment dominated the fishing vessel market in 2024, driven by rising demand for high-capacity vessels capable of carrying and processing substantial volumes of fish, particularly in offshore fishing operations. In terms of trawler type, freezer trawlers led the market due to their ability to preserve the catch for extended periods, making them ideal for distant and deep-sea fishing missions. Based on engine capacity, vessels with >300 HP held the largest market share in 2024, supported by the increasing need for high-powered engines that enable commercial-scale fishing in challenging and turbulent marine environments.
Regional Insights:
The Asia Pacific region dominated the global fishing vessel market in 2024 due to the region’s robust seafood export industry, particularly in China, India, Japan, and Southeast Asia. The region benefits from rich marine biodiversity, large coastal populations, and strong government support for fisheries.
Europe and North America followed closely, driven by the modernization of fishing fleets and enforcement of sustainable fishing policies.
Drivers and Restraints:
Growing Seafood Demand and Fleet Modernization to Boost Market Expansion
Global seafood consumption is rising steadily due to health benefits and protein content, which is pushing demand for efficient, larger, and technologically advanced fishing vessels. Moreover, governments and organizations are investing in sustainable fisheries and vessel modernization to support long-term productivity and reduce illegal, unreported, and unregulated (IUU) fishing practices.
High Operational and Maintenance Costs May Hinder Adoption
Fishing vessels require high capital investments, including for maintenance, compliance with maritime regulations, and advanced navigation or freezing equipment. Smaller operators may find it difficult to upgrade or replace older fleets, limiting market penetration in certain regions.
Competitive Landscape:
Manufacturers Prioritize Efficiency and Sustainability
Leading companies are investing in smart fishing technologies, fuel-efficient engines, and hybrid propulsion systems to meet evolving environmental and regulatory standards. There is also a push toward local shipbuilding partnerships and financing mechanisms to boost fleet renewals in emerging economies.
Notable Industry Development:
September 2024 – The Ministry of Agriculture, Fisheries, Blue and Green Economy signed agreements for the construction of 50 new boats and refurbishment of multiple fish landing sites in Mahaut, Bioche, and Dublanc. These initiatives are part of the Dominica Emergency Agricultural Livelihoods and Climate Resilience Project (DEALCRP) aimed at improving fisheries production, bolstering climate resilience, and uplifting local fisher communities.