Press release
Impact Of Increasing Seaborne Trade On The Shipbuilding Market: A Key Driver Powering Ship Building Market Growth In 2025
Ship Building
What Is the Projected Growth of the Ship Building Market?
The size of the ship building market has significantly expanded in recent times. It's projected to rise from $221.13 billion in 2024 to $236.09 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%. Factors such as economic development in emergent markets, a surge in the demand for cruise ships, a rise in seaborne trade, and beneficial government policies, have contributed to the growth during the historical period.
In the coming years, the ship building market is projected to experience substantial growth, ballooning to $295.63 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. Factors spurring this growth during the forecast period include rising e-commerce demand, increased tourism, and a burgeoning population. Future market trends encompass an emphasis on incorporating artificial intelligence (AI), promoting eco-friendly ship manufacture techniques, an upsurge in LNG (liquefied natural gas) powered engines, the application of robotics and digital twin technology, as well as solar and wind-powered ships. Partnerships, collaborations, and escalating investments also play a significant role.
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What Are the Different Ship Building Market Segments?
The ship building market covered in this report is segmented -
1) By Product: Bulkers, Tankers, Containers, Cruise And Ferry, Other Products
2) By Application: Passenger Transportation, Goods Transportation
3) By End-User: Logistics Companies, Cruise Operators, Other End-Users
Subsegments:
1) By Bulkers: Dry Bulk Carriers, Specialized Bulk Carriers
2) By Tankers: Crude Oil Tankers, Product Tankers, Liquefied Natural Gas (LNG) Carriers
3) By Containers: Container Ships, Multi-Purpose Container Vessels
4) By Cruise And Ferry: Ocean Cruise Ships, River Cruise Ships, Passenger Ferries
5) By Other Products: Offshore Support Vessels, Research Vessels, Fishing Vessels, Military Ships
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What Are the Primary Drivers Shaping the Ship Building Market?
Predictions suggest that a surge in seaborne trade will encourage the augmentation of the shipbuilding market. Factors such as population growth, improvements in living standards, and heightened consumer purchasing power are driving up the demand for consumer goods, leading to an increase in production and fast-paced industrialization. For example, the REVIEW OF MARITIME TRANSPORT 2023 report, issued by UNCTAD (United Nations Conference on Trade and Development), states that global seaborne trade peaked at 12,027 million tons in 2022. This included a decrease in containerized trade by 3.7%. However, the trading of oil and gas saw an increase by 6% and 4.6% respectively. Forecasts for 2023 show a rise of 2.4% in total seaborne trade and a 1.2% surge in containerized trade. Furthermore, the anticipated annual growth rates for 2024 are 2.1% for total seaborne trade and 3.2% for containerized trade. Therefore, the escalation in seaborne trade is a significant factor in the flourishing shipbuilding market.
Which Companies Are Leading in the Ship Building Market?
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, Adani Kattupalli Shipyard (Larsen & Toubro), Shanghai Waigaoqiao Shipbuilding Co., Ltd, Qingdao Captain Marine Co.,Ltd, HBM-Huanan Building Materials (Shenzhen) Co.,Ltd, Headway Technology Co.,Ltd, Star MarinePro Corp. Limited, China Shipbuilding Industry Co., Ltd, TGE Marine Gas Engineering, Emden Dockyard (Emder Werft und Dock GmbH), Schoenrock Hydraulik Marine Systems GmbH, Gebr. Friedrich GmbH & Co, Neptun Ship Design, I.G. Giourouk GmbH, NORIS Group GmbH, Wessels Reederei GmbH & Co. KG, Lethe GmbH, Ostseestaal GmbH & Co. KG, Hamburgische Schiffbau-Versuchsanstalt GmbH - Hamburg Ship Model Basin (HSVA), Fosen Yard Emden GmbH, Amur Shipbuilding Plant, Pregol Shiprepair Yard, Lotos Shipbuilding Plant, Vyborg Shipyard Jsc, Nakhodka Shiprepair Yard, JSC Okskaya Shipyard, Zvezda Shipbuilding (SSK), Monterey Boats, Ellicott Dredges, Marine Specialty Painting, Bertram Yachts, BAYONNE DRY-DOCK & REPAIR CORP, Indmar Products Co, Inc., Master Boat Builders, Inc., Crestliner Boats, Advanced Integrated Technologies (AIT), Back Cove Yachts, Advex Corporation, East Coast Repair & Fabrication LLC, Intech Boating, Flexboat Nautica, Shipyard Rio Tiete Ltd, Naproservice, Flexprin Indústria Com e Serv Marítimos, OKEAN YACHTS, Global Ship Service, Active Nautical, RBNA Classification Society, Drydocks World Dubai, Albwardy Damen Marine Engineering Dubai, Grandweld Shipyards, Abu Dhabi Ship Building (ADSB), Oceanic Ship Repair and Engineering Services LLC, Premier Marine Engineering Services (L.L.C), The Damen Group, Southern African Shipyards, Dormac Marine & Engineering, DCD Enerji Çevre ve Teknoloji A.S, Southern Engineering Co. Ltd, Nigerdock FZE, West Atlantic Shipyard
What Are the Major Trends Shaping the Ship Building Market?
One of the notable trends in the shipbuilding industry in recent years has been the integration of 3D printing technology. Also referred to as additive manufacturing, 3D printing is increasingly being adopted in various sectors related to manufacturing and engineering, shipbuilding included. To leverage these advanced manufacturing methods, like 3D printing, market players are forming partnerships with other industry participants. Take for example a case in July 2022, when the Naval Postgraduate School, a research and military education establishment based in the US, initiated a 3D printing project onboard the USS Essex, a Wasp-class amphibious assault ship. The goal of this initiative was to experiment with and assess the application of 3D printing technology in an active environment, enabling the fabrication of crucial parts such as fuel adapters, heat sinks, and valve covers on the ship. This sprung up opportunities for greater self-reliance, improved warfighting readiness, and trimmed down maintenance time.
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What Are the Top Revenue-Generating Geographies in the Ship Building Market?
Asia-Pacific was the largest region in the shipbuilding market in 2024. Western Europe was the second largest market in global shipbuilding market share. The regions covered in the ship building market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Ship Building Market?
2. What is the CAGR expected in the Ship Building Market?
3. What Are the Key Innovations Transforming the Ship Building Industry?
4. Which Region Is Leading the Ship Building Market?
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