Shipbuilding Market: General Cargo Ships to Surpass at 6.1% CAGR During 2021-2030

Allied Market Research recently published a report, titled, "Shipbuilding Market by Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Passenger Ships and Others), and End Use (Transport and Military): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global shipbuilding industry was pegged at $142.52 billion in 2020, and is expected to reach $195.48 billion by 2030, growing at a CAGR of 3.2% from 2021 to 2030.

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Drivers, restraints, and opportunities

Rise in demand for cargo transportation through ships, technological development in marine vessel engines, and gradual rise in international seaborne trade have boosted the growth of the global shipbuilding market. However, environmental concerns regarding marine vessels and fluctuating transportation & inventory costs hinder the market growth. On the contrary, surge in marine safety norms and trend of automation in marine transportation are expected to open new opportunities in the future.

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Covid-19 scenario:

The Covid-19 pandemic and prolonged lockdown across several countries hampered the manufacturing sector. The shipbuilding companies suffered heavy losses during the first and second quarter of 2020, due to disrupted supply chains and production schedules.
The pandemic led to disruptions for shipyard operations such as development of new buildings and repair and conversion projects.
The bulk carriers segment dominated the market

By type, the bulk carriers segment held the largest share in 2020, accounting for more than one-third of the market. However, the general cargo ships segment is expected to register the highest CAGR of 6.1% during the forecast period.

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The military segment to manifest the highest CAGR through 2030

By end use, the military segment would showcase the highest CAGR of 7.1% from 2021 to 2030, due to rise in investment and inclination toward the marine defense sector. However, the transport segment held the largest share in 2020, contributing to more than 90% of the market, due to rise in trading activities between different countries.

Asia-Pacific, followed by Europe and North America, held the largest share

By region, the market across Asia-Pacific, followed by Europe and North America, held the lion's share in 2020, accounting for more than four-fifths of the market, due to cheaper wages, growing seaborne trade, and strong government backing. However, the market across Europe would showcase the highest CAGR of 5.4% from 2021 to 2030.

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Major market players

BAE Systems PLC
Fincantieri group
Damen Shipyards group
Huntington Ingalls industries
General Dynamics corporation
Mitsubishi Heavy Industries
Korea Shipbuilding & Offshore Engineering
Samsuung Heavy Industries
Oshima Shipbuilding co. ltd
Sumitomo Heavy Industries.

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