Global Fishing Vessel Market Size Grows at a CAGR of 7.19%

Introduction

Straits Research published report, “Fishing Vessel Market Size & Outlook, 2026-2034”. According to the study, the market size is valued at USD 1.86 billion in 2025 and is projected to expand to USD 3.49 billion by 2034, registering a compound annual growth rate (CAGR) of 7.19%.

Market Dynamics 

The global fishing vessel market is propelled by growing seafood trade, rising investments in aquaculture, and the modernization of fleet infrastructure. Opportunities exist in retrofitting older vessels with energy-efficient engines, enhancing onboard processing facilities, and integrating advanced safety systems. Expanding export-oriented fishing industries and government initiatives promoting maritime trade also boost demand. Moreover, emerging markets in Africa and Southeast Asia present potential growth areas, driven by increasing domestic consumption and the need for fleet expansion to support commercial fisheries.

However, modern vessels equipped with advanced propulsion systems, navigation technology, and automation require substantial capital expenditure, which can be a barrier for small and mid-sized operators. Moreover, regular maintenance, spare parts, and skilled labor further increase operational expenses, making fleet ownership costly. These financial pressures often limit fleet expansion and modernization, particularly in developing regions, and may slow the adoption of technologically advanced vessels, affecting overall market growth.

Market Highlights

• Deck Type Outlook: Large-deck fishing vessels dominate the market with over 40% share, valued for their capacity to support extensive fishing operations and accommodate advanced equipment.
• Trawlers Outlook: Outrigger trawlers are the fastest-growing trawler segment, expanding at a CAGR of 7.43%. Their specialized design improves stability and efficiency for small- to medium-scale fisheries.
• Engine Capacity Outlook: Engines over 300 HP dominate the market, representing over 40% share. High-capacity engines enable long-distance voyages, faster operations, and higher towing efficiency for trawlers and commercial fleets.
• Regional Insights: The Asia-Pacific fishing vessel market is dominating with a market share of over 35%, driven by the abundance of fisheries, advanced shipbuilding capabilities, and increasing demand for seafood exports.

Competitive Players

1. HD Hyundai Heavy Industries Co. Ltd.
2. Mitsubishi Heavy Industries Ltd.
3. Rolls-Royce PLC
4. Fincantieri S.p.A.
5. Wärtsilä Corporation
6. Damen Shipyards Group
7. Lerøy Havfisk AS
8. Vard Group
9. Austal Limited
10. Sanford Limited
11. Talley’s Limited
12. Eastern Shipbuilding Group Inc.
13. Groupe PIRIOU
14. Heinen & Hopman Engineering BV
15. Zamakona Yards
16. Nauta Shiprepair Yard
17. Master Boat Builders Inc.
18. Karstensens Skibsvaerft A/S
19. Freire Shipyard
20. MacGregor

Recent Developments

Segmentation

1. By Deck Type
   1. Large Decks
   2. Medium Decks
   3. Small Decks
2. By Trawlers
   1. Freezer Trawlers
   2. Wet-Fish Trawlers
   3. Side Trawlers
   4. Outrigger Trawlers
   5. Factory Trawlers
   6. Stern Trawlers
3. By Engine Capacity
   1. <200 HP
   2. 200-300 HP
   3. >300 HP
4. By Regions
   1. North America
   2. Europe
   3. Asia-Pacific
   4. Latin America
   5. The Middle East and Africa