Press release
Shipbuilding Industry Set to Sail Toward USD 195.48 Billion Valuation by 2030 - Riding Steady 3.2% CAGR
Shipbuilding Market
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Presently, the global shipbuilding industry is dominated by Asia-Pacific followed by Europe, North America, and LAMEA. Asia-Pacific is expected to maintain its dominance in the global market particularly by China, South Korea, and Japan, owing to few distinct advantages; such as cheaper wages, strong government backing, and strong forward & backward linkage industries.
Shipbuilding is considered to be one of the most strategic, oldest, most open and highly competitive markets in the world. Although, the shipbuilding industry has vast experiences in surviving during peaks and slumps of economy, the current global economic and political crisis has hit the shipbuilding industry more severely.
As shipbuilding is a highly capital-intensive industry, strong government support and political stability is prerequisite to survive this industry. The shipbuilding industry is accountable for design and construction of oceangoing vessels all around the globe.
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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.
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.
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.
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.
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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