Fishing Vessel Market Size & Outlook, 2026-2034

Fishing Vessel Market Overview

The global fishing vessel market size was valued at USD 1.86 billion in 2025 and is estimated to reach USD 3.49 billion by 2034, growing at a CAGR of 7.19% during the forecast period (2026–2034). Key market drivers include rising seafood consumption, expansion of aquaculture, technological advancements in vessel design, government support for sustainable fishing, and increasing demand for efficient vessels to meet global food and protein needs.

Key Market Trends & Insights

• Asia-Pacific held the largest market share, over 35% of the global market.
• North America is the fastest-growing region, with a CAGR of 7.87%.
• By Deck Type, the Large Decks segment held the highest market share of over 40%.
• By Trawlers, the Outrigger trawlers segmentis expected to witness the fastest CAGR of 7.43%.
• By Engine Capacity, the >300 HP segment held the highest market share of over 30%.
• China’s fishing vessel market was valued at USD 0.38 billion in 2024 and reached USD 0.41 billion in 2025.

Graph: China’s Market Revenue Forecast (2023 – 2034)

Source: Straits Research

Market Size & Forecast

• 2025 Market Size: USD 1.86 billion
• 2034 Projected Market Size: USD 3.49 billion
• CAGR (2026-2034): 19%
• Asia-Pacific: Largest market
• North America: Fastest-growing region

A fishing vessel is a specialized boat or ship designed to catch, process, and transport fish and other seafood. These vessels range from small artisanal boats to large industrial trawlers and longliners. Applications include commercial fishing, aquaculture support, and offshore fishery operations. Modern fishing vessels often feature advanced navigation systems, fish-finding sonar, and refrigeration units to preserve catch quality. They are essential for meeting global seafood demand, supporting coastal economies, and enabling efficient, large-scale marine resource harvesting.

The 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.

Latest Market Trends

Transition toward hybrid and electric propulsion systems

The global market is witnessing a significant shift toward hybrid and electric propulsion systems. This transition is driven by the need to reduce fuel costs, minimize environmental impact, and comply with increasingly stringent emission regulations. Operators are seeking energy-efficient vessels that balance performance and sustainability.

Moreover, advancements in battery technology and electric engines are enabling vessels to operate longer with lower operational expenses. Manufacturers are innovating to integrate hybrid systems without compromising hauling capacity or navigation efficiency, creating a new standard in modern fishing fleets focused on eco-friendly and cost-effective operations.

Development of smart fishing vessels

The fishing vessel industry is increasingly embracing smart technologies, integrating IoT, AI, and advanced navigation systems to improve operational efficiency. These vessels can monitor fish populations, optimize routes, and enhance onboard safety, enabling fleet operators to make data-driven decisions and reduce resource wastage.

The adoption of smart fishing vessels is expected to grow rapidly due to rising demand for sustainable practices and precision fishing. Real-time monitoring, automated reporting, and predictive maintenance features are becoming standard, allowing fleets to maximize yield while minimizing environmental impact, marking a technological shift in modern maritime operations.

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Global Fishing Vessel Market Driver

Rising global seafood consumption

Growing global demand for seafood has become a powerful catalyst for the expansion of the fishing vessel market. As consumers increasingly favor protein-rich and nutritious food sources, the need for efficient capture and aquaculture operations continues to rise. To meet this surging demand, companies are investing heavily in fleet upgrades and sustainable aquaculture solutions.

• For instance, in July 2025, Mitsubishi Corporation announced the expansion of its salmon-farming business by acquiring Norwegian and Canadian assets, targeting an increase in production from around 200,000 tons to 280,000 tons by FY 2027. The company noted that this move supports its strategy to address rising global food and protein needs.

Such initiatives highlight how seafood consumption is directly propelling vessel modernization and industry growth worldwide.

Market Restraint

High initial investment and maintenance costs

The global fishing vessel market faces significant challenges due to high initial investment and maintenance costs. 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 Opportunity

Increasing emphasis on sustainable fishing methods

With increasing awareness of marine ecosystem conservation, governments and industry players are adopting eco-friendly practices and technologies to ensure responsible fishing. This shift is encouraging the development of vessels equipped with advanced monitoring systems, selective fishing gear, and low-emission engines.

• For instance, in May 2025, the Marine Stewardship Council (MSC) highlighted that the South African hake trawl fishery is leading sustainability-driven innovations by using onboard cameras, AI software, bird-scaring lines, and net-recycling systems to minimize environmental impact.

Such advancements demonstrate the industry’s commitment to sustainability while opening avenues for vessel manufacturers and operators to innovate and align with global sustainable fishing standards.

Regional Analysis

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. Rising investments in modern trawlers, sustainable fishing technologies, and vessel automation are supporting the growth of the fleet. Government initiatives to upgrade marine infrastructure, combined with the expansion of aquaculture, are fostering the adoption of energy-efficient and technologically advanced fishing vessels. Moreover, Asia-Pacific’s leadership in shipbuilding and marine equipment manufacturing continues to strengthen its position as the primary hub for the global fishing vessel market.

• China’s fishing vessel market is led by companies such as Jiangsu Eastern Shipyard, Yangzhou Guoyu Shipbuilding, and Dalian Shipbuilding Industry. These firms focus on constructing advanced freezer trawlers, high-capacity stern trawlers, and sustainable vessels with low fuel consumption. Investment in navigation technology, automated gear systems, and onboard cold storage solutions is enhancing operational efficiency and supporting China’s seafood export growth.
• India’s market is growing through companies like Cochin Shipyard, Garden Reach Shipbuilders, and ABG Shipyard, which are developing mechanized trawlers, tuna vessels, and coastal fishing boats. Focus areas include fuel-efficient engines, safety compliance, and integration of GPS-enabled navigation systems. Collaborations with government marine development programs are helping expand fleet capacity and modernize traditional fishing operations.

North America: Significantly Growing Region

North America’s fishing vessel market is the fastest growing, with a CAGR of 7.87%, driven by technological modernization of commercial fleets and increasing demand for seafood and marine resources. Investment in sustainable fishing practices, advanced vessel automation, and hybrid propulsion systems is reshaping the market. The expansion of offshore aquaculture and fisheries management programs further supports the adoption of high-capacity vessels. North America is also witnessing collaborations between marine equipment manufacturers and technology providers to integrate smart monitoring, navigation, and energy-efficient propulsion systems, fueling the region’s market growth.

• The United States fishing vessel market is led by companies like Gulf Coast Shipyard, Dakota Creek Industries, and Vigor Industrial, focusing on constructing factory trawlers, refrigerated cargo vessels, and mid-size offshore boats. Key initiatives include deploying hybrid propulsion systems, advanced sonar and navigation technologies, and sustainable harvesting solutions to improve operational efficiency and reduce environmental impact.
• Canada’s fishing vessel market is developing through companies such as Atlantic Trawlers, Seaway Marine, and Oceanic Shipbuilders, which are investing in ice-class vessels, high-capacity trawlers, and advanced wet-fish processing ships. Efforts focus on improving fuel efficiency, integrating automated gear systems, and complying with strict maritime safety standards. Collaboration with fisheries authorities is promoting sustainable practices and fleet modernization.

Source: Straits Research

European Market Trends

Europe’s fishing vessel market is witnessing steady growth, supported by the modernization of fleets, strict environmental regulations, and the expansion of offshore aquaculture. The region emphasizes energy-efficient vessel designs, automated trawling systems, and smart monitoring technologies to improve sustainability and operational efficiency. Moreover, collaborative programs between shipbuilders and marine research institutes are driving innovation in vessel propulsion, storage solutions, and navigation systems. Increasing demand for high-quality seafood exports continues to encourage investments in large-capacity and technologically advanced fishing vessels.

• Norway’s fishing vessel marketis growing significantly, with companies such as Kongsberg Maritime and Fosen Mekaniske Verksteder developing high-tech trawlers and refrigerated vessels. Focus areas include low-emission engines, automated catch handling systems, and onboard cold storage technology to optimize operations and meet environmental standards.

Latin America Market Trends

The latin american market is gradually expanding, fueled by growing seafood exports, aquaculture projects, and government-backed fleet modernization programs. Investments in energy-efficient propulsion systems, trawler automation, and onboard processing capabilities are supporting growth. Moreover, regional shipyards are partnering with international marine technology firms to improve vessel design, navigation, and sustainability. The focus is also on enhancing offshore fleet capacity to meet increasing demand for processed fish and seafood products.

• Brazil’s fishing vessel market is dominating, with companies like Enseada do Paraguaçu Shipyard and INACE Shipyard building freezer trawlers, shrimp boats, and coastal fishing vessels. Emphasis is placed on hybrid engines, automated winch systems, and refrigerated cargo solutions to support export-oriented operations.

The Middle East and Africa Market Trends

The Middle East and Africa market is expanding steadily, driven by increasing demand for seafood, modernization of fleets, and government initiatives to boost local fisheries. Investments in small- and medium-sized mechanized vessels, onboard refrigeration, and navigation technologies are enhancing operational efficiency. Moreover, partnerships with international marine technology providers are supporting fleet upgrades and training. Growing focus on offshore and aquaculture-based fishing is helping the region develop sustainable and technologically capable vessel fleets.

• Saudi Arabia’s fishing vessel market is emerging as a key market in the Middle East, with shipbuilders and marine operators investing in offshore trawlers, refrigerated vessels, and fleet automation systems. Collaboration with international marine equipment suppliers supports the adoption of modern technologies and sustainable fishing practices.

Deck Type Insights

Large-deck fishing vessels dominate the market with over 40% share, valued for their capacity to support extensive fishing operations and accommodate advanced equipment. These vessels enable higher catch volumes and improve operational efficiency across commercial fleets. Their widespread use in deep-sea and offshore fisheries, combined with robust structural design, ensures sustained demand, maintaining large decks as a cornerstone of global fishing vessel operations.

Medium-deck vessels are the fastest-growing segment, expanding at a CAGR of 7.78%. They offer a balance between maneuverability, storage, and operational efficiency, making them suitable for regional and coastal fisheries. Rising investment in modernized fleets across Asia-Pacific and Europe, along with enhanced safety and fishing technology adoption, drives this segment’s rapid growth and steadily increases its market share in global fishing operations.

Source: Straits Research

Trawlers Insights

Freezer trawlers dominate with over 25% market share, supporting long-haul fishing operations and preserving catch quality at sea. Equipped with onboard freezing facilities, these vessels enable extended voyages and access to distant fishing grounds. Strong adoption in commercial fleets, particularly in the North Atlantic and Asia-Pacific regions, reinforces dominance, ensuring consistent demand and a leading position for freezer trawlers in the global fishing vessel market.

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. Moreover, the rapid modernization of coastal fleets in Southeast Asia and Europe, along with the rising focus on sustainable and selective fishing methods, drives adoption. These vessels increasingly capture market share as operators seek cost-effective, versatile solutions for diversified fishing operations.

Engine Capacity Insights

Vessels with 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. Strong adoption in large-scale deep-sea fishing, combined with global fleet expansion and technological upgrades, ensures sustained demand, solidifying high-powered vessels as the preferred choice for operators seeking maximum performance and operational reliability in challenging maritime environments.

The 200–300 HP engine segment is the fastest-growing, with a CAGR of 8.12%. These engines offer an ideal combination of fuel efficiency, power, and adaptability for regional and coastal fishing fleets. Rising modernization in Asia-Pacific and Latin America, coupled with growing demand for versatile vessels capable of multi-day operations, drives adoption. This growth enables operators to expand coverage while maintaining optimal operational efficiency, steadily increasing market share globally.

Company Market Share

Leading companies are focusing on developing specialized vessels equipped with modern technologies such as GPS, sonar, and automated processing systems to enhance operational efficiency. Moreover, there is a growing emphasis on sustainability, with investments in eco-friendly designs and compliance with environmental regulations. The market is also witnessing a shift towards larger, more sophisticated vessels capable of deep-sea fishing and supporting offshore aquaculture activities.

Rolls-Royce PLC

Rolls-Royce PLC, established in 1906 in Derby, United Kingdom, is a global leader in marine and power systems, including propulsion solutions for fishing vessels. The company designs and manufactures advanced engines, integrated drive systems, and automation technologies that enhance vessel efficiency, fuel economy, and safety. In the fishing vessel segment, Rolls-Royce focuses on providing hybrid and eco-friendly propulsion solutions, dynamic positioning systems, and onboard monitoring tools.

• In May 2025, Rolls-Royce made significant strides in the marine sector, particularly in sustainable and high-performance vessel technologies. The company introduced the mtu 12V2000 M96Z engine, delivering 2,222 mhp, designed for fast yachts, patrol vessels, police boats, and sportfishing boats. This engine meets IMO Tier II and EPA Tier 3 emission standards and is compatible with HVO renewable diesel.

List of key players in Fishing Vessel Market

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

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Recent Development

• May 2025 - ICAR-CIFT Mumbai launched “Vikalpika,” India’s first electric fishing vessel powered by lithium batteries and solar panels. The eco-friendly boat reduces fuel use by up to 70%, marking a major step toward sustainable, low-emission fishing operations.
• May 2025 - China launched the “Bay Area Lingding,” the world’s first self-propelled deep-sea aquaculture vessel. Measuring 155.8 meters, it integrates intelligent farming, renewable energy, and tourism, enabling pollution-free seawater exchange and large-scale offshore fish cultivation.
• May 2025 - Wärtsilä Corporation announced that it will supply its 20-series main engine and a SCR system for a new 40.9-metre fishing vessel ordered by Clearwater Seafoods and built at Hvide Sande Shipyard in Denmark. The vessel is designed for lobster fishing in the North Atlantic and emphasises efficiency, lower emissions, noise reduction, and reliability in demanding conditions.