Marine Salvage Services Market Size, Landscape & Future Outlook

Marine Salvage Services Market CAGR and Country-Specific Trade Data

The marine salvage services market size is forecasted to expand from USD 473.2 million in 2025 to USD 972.1 million by 2034, growing at a CAGR of 9.04% from 2025 to 2034.

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Introduction

The marine salvage services market is a crucial branch of the marine industry. This industry deals in providing ship recovery services in emergency situations. There are numerous types of services provided by this industry comprising of wreck removal, general salvage, emergency response, pollution control, cargo recovery and some others. These services are designed for several end-users consisting of private ship owners, government agencies, insurance companies, shipping companies and others. The rising focus on developing maritime trade sector along with increasing cases of marine accidents has contributed significantly to the industrial expansion. This market is likely to rise significantly with the growth in the freight and logistics sector around the globe.

• According to the EMSA, there were around 2627 cases of marine casualties in 2022 that rose to 2676 in 2023.

Highlights of the Marine Salvage Services Market

• North America dominated the marine salvage services market due to the rapid investment in marine industry along with presence of prominent ports in U.S. and Canada.
• Europe is expected to grow with a significant CAGR due to the presence of numerous salvage companies coupled with strict environmental regulations in this region.
• The wreck removal segment held the dominant share of the market due to the rising cases of maritime accidents and increasing focus on sustainable shipping practices.
• The private ship owners segment led the market due to the increasing need for protecting valuable assets and ensuring the safety of operations.

Trends in Marine Salvage Services Market

• According to the UNCTAD, at the beginning of 2023, 18 of the 35 major ship-owning companies were in Asia.
• According to the OECD statistics, in Korea, the maritime export of 4th quarter of 2023 was 5.67 million tons.
• According to the Wilson Center, maritime transport carries 80% of the global merchandise trade by volume.
• According to the port of Los Angeles, around 1712 vessel arrived in Los Angeles Port in 2023.

Industry Leader Announcement

In April 2023, A.W. McAfee, West Coast Regional Manager of Resolve Marine announced that,” Resolve Marine’s reputation of providing reliable, high-quality services has never been higher. The new facility allows us to expand business with shipowners and commercial fishing fleets and other regional clients across Oregon, Washington and southern Alaska.”

Competitive Landscape

The marine salvage services market is a consolidated industry with the presence of numerous dominant players. Some of the prominent market players in this industry consists of African Marine Solutions Group (Pty) Ltd (AMSOL), Boluda Towage & Salvage SL, CPT Towage, Detek Offshore Technology Ltd. Co., Donjon Marine Co., Inc., Fratelli Neri S.p.A. and some others. These market players are adopting various strategies such as launches, partnerships, joint venture, business expansion and some others to maintain their dominant position in this market.

• According to the annual report of ABL Group, the ABL segment generated a revenue of US$ 125357 thousand in 2022 that rose to US$ 138786 in 2023.

Market Segmentations

By Services

• Wreck Removal
• General Salvage
• Emergency Response
• Pollution Control
• Cargo Recovery

By End-user

• Private Ship Owners
• Insurance Companies
• Government Agencies
• Shipping Companies

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
• Middle East & Africa
  • Kingdom of Saudi Arabia (KSA)
  • UAE
  • South Africa