Shipbuilding Market | To Explore Excellent Growth in Future | Key Player - Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering, Samsung Heavy Industries, Mitsubishi Heavy Industry

The shipbuilding market is responsible to manufacture different types of ships such as vessels, cargo, roll-on/roll-off ships, crafts, and passenger ships. It involves the process of design, floating vessels, and construction of ships. Shipbuilding operations mainly manufacture large vessels, particularly seagoing vessels. These vessels are used by trade merchants for transportation purpose in the energy and military sectors. Due to increase in sea-borne trade and relaxation in trade barriers, the demand for ships is expected to increase in the coming years.

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COVID-19 scenario analysis:

• With the advent of COVID-19, manufacturing industries across the globe is facing issues in terms of material supply and skilled labor availability.
• The world has faced unprecedented challenges, where many standard operating procedures and protocols have been rendered irrelevant.
• COVID-19 is one of the most severe public health and economic crisis the world has ever faced in the 21st century.
• The loss of human lives and lack of labor productivity are expected to impact various sectors and general lifestyles over the period.

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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Increase in use of artificial intelligence and adapting to automation are expected to surge the demand over the forecast period. Moreover, regulations and policies related to environmental control are anticipated to hamper the growth of the market. Furthermore, design modification and introduction of airbags are expected to offer lucrative opportunities for the shipbuilding market over the forecast period.

Increase in use of artificial intelligence

To boost economic development and social innovation, federal officials have increased their investment in artificial intelligence and data analytics. Higher investment is anticipated to pay for itself many times over the economic and social benefits in the coming times. In addition, innovation and technological advancement are expected to boost the economies and such investments by various governments are expected to drive the shipbuilding market over the forecast period.

Adapting to automation

Artificial Intelligence (AI) is a key technology for the marine market as it is enables reliable and real-time recognition of objects around the vehicle. Currently, there are several investments, specifically for the optimization of the self-driving technology, by major vehicle original equipment manufacturers (OEMs). Moreover, the implementation of safety features, such as adaptive cruise control (ACC), advanced driver assistance system (ADAS), collision warning, and lane-keep assist, also facilitates the growth of AI in the shipbuilding market.

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Key benefits of the report:

• This study presents the analytical depiction of the shipbuilding market along with current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the shipbuilding market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the shipbuilding market scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions answered in the shipbuilding market research report:

• Which are the leading market players active in the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

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