Globally, the military communications market is expected to grow with a CAGR of 4.0% during the forecast period from 2025 to 2033, starting from 2021 with a market value of US$ 36.06 Bn. Military communication is defined as the transmission of information from one unit to another or headquarters to the units. The military communication is an important part for the armed forces to maintain their efficient functioning, military command, and control over the troops.
The global offshore support vessels (OSV) market is poised to reach US$ 49.06 Bn by 2033, expanding at a CAGR of 7.8% during the forecast period from 2025 to 2033. Increasing deep and ultra-deep water hydrocarbon exploration and production activities, decommissioning of outdated platforms, and growing numbers of contracted rigs are identified as the major factors driving demand for offshore support vessels (OSV) worldwide.
Surge in marine trade among countries of the world and increasing investment in marine electronics technology by major players of the market is driving the global marine electronics market. Similar to the U.S. and Indonesia, many countries of world have made installation of automatic identification system (AIS) chips on vessels mandatory. Beyond this, there is increase in number of tourists preferring coastal areas and cruise ships & ferries.
Globally, the fall protection equipment market is expected to grow with a CAGR of 7.2% during the forecast period from 2021 to 2029, starting from US$ 1.88 Bn in 2020. The fall protection equipment market is growing at a significant pace based on various factors such as increasing awareness regarding industrial safety, growing demand of fall protection equipment for recreational activities, growing utilization of fall protection equipment in construction, industrial and utility sectors and stringent government regulations pertaining to safety in various industries.
Marine engines market accounted for a market value of US$ 13.34 Bn in 2020 and expected to grow with CAGR of 4.5% during the forecast period from 2025 to 2033. Shifts in global demographics and population growth rates, coupled with long-term economic growth in developing markets, expected to surge the maritime sector in following years. Growing middle class population in emerging economies of Asia Pacific, Africa, and Latin America regions further expected to drive the demand for imports of commodities and finished goods.
The global market for bunkering services is expected to cross US$ 202.5 Bn by 2033 at a CAGR of 5.6% throughout the forecast period from 2025 to 2033. Improving outlook of shipping industry is the primary driving factor for the growth of this industry. Shipping industry is playing a vital role in the global freight transportation system. The industry contributes for transporting almost 90% of the world trade as it is the most inexpensive and efficient mode of transporting goods.
Cargo shipping or maritime transportation of goods played an important role in shaping the present day world. Before aviation, transportation of good through vast seas and oceans were the only mode of transport to connect and trade between continents. The shipping industry is witnessing a consistent growth since its early inception and is on its epitome in recent few years.
Acyclic nature of mining and construction industry have a direct impact on the bulk material handling equipment market. Consequently, bulk material handling equipment projected to reach US$ 56.83 Bn in 2026 from US$ 38.29 Bn in 2017. The market estimated to register a moderate growth rate of 4.5% owing to modest mining and construction sector.
Unsaturated Polyester Resins market was worth USD 10,052.8 million in 2017 and expected to grow at a CAGR of 5.50% between 2018 and 2026. Unsaturated polyester resins find wide application across building & construction, marine, electrical & electronics, transportation, tanks & pipes, wind energy, and others (artificial stones, coatings, etc.).
Vinyl Ester Market is expected to reach US$ 1312.8 Mn by 2026 with 5.6 % CAGR during the forecast period from 2018 to 2026. In 2017, Asia Pacific led the vinyl ester market. It is also estimated to be the fastest growing region between 2018 and 2026.
Explore marine market research reports covering commercial vessels, shipbuilding, propulsion systems, marine equipment, port infrastructure and maritime technologies. These reports provide analysis of market size, growth trends, vessel demand, technology adoption, regulatory developments, competitive positioning and regional opportunities. The research supports shipbuilders, vessel operators, equipment manufacturers, port authorities, technology providers, investors and other businesses evaluating the global marine industry.