Press release
Shipbuilding Market Set to Surge: Projected to Reach USD 175.4 Billion by 2030 with a 4.5% CAGR from 2022-2030
Shipbuilding Market InsightsShipbuilding Market size is projected to reach USD175.4 billion by 2030, registering a CAGR of 4.5% During 2022-2030.
The shipbuilding market refers to the industry involved in the construction, repair, and maintenance of ships and other marine vessels. The shipbuilding market is driven by the demand for new vessels to meet transportation and maritime industry needs.
Shipbuilding involves a complex process that includes planning, designing, procurement of materials, construction, outfitting, and testing of the completed vessel. The market includes shipyards, which are facilities equipped with specialized infrastructure, machinery, and skilled labor to carry out the construction and repair of ships.
The COVID-19 pandemic had a significant impact on the shipbuilding market. The pandemic led to disruptions in global supply chains, including the shipbuilding industry. Lockdown measures, travel restrictions, and temporary closures of factories and ports affected the availability of raw materials, components, and equipment necessary for ship construction.
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Key Players
Some of the key market players are:
• Raytheon Technologies Corporation (US)
• Huntington Ingalls Industries Inc. (US)
• General Dynamics Corporation (US)
• Damen Shipyards Group (Netherlands)
• BAE Systems (UK)
• STX Offshore & Shipbuilding Co.Ltd. (South Korea)
• Sumitomo Heavy Industries Ltd.(Japan)
• FINCANTIERI S.p.A.(Italy)
• China State Shipbuilding Corporation Limited (China)
• DSME Co.Ltd. (South Korea)
• China Shipbuilding Industry Corporation (China)
• United Shipbuilding Corporation (Russia)
Market Segmentation
The Shipbuilding Market has been segmented into type, process and end user.
Based on the type, the market has been segmented into cargo, vessel, container, tanker and multi-purpose ship.
Based on the process, the market has been segmented into designing, production planning, cutting and processing and assembling and launching and outfitting.
Based on the end user, the market has been segmented into commercial and military.
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Regional Analysis
Asia Pacific remains the largest region in the shipbuilding market. Countries such as China, South Korea, and Japan have a dominant presence in terms of shipbuilding capacity and output.
China has consistently held the title of the world's largest shipbuilder for several years. Chinese shipyards benefit from economies of scale, a large labor force, and government support. They are capable of constructing a wide range of vessels, including bulk carriers, container ships, oil tankers, and offshore support vessels.
South Korea has long been a significant player in the shipbuilding market, with companies like Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering leading the way. Korean shipbuilders are known for their technological advancements, quality construction, and competitiveness in the global market.
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