Press release
Ship Building Global Market Insights: Growth Drivers, Size & Forecasts to 2029
Ship Building
What Is the Forecasted Market Growth Rate of the Ship Building Industry?
The shipbuilding industry has seen remarkable growth in recent years. It is projected to rise from $196.09 billion in 2024 to $206.89 billion in 2025, with a compound annual growth rate (CAGR) of 5.5%. The significant growth during the historical span is due to the thriving economy in emerging markets, a rising demand for cruise ships, an increment in seaborne trade, and supportive government initiatives.
How Will the Ship Building Market Size Evolve From 2025 to 2029?
Forecasts indicate that the shipbuilding market is set to experience significant growth in the upcoming years, with expectations of reaching $259.09 billion in 2029, translating to a compound annual growth rate (CAGR) of 5.8%. This projected growth for the forecast period can be credited to an accelerated demand for e-commerce, burgeoning tourism, and increasing population. Key trends for the same period encompass a shift towards integrating artificial intelligence (AI), environmentally friendly ship construction techniques, a rise in engines powered by liquefied natural gas (LNG), implementation of robotics and digital twin technology, use of ships powered by solar and wind, mutual collaborations and partnerships, and escalating investments.
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What Are the Main Growth Drivers in the Ship Building Market Today?
The growth of the shipbuilding market is expected to be fueled by the expansion of seaborne trade. The escalating population, the amplified buying power of consumers, and enhanced living conditions are driving the demand for consumer products, which results in increased production and swift industrialization. For instance, the REVIEW OF MARITIME TRANSPORT 2023 report published by the UNCTAD United Nations Conference on Trade and Development in June 2023 revealed that total seaborne trade in 2022 amounted to 12,027 million tons. Though there was a decrease in containerized trade by 3.7%, oil and gas trade saw an increase of 6% and 4.6% respectively. The report projected a 2.4% rise in total seaborne trade and a 1.2% hike in containerized trade for 2023. This will be followed by expected yearly growth rates of 2.1% and 3.2% for total seaborne trade and containerized trade respectively in 2024. This underscores how the expansion of seaborne trade is propelling the growth of the shipbuilding market.
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Which Ship Building Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Ship Building Industry Growth?
A predominant trend seen in recent times in the shipbuilding market is the incorporation of 3D printing technology. Known also as additive manufacturing, 3D printing has gained traction across all sectors related to manufacturing and engineering, including shipbuilding. To augment their manufacturing abilities, firms in the shipbuilding market are partnering with other industry stakeholders to adopt sophisticated manufacturing technologies like 3D printing. For example, in July 2022, the Naval Postgraduate School, an American military educational and research institution, instigated a 3D printing scheme on the USS Essex, a Wasp-class amphibious assault ship. The aim of this initiative is to experiment with and assess the application of 3D printing technology in underway situations. This allows the ship to generate vital parts like heat sinks, fuel adapters, and valve covers on-board thus, helping to boost self-sufficiency, cut down maintenance time, and bolster warfighting readiness.
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Which Companies Hold the Largest Market Share in the Ship Building Sector?
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
Where Is the Ship Building Market Experiencing the Highest Growth?
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
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