Factors such as surge in rising agricultural export & import and massive presence of large capacity barges & increasing quality of inland waterways are propelling the market growth.

Factors such as government regulations regarding safety features, Companies focusing on reducing delivery and vehicle maintenance cost, increasing awareness and expenditure are some factors driving the recreational boats market.

The global marine market is expected to recover at a steady pace, details about which has been provided in the report. However, reaching revenue equivalent to the pre-COVID levels will be a challenge in the near-term according to the visiongain’s estimate.

Although there is a high degree of preference for replacing fossil energy sources by their renewable equivalents aboard ships; the study of developing renewable infrastructures for marine transportation is still in its first steps. Application of solar energy in the marine power system is widely accepted as a promising solution for many countries to develop green ship.

The adoption of Maritime Reconnaissance and Surveillance Technology is expected to increase significantly due to the increasing maritime conflicts among the countries, piracy and terrorism, and the presence of high-value commercial assets in oceans.