The report on the marine interiors market provides a detailed trend analysis from 2020 to 2027. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market.
The global marine interiors market size is projected to grow from USD 2.7 billion in 2020 to USD 5.8 billion by 2027, at a CAGR of 11.6% from 2020 to 2027. The growth of the market can be attributed to the growth of the marine tourism industry and the refurbishment of cruises and yachts. The growing demand for luxury cruises and yachts and rise in the purchasing power of individuals for leisure are increasing the demand for passenger ships is another reason for increasing the demand for marine interiors.
Based on the ship type, the yachts segment of the marine interiors market is projected to grow at the highest rate from 2020 to 2027. Yachts are expensive than contemporary or budget cruises, but cheaper than luxury cruises. The increase in the purchasing power of individuals is one of the key factors driving the demand for yachts and thereby the demand for marine interiors.
Based on material, the composites segment of the marine interiors market is projected to grow at the highest CAGR from 2020 to 2027. Composites offer considerable potential in weight saving and in developing complex shapes. Thus, they are used in manufacturing superstructures. Combined with their non-corroding finish and sheer versatility, composites appear to be natural material for use in shipbuilding. However, ship designers and builders have been slow to adopt this material on a large scale, with its use mostly restricted to specialized areas of shipbuilding
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Based on application, the passenger area segment of the marine interiors market is projected to grow at the highest CAGR during the forecast period. The demand for marine interiors in passenger areas is high due to numerous applications in this area.
Based on end user, the re fit segment of the marine interiors market is projected to grow at a higher CAGR as compared to the new fit segment during the forecast period. Major companies in the marine interiors market focus on re fit installations as opposed to newfit. The Refit market is dominated by Europe, owing to the large presence of cruise lines, outfitters, passengers, and commercial shipyards in the region. Some of the key market players in Europe include Meyer Werft (Germany), Fincantieri (Italy), Meyer Turku Oy (Finland), STX France (France), and Kleven Verft (Norway). Outfitters supplying interiors to cruise shipbuilders include R&M Group Almaco, Bluleu LED Solutions, CBA Associates, Chelsom, Danish Decoration, Borne Group, Bolidt, LAUTEX, Tomas Tillberg Design, Global Marine & Hotel Interiors, OSRAM, Imagine Hospitality Interiors, and Pfleiderer
Based on the region, the European region of the marine interiors market is estimated to account for the largest share in 2020. The large share of this market can be attributed due to the presence of the leading manufacturers of marine interior providers such as Hella (Germany), Osram (Germany), Lumishore (UK), and Foresti & Saurdi (Italy) in this region. Countries such as Norway and Greece have a large number of passenger as well as commercial ships. The European region constituted a share of 28.2% of the global ships in 2019, and The EU continues to dominate the market for cruise ships and passenger vessels by a wide margin, with deliveries in terms of CGT in 2017, with 61%.
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