Shipbuilding Market to Reach USD 197.94 Billion by 2030 - 2024 with CAGR 2.67% Driven by Growing Maritime Trade & 3D-Printing Technology

global shipbuilding market is poised for sustained expansion, with projections indicating a market value of USD 197.94 billion by 2030, up from USD 155.91 billion in 2023, growing at a compound annual growth rate (CAGR) of 2.67% from 2024 to 2030. This growth is fueled by rising international seaborne trade, increasing energy transportation needs, and the expansion of global maritime logistics. As more than 80% of global trade by volume is transported via sea routes, shipbuilders are responding with advanced vessel designs and greater investment in fuel-efficient and eco-friendly ships to meet stringent regulatory standards and evolving customer demands.

Major Players: Raytheon Technologies Corporation (US), Huntington Ingalls Industries, Inc. (US), General Dynamics Corporation (US), Damen Shipyards Group (Netherlands), BAE Systems (UK), STX Offshore & Shipbuilding Co., Ltd. (South Korea), Sumitomo Heavy Industries, Ltd. (Japan), FINCANTIERI S.p.A. (Italy), China State Shipbuilding Corporation Limited (China), DSME Co., Ltd. (South Korea), China Shipbuilding Industry Corporation (China), United Shipbuilding Corporation (Russia), LARSEN & TOUBRO LIMITED (India), Northstar Shipbuilding Pvt. Ltd. (India), TSUNEISHI SHIPBUILDING Co., Ltd. (Japan).

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Key drivers of the shipbuilding market include the expansion of global maritime trade, the need for fuel-efficient and environmentally friendly vessels, and robust investments in naval defense programs. Governments are increasingly prioritizing maritime security and fleet modernization, further accelerating market growth. Technological advancements such as hybrid propulsion systems, smart ship technologies, and the integration of automation are transforming the industry, enabling shipbuilders to meet strict emission norms and optimize operational performance. The transition toward green shipping and the adoption of multi-fuel engines are also shaping the future of ship design and production.

Regional Insights

Asia remains the dominant region in the shipbuilding market, with China, South Korea, and Japan leading in both commercial and naval vessel production. North America is experiencing steady growth, driven by rising demand for naval vessels, offshore support ships, and commercial cargo carriers, particularly in the United States. Europe is focusing on sustainability and innovation, with significant investments in green ship initiatives and digitalization. Other regions, including the Middle East and Africa, are also seeing increased shipbuilding activity due to growing trade and energy transportation needs.

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Segment Analysis

The cargo segment is expected to witness the highest CAGR during the forecast period, driven by the expansion of international trade and the need for larger, more efficient vessels. Containerships, bulk carriers, and tankers are key vessel types within this segment, with containerships benefiting from the rise in container handling operations at marine ports. The cruise and ferry segment is also growing, supported by the expanding global tourism industry and the demand for large cruise ships. Specialized carriers, LNG carriers, and multipurpose ships are gaining traction as the market adapts to changing trade patterns and energy demands.

Future Outlook

Looking ahead, the shipbuilding market is set for steady growth, supported by technological innovation, regulatory compliance, and the global shift toward sustainable shipping. The adoption of advanced technologies and green fuel initiatives will continue to shape the industry, creating new opportunities for market participants. As global trade and energy transportation needs evolve, shipbuilders will need to remain agile and responsive to changing market dynamics, ensuring their products meet the demands of a rapidly changing world.

The global shipbuilding market is riding a strong tide of growth, driven by rising seaborne trade, technological innovation, and a surge in demand for eco-friendly vessels. With an anticipated market size reaching USD 197.94 billion by 2030 and a compound annual growth rate (CAGR) of 2.67% from 2024 to 2030, the industry is poised for transformation, particularly as digitalization and sustainable practices reshape ship design and construction processes.

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Table of Contents

SECTION I: EXECUTIVE SUMMARY AND KEY HIGHLIGHTS

SECTION II: SCOPING, METHODOLOGY AND MARKET STRUCTURE

SECTION III: QUALITATIVE ANALYSIS

SECTION IV: QUANTITATIVE ANALYSIS

SECTION V: COMPETITIVE ANALYSIS ........

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