The Global Marine Interiors Market size is expected 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
NEW YORK, June 16, 2020 /PRNewswire/ -- Increasing maritime tourism industry and refurbishment of cruises and yachts are the main reasons for the growth of the marine interiors market.
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The global marine interiors market size is expected 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 market is driven by factors, such as the growth of the maritime tourism industry, as well as the river cruse market. The growing demand for luxury cruises and yachts and increasing spending capacity of individuals on leisure are increasing the demand for passenger ships are other factors driving the demand for marine interiors.
Aluminum material segment is estimated to lead the marine interiors market in 2020.
Based on material, the aluminum segment of the market is estimated to lead the marine interiors market in 2020.The growth of this segment can be attributed to the benefits of using aluminum in manufacturing superstructures.
The use of this material helps save hull weight and reduce power capacity.
Ceilings & Wall Panels segment is estimated to lead the market in 2020.
Based on product, the market is segmented into ceilings & wall panels, lighting, furniture, galley & pantries, and others.The ceiling & wall panels segment is estimated to lead the marine interiors market in 2020.
Marine ceilings & wall panels are made of materials such as composites, aluminum, and steel, which include a honeycomb core and advanced engineered thermoplastic. These materials, compared to the solid aluminum, are suitable and preferable for the wide use in shipbuilding due to their low weight, high bending strength, additional corrosion protection, and thickness.
Europe is estimated to account for the major share of the marine interiors market in 2020.
By region, Europe is estimated to account for the largest share of the marine interiors market 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%.
-- By Company Type: Tier 1-35%; Tier 2-45%; and Tier 3-20%
-- By Designation: C Level Executives-35%; Directors-25%; and Others-40%
-- By Region: North America-45%; Europe-20%; Asia Pacific-30%; and Rest of the World (RoW)-5%
R&M Group (Germany), Oy NIT Naval Interior Team Ltd. (Finland), Almaco (Finland), Trimline (UK), Kaefer (Germany), Bourne Group (US), Marine Interiors S.p.A (Italy), and SMC Design (UK) are the key players of the marine interiors market
Research Coverage
The study covers the marine interiors market across various segments and subsegments.It aims at estimating the size and growth potential of this market across different segments based on ship type, product, material, application, end user, and region.
This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, and key market strategies adopted by them.
Reasons to Buy this Report
This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall marine interiors market and its segments.This study is also expected to provide region wise information about the applications, wherein marine interiors are used.
This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
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