Press release
Shipbuilding Market Size To Reach USD 195.48 Billion By 2030
The global shipbuilding market was valued at USD 142.52 billion in 2020 and is projected to reach USD 195.48 billion by 2030, registering a CAGR of 3.2% during the forecast period.
Major Factors Driving The Growth Of The Shipbuilding Market Are
Global seaborne trade, increased demand for cargo transportation via ships, rise in trade-related agreements, technological advancements in marine vessel engines, and the trend of automation in marine transportation are all factors driving the global shipbuilding market forward.
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TRENDS INFLUENCING THE GROWTH OF THE SHIPBUILDING MARKET INCLUDE
The shipbuilding industry is widely regarded as one of the most profitable in the world. Ships are a key mode of export for countries all over the world, so the shipbuilding industry plays an important role in their development. The improved VLCC market, as a result of strengthened environmental regulations, the replacement of aging ships, and ship efficiency optimizations, is expected to boost demand for new container ships. Several developed countries are attempting to maintain their competitiveness in the shipbuilding and offshore industries, with governments supporting their shipbuilding market directly or indirectly.
Maritime transport, which supports supply chains and facilitates international trade, is the backbone of globalization and industrialization. The demand for bulk products like crude oil, steel, and ore, as well as finished products like vehicles, has increased significantly in the last decade, mostly from developing countries. Furthermore, a gradual increase in international seaborne trade or maritime transport is expected to increase demand for tankers, cargo ships, and bulk carriers, bolstering the shipbuilding market prospects.
To transport goods, several trade-related agreements have been made between developed and developing countries. As a result, suppliers have begun to prefer waterways as a more efficient mode of transportation. As a result of this increased inclination, cargo vessel manufacturers have developed better and more efficient container carriers of various sizes and capacities, propelling the global market forward. Furthermore, free trade agreements have resulted in lower tariffs and taxes.
Furthermore, trade activities have increased as exporters and importers do not have to pay taxes to the government. Countries in trade blocs are removing trade barriers and increasing trade flexibility. As a result, an increase in trade-related agreements leads to an increase in demand for stronger containers, thereby supplementing the global shipbuilding market growth.
However, fluctuations in transportation and inventory costs, as well as environmental concerns about marine vessels, are some notable trends that could stymie shipbuilding market growth.
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SHIPBUILDING MARKET SHARE ANALYSIS
Based on the region, Asia-Pacific is expected to be the most lucrative segment. Due to some distinct advantages, such as relatively lower wages, strong government support, and strong forward and backward industry connections, Asia-Pacific is expected to maintain its dominance in the global market, particularly in China, South Korea, and Japan. Shipbuilding is a capital-intensive industry, which necessitates strong government support and political stability for it to thrive.
Based on type, the bulk carrier segment is expected to be the most lucrative during the forecast period.
Based on end-user, the transportation segment is expected to be the most lucrative during the forecast period.
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BY REGION
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
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Market By Company
• BAE SYSTEMS PLC
• DAMEN SHIPYARDS GROUP
• FINCANTIERI GROUP
• GENERAL DYNAMICS CORPORATION
• HUNTINGTON INGALLS INDUSTRIES, INC.
• KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD. (HYUNDAI HEAVY INDUSTRIES CO., LTD.)
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• OSHIMA SHIPBUILDING CO., LTD.
• SAMSUNG HEAVY INDUSTRIES CO., LTD.
• SUMITOMO HEAVY INDUSTRIES, LTD.
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