Global Marine Fleet Growth and Market Share Dynamics (2020–2025) – New building orders
The maritime industry has experienced significant growth over recent years, driven by increasing demand for new vessels, evolving environmental regulations, and a recovering global trade landscape. A comprehensive review of recent data highlights notable trends in vessel capacity expansion, classification society market share, and vessel type distribution as of 2024.
Steady Increase in Vessel Capacity (new building orders)
From 2020 through 2025, the global maritime fleet’s total gross tonnage (GT) has demonstrated a consistent upward trajectory. Starting at approximately 50 million GT in 2020, the fleet has expanded to an estimated 78 million GT in 2025—a 56% increase. This growth reflects heightened investment in vessel renewal, a proactive response to stricter environmental standards, and a robust recovery in international trade that demands increased shipping capacity.
Major Classification Societies: Market Share Highlights (newbuilding orders)
In 2024, the classification society landscape will be predominantly led by a few key players, who will collectively shape the industry’s regulatory and safety standards.
- DNV maintains its leadership position with an estimated 25% market share, signifying its strong influence, especially in high-spec vessels.
- ABS follows closely with around 20%, demonstrating its continued relevance across various vessel types.
- Other significant players include Lloyd’s Register, ClassNK, and Bureau Veritas, which hold substantial portions of the market.
- The remaining 10% is distributed among smaller classification societies and emerging players, indicating ongoing industry consolidation.
Over the 2020–2025 period, DNV and ABS have registered steady growth in market share, reflecting their expanding influence. Conversely, ClassNK and Bureau Veritas have experienced slight declines, while smaller entities are gradually losing ground, highlighting ongoing consolidations within the industry.
Vessel Type-Specific Market Share in 2024 Analyzing classification society dominance by vessel type reveals strategic strengths and regional influences:
DNV leads the LNG carriers and tankers market, underscoring its expertise in safety-critical, high-specification vessels.
- ABS also maintains a strong presence in LNG and tankers, with a balanced footprint across other vessel categories.
- ClassNK has become a dominant player in bulk carriers and passenger ships, aligning with its established foothold in Asia.
- Lloyd’s Register exhibits a more diversified profile, with a significant market share in bulk carriers and passenger ships.
- Bureau Veritas holds a niche position within passenger ships, while Others maintain modest, yet diverse, shares across all categories.
Conclusion
The data underscores a robust and evolving maritime industry landscape over the past few years. The increase in global fleet capacity is driven by fleet renewal and trade recovery. At the same time, market share trends among classification societies reveal a consolidating industry with notable regional and vessel-specific strengths. As environmental regulations continue to shape vessel design and certification, these insights will be crucial for stakeholders aiming to navigate the future of maritime logistics effectively.
Sources: IHS Database, DNV Reports
