The global marine interiors market size was USD 3.08 billion in 2020. The market is projected to grow from USD 3.2 billion in 2021 to USD 5.94 billion in 2028 at a CAGR of 9.24% in 2021-2028. This information is presented by Fortune Business Insights™, in its report, titled, “Marine Interiors Market, 2021-2028.”
The marine interiors industry is a specialized sector that provides custom design and construction services for the interiors of marine vessels. This includes the design and manufacture of cabinetry, furniture, upholstery, lighting, and other interior fixtures for boats, yachts, and ships.
The industry is primarily driven by the demand for luxury and comfort in marine vessels. This includes the growing trend of yacht ownership and the increasing popularity of cruise vacations. The industry also serves the commercial and military marine sectors.
The marine interiors industry operates globally, with major markets in North America, Europe, and Asia. The industry includes both large companies that offer turnkey solutions for marine interiors as well as smaller, specialized firms that focus on specific areas of interior design and construction.
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Based on ship type, the market is categorized into commercial and defense.
On the basis of component, the market is classified into ceiling & wall panels, lighting, furniture, galleys & pantries, and others. The others segment involves components of marine interiors such as windows and doors, wet units, and laundry.
In terms of material, the market is divided into aluminum, steel, composites, joinery, and others.
As per region, the market is branched into North America, Europe, Asia Pacific, and the Rest of the World.
Rising Ship Interior Refurbishment Developments to Spur Market Growth
The admiration of composite marine interior solutions is surging as they upgrade vessel stability, decline weight, and develop productivity. The increasing demand for composite solutions upsurges the replacement of current maritime internal solutions with composites solutions. Furthermore, the rising quantity of old ships leads to a rise in refurbishment developments across the world. The augmented expenditure on luxury living has amplified the demand for luxury yachts. These yachts offer a high-end traveling experience by offering modern interior services, perfectly-designed ship cabins, and safety solutions, thus sustaining the marine interiors market growth during the forecast period.
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The market in Europe is projected to record the chief marine interiors market share in 2020, with market size of USD 1.05 billion in 2020. This large share is accredited to the existence of numerous large shipbuilders and the interior component suppliers in the region.
Asia Pacific is estimated to grow at the highest CAGR during 2021-2028. The development is attributed to the prompt growth of the marine industry in emerging nations such as China and India.
North America recorded the second highest share in 2020 on account of the region’s thriving marine industry, existence of largest marine lines, and huge investment in the marine sector.
Mergers & Partnerships between Companies to Secure their Brand Values in Global Market
The fundamental players operating in the market are continually rooting for active strategies to encourage their products and establish their positions in the market. One such tactic is to unveil novel products by teaming up with other companies to extend their reach to end-users.
September 2020 – Chantiers de L’atlantique announced that it has awarded ALMACO the contract to deliver cold stores, galleys, and laundry areas. The contract was awarded for flotlog fleet supply vessels of the Jacques Chevallier class, including supply and installation.
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List of Key Players Covered in the Report
- Almaco Group (Finland)
- Aros Marine (Lithuania)
- Bolidt Systems (Netherlands)
- Forbo Flooring Systems (Netherlands)
- Kaefer GmbH (Germany)
- Marine Interiors Spa (Italy)
- Mivan Marine Ltd (U.K.)
- NORAC AS (Norway)
- Precetti Inc. (U.S.)
- R&M Group (Germany)
- Trimline Ltd. (U.K.)
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