Press release
Global Ship Building Market: Soaring at a CAGR of 5.8%, Key Drivers, and Novel Trends
Ship Building Market
What Is The Projected Market Size Of The Global Ship Building Market And Its Growth Rate?
• In 2024, the ship building market size was $221.13 billion and is projected to reach $236.09 billion in 2025, growing at a compound annual growth rate (CAGR) of 6.8%.
• The ship building market size is likely to grow significantly and reach $295.63 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%.
What Is Driving The Growth In The Ship Building Market?
A significant driver in the shipbuilding market is increasing seaborne trade, spurred by a growing population, surging consumer purchasing power, and improving standards of living. These factors have led to high demand for consumer goods, leading to rapid industrialization and large-scale production. For instance, the REVIEW OF MARITIME TRANSPORT 2023 report published by the UNCTAD United Nations Conference on Trade and Development reveals that in 2022, total seaborne trade hit 12,027 million tons. While there was a 3.7% decline in containerized trade, oil and gas trade saw a growth of 6% and 4.6% respectively. The projections indicate a 2.4% and 1.2% growth in total seaborne trade and containerized trade respectively in 2023, followed by expected annual growth rates of 2.1% for total seaborne trade and 3.2% for containerized trade in 2024. Therefore, the increasing seaborne trade is contributing significantly to the growth of the shipbuilding market.
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Who Are the Key Players Driving Ship Building Market Growth?
Major companies operating in the ship building market include:
• Korea Shipbuilding & Offshore Engineering Co. Ltd
• Samsung Heavy Industries
• Fincantieri S.p.A
• Daewoo Shipbuilding & Marine Engineering Co Ltd
• Imabari Shipbuilding Co. Ltd
• Yangzijiang Shipbuilding Ltd,
• CSSC Offshore and Marine Engineering Group Company Limited
• Mitsubishi Heavy Industries
• United Shipbuilding Corporation
• Tsuneishi Shipbuilding
• Cochin Shipyard Limited
• Western India Shipyard
• Hindustan Shipyard Ltd
What Are The Key Trends In The Ship Building Market?
• Integration of Artificial Intelligence (AI)
• Adaption of green shipbuilding technologies
• Surge in LNG (liquefied natural gas)-fueled engines
• Use of robotics
• Adoption of the digital twin technology
• Development of solar and wind-powered ships
• Increased partnerships and collaborations
• Rising investments
What Are The Segments Of The Global Ship Building Market?
• By Product: Bulkers, Tankers, Containers, Cruise And Ferry, Other Products
• By Application: Passenger Transportation, Goods Transportation
• By End-User: Logistics Companies, Cruise Operators, Other End-Users
Which Region Leads The Ship Building Market?
In 2024, Asia-Pacific was the leading region in the shipbuilding market, with Western Europe claiming the second-largest share of the global shipbuilding market. The shipbuilding market report covers other regions such as Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Ship Building Market Global Market Report?
- Market Size Analysis: Analyze the Ship Building Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Ship Building Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Ship Building Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Ship Building Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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