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Navigating Progress: Ship Building Market Overview 2024
Ship Building Market Segments
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According to The Business Research Company's, The ship building market size has grown strongly in recent years. It will grow from $207.15 billion in 2023 to $220.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to economic growth in emerging markets, an increasing demand for cruise ships, increasing seaborne trade and favorable government initiatives.
The ship building market size is expected to see strong growth in the next few years. It will grow to $279.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to an increasing demand for e-commerce, growing tourism and a growing population. Major trends in the forecast period include focus on integration of artificial intelligence (ai), green ship building technologies, surge in lng (liquefied natural gas)-fueled engines, use of robotics, digital twin technology, solar and wind powered ships, partnerships and collaborations and rising investments.
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Market Drivers and Trends:
The increasing seaborne trade is predicted to contribute to the growth of the shipbuilding market. The rising population, the surging purchasing power of consumers, and improving standards of living are increasing the demand for consumer goods, leading to high production and rapid industrialization. For instance, according to Hellenic Shipping News data 2021, in the first 10 months of 2021, the global seaborne coal trade increased by 5.1% y-o-y to 984.7 mln tonnes, from 936.7 mln tonnes in the January-October 2020 period. The manufacturing of eco-friendly and advanced ships is supported by the increasing requirement for efficient and cost-effective transport alternatives for the movement of goods. According to Alliance Experts, transport by sea allows shipping large volumes at a lower cost than transport by road, rail, and air. This scenario is expected to drive the demand for the shipbuilding market. The increasing seaborne trade is predicted to contribute to the growth of the shipbuilding market. The rising population, the surging purchasing power of consumers, and improving standards of living are increasing the demand for consumer goods, leading to high production and rapid industrialization. This scenario is expected to drive the demand for growth of the shipbuilding market.
The use of 3D printing technology in shipbuilding is a leading trend being observed in the shipbuilding market in recent years. 3D printing, also known as additive manufacturing, is gaining popularity in every sector connected to manufacturing and engineering, including shipbuilding. The companies operating in the shipbuilding market are collaborating with other players in the industry to adopt advanced manufacturing technologies, including 3D printing, to enhance their manufacturing capabilities. For instance, in 2021, U.S. 3D printer OEM 3D Systems is working with the military shipbuilding industry, Huntington Ingalls Industries, to develop new corrosion-proof metal powders for maritime 3D printing applications. Working with Huntington Ingalls Industries' Newport News Shipbuilding division, 3D Systems is formulating novel Copper-Nickel and Nickel-Copper alloys that are particularly designed to produce robust, temperature-resistant parts.
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Major Key Players of the Market:
SAP SE, Oracle Corporation, Panasonic Corporation, Koch Industries, Coupa Software Inc, Kinaxis Inc., Manhattan Associates, E2open LLC, WiseTech Global, JDA Software Group Inc, Epicor Software Corporation, Kewill Systems, BluJay Solutions, Dassault Systèmes SE, Vanguard Software Corporation., Zaragoza Logistics Center (ZLC), IBM Corporation, Amadeus, Blue yonder, Verizon connect, Infor, Descartes Systems Group, Melcombe Partners, GT Nexus, High Jump, IFS, SPS Commerce, Inc, Pronto Cargo Logistics & Supply Chain, Fox Brazil , Imexlog Logistica Aduaneira Perfect Solutions, Vendorful, Smart Software, Procure Xperts, OdooTecxii, AxolonERP, Trackmatic
Ship Building Market 2024 Key Insights:
• The ship building market size is expected to see strong growth in the next few years. It will grow to $279.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Impact Of Increasing Seaborne Trade On The Shipbuilding Market
• 3D Printing Revolutionizes Shipbuilding
• Asia-Pacific was the largest region in the shipbuilding market in 2023
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