Shipbuilding Market: Global Industry Analysis and Forecast (2024-2030)

Shipbuilding Market was valued at US$ 155.31 Bn. in 2023. Global Shipbuilding Market size is expected to grow at a CAGR of 4.4 % through the forecast period.

Shipbuilding Market Overview:

The construction of ships and other floating boats is known as shipbuilding. It usually takes place in a shipyard, which is a specialized facility. Shipbuilders, also known as shipwrights, are required to practice a specialized trade that dates back before recorded history. "Naval engineering" refers to both commercial and military shipbuilding and ship maintenance. Boat building is a comparable activity that involves the construction of boats. Shipbuilding is now seen as a difficult combination of art and science. Ships were designed and built in the days of sail based on actual experience; shipbuilding was largely a skill. With the fast rise and development of physical sciences beginning in the early nineteenth century, it was inevitable that hydrokinetics (the study of fluids in motion), hydrostatics (the study of fluids at rest), and the science of materials and structures would enhance the shipbuilder's ability. As a result, the size, speed, commercial worth, and safety of ships increased dramatically.Shipbuilding MarketTo know about the Research Methodology:-Request Free Sample Report Shipbuilding Market COVID-19 Insights: The COVID-19 pandemic exacerbated existing tendencies, further exacerbating an already difficult newbuilding environment at the start of the year. The protracted period of yard rationalization following the contracting boom in the 2000s, and more recently, the concerns around the possible impact of environmental regulations, were among the most significant of these. These obstacles, along with the negative effects of the COVID-19 epidemic, constituted a perfect storm of circumstances that successfully stifled the taste for fresh orders during this time period. Because numerous countries enacted stringent lockdowns to manage the COVID-19 epidemic, it has caused significant economic collapse. Manufacturing is one of the most seriously hit industries as a result of this. Supply networks have been impacted significantly. Due to interrupted supply chains and production schedules, the shipbuilding market suffered significant losses in the first and second quarters of 2020. COVID-19's rapid proliferation in the United States, Europe, and Asia prompted countrywide lockdowns and a short halt in manufacturing to avoid further spread. Also, the COVID-19 epidemic has caused delays in shipyards' new construction, maintenance, and conversion projects. Some enterprises have been forced to halt their shipyard activities in many countries due to the epidemic. Samsung Heavy Industries has chosen to close its 26-year-old Ningbo shipyard in eastern China in 2022. Furthermore, Irving Shipbuilding has handed layoff warnings to 1100 of its 1800 employees and has temporarily closed its Halifax shipyard for three weeks. During this time, the shipbuilding market forecast has experienced a financial loss. However, the government's increased support for continued trading has slowed the market's growth rate.

Shipbuilding Market Dynamics:

The market is also undergoing technical upgrades and improvements in order to increase trade and transportation. Ships are designed to be used for a variety of reasons. Greater demand for marine transportation has resulted in enhanced imports and exports, resulting in increased shipbuilding market growth. Driving Factors: GDP growth improved economic growth, seaborne trade, increased demand for cargo transportation via ships, a rise in trade-related agreements, technological advancements in marine vessel engines, and the trend of automation in marine transportation are all key factors driving the shipbuilding market forward. However, volatility in transportation and inventory prices, as well as environmental concerns about maritime vessels, are some notable factors that might limit market growth. Consumer buying power has increased as a result of growing economic activity, such as foreign direct investments. This has increased demand for consumer goods. The growth in international seaborne trade is boosting the market, and industrialization is one of the major reasons driving up trade volumes between nations. Other key aspects, including advancements in fuel economy and multi-fuel engines in shipping firms, have increased the efficiency of transportation, boosting the shipbuilding market outlook. Trends: The shipbuilding market trends are set by the adoption of 3D printing technology. Over four-fifths of the world's commercial commerce by volume is transported by sea, making it the backbone of globalized trade and the manufacturing supply chain. During the last decade, trade volume has climbed by about 10%. Consumer demand in emerging nations explains the substantially larger growth in import volume. Over time, demand for marine transportation has increased, resulting in an increase in imports and exports. Opportunities: The Shipbuilding Market Analysis is receiving opportunities from all around the world. The increase in military missions and activities has created enormous market potential. The Shipbuilding Market is supported by technological advancements in shipbuilding, such as the maintenance of big data and drones, and the development of autonomous ships. Restraints: Many restraining factors are limiting the growth of the shipbuilding market, such as challenges with regular maintenance, expensive material and operation costs, and environmental regulations that are limiting the market's growth. The spike in seaborne trade is likely to create enormous development potential, but raw material price changes are expected to limit the market's growth.

Shipbuilding Market Segment Analysis:

Based on Type, Due to growing international seaborne trade worldwide, the cargo category is expected to see the greatest CAGR over the forecast timeframe. The vessel market is benefiting from increased defence spending. The container portion of the ship type benefits from increased operational efficiency and cargo carrying capability. Due to increased demand for military and cargo ships through the world, the tanker segment is expected to develop at a healthy CAGR during the forecast timeline. The multipurpose ship category is driven by the transportation of cargos such as iron, steel, timber, and other bulk cargos. Based on the End User, In recent years, the transportation category has dominated the market, and it is forecast to grow at a faster rate in the forecast period. The category is being boosted by the rapid growth of the maritime tourism market and the rise of commercial operations. Due to the rise in worldwide wars, terrorist attacks, and population relocation, the military segment is expected to grow at a solid CAGR, boosting the growth of naval innovations and driving the market.

Shipbuilding Market Regional Insights:

The APAC region dominated the market with 82% share in 2023. Shipbuilding has become a critical strategic market as a consequence of the rising need to import and export goods as a result of globalisation. Although Europe is still a major market for cruise ships, East Asia dominates shipbuilding, with China, Japan, and South Korea ranking first and second, respectively. In 2023, China received more than half of all shipbuilding orders, cementing its position as a shipbuilding powerhouse. Southeast Asia is equally concentrated on ship destruction, with Bangladesh, India, and Pakistan accounting for about 90% of ship scrapping activity. China overtook South Korea in terms of annual order volume by compensated gross tonne in 2022 (CGT). Chinese shipbuilders received approximately 22.8 million CGT in orders this year, accounting for roughly half of the total of 45.7 million CGT. Builders in South Korea got orders for 17.5 million CGT, or around 38% of the total. China dominated new container ship acquisitions, a market that has grown as consumer goods traffic has increased. South Korea is another significant actor in the Asia-Pacific area. South Korea's Big Three shipbuilders concentrated on high-margin, high-value LNG carriers in 2022 because they are more lucrative. With 37 contracts, Korean shipyards to the LNG carrier market, with 16 for Qatar Energy's mega-order and another 15 for Petronas. South Korean shipbuilders were choosier in 2022, choosing high-value-added projects above overall tonnage, resulting in decreased order numbers. The Europe region is expected to witness significant growth at a CAGR of 4.4% through the forecast period. Daewoo Shipbuilding & Marine Engineering Co. said in February 2022 that it had obtained orders worth KRW 1.8 trillion (USD 1.5 billion) from Europe. Daewoo Shipbuilding will construct two liquefied natural gas carriers for Maran Gas Maritime Inc., the gas shipping division of Angelicoussis Shipping Group, as well as six container ships for an unnamed European shipper. The objective of the report is to present a comprehensive analysis of the Shipbuilding Market to the stakeholders in the market. The past and current status of the market with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the market with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the market to the decision-makers. The reports also help in understanding the Shipbuilding Market dynamic, structure by analyzing the market segments and projecting the Shipbuilding Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Shipbuilding Market make the report investor’s guide.

Shipbuilding Market Scope: Inquire before buying

Global Shipbuilding Market
Report Coverage Details
Base Year: 2023 Forecast Period: 2024-2030
Historical Data: 2018 to 2023 Market Size in 2023: US $ 155.31 Bn
Forecast Period 2024 to 2030 CAGR: 4.4% Market Size in 2030: US $ 209.95 Bn
Segments Covered: by Type Oil Tankers Bulk Carriers Cargo Ships Container Ships Passenger Ships
by End User Transport Military

Shipbuilding Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina, Columbia and Rest of South America)

Shipbuilding Market, Key Players are

1. Raytheon Technologies Corporation 2. Huntington Ingalls Industries, Inc. 3. General Dynamics Corporation 4. Damen Shipyards Group 5. BAE Systems 6. STX Offshore & Shipbuilding Co., Ltd. 7. Sumitomo Heavy Industries, Ltd. 8. FINCANTIERI S.p.A. 9. China State Shipbuilding Corporation Limited 10. DSME Co., Ltd. 11. China Shipbuilding Industry Corporation 12. United Shipbuilding Corporation 13. LARSEN & TOUBRO LIMITED 14. NorthStar Shipbuilding Pvt. Ltd. 15. TSUNEISHI SHIPBUILDING Co., Ltd. Frequently Asked Questions: 1] What segments are covered in the Global Shipbuilding Market report? Ans. The segments covered in the Shipbuilding Market report are based on Type and End User. 2] Which region is expected to hold the highest share in the Global Shipbuilding Market? Ans. The APAC region is expected to hold the highest share in the Shipbuilding Market. 3] What is the market size of the Global Shipbuilding Market by 2030? Ans. The market size of the Shipbuilding Market by 2030 is expected to reach US$ 209.95 Bn. 4] What is the forecast period for the Global Shipbuilding Market? Ans. The forecast period for the Shipbuilding Market is 2024-2030. 5] What was the market size of the Global Shipbuilding Market in 2023? Ans. The market size of the Shipbuilding Market in 2023 was valued at US$ 155.31 Bn.
1. Global Shipbuilding Market Size: Research Methodology 2. Global Shipbuilding Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Shipbuilding Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Shipbuilding Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Shipbuilding Market Size Segmentation 4.1. Global Shipbuilding Market Size, by Type (2023-2030) • Oil Tankers • Bulk Carriers • Cargo Ships • Container Ships • Passenger Ships 4.2. Global Shipbuilding Market Size, by End User (2023-2030) • Transport • Military 5. North America Shipbuilding Market (2023-2030) 5.1. North America Shipbuilding Market Size, by Type (2023-2030) • Oil Tankers • Bulk Carriers • Cargo Ships • Container Ships • Passenger Ships 5.2. North America Shipbuilding Market Size, by End User (2023-2030) • Transport • Military 5.3. North America Shipbuilding Market, by Country (2023-2030) • United States • Canada • Mexico 6. European Shipbuilding Market (2023-2030) 6.1. European Shipbuilding Market, by Type (2023-2030) 6.2. European Shipbuilding Market, by End User (2023-2030) 6.3. European Shipbuilding Market, by Country (2023-2030) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Shipbuilding Market (2023-2030) 7.1. Asia Pacific Shipbuilding Market, by Type (2023-2030) 7.2. Asia Pacific Shipbuilding Market, by End User (2023-2030) 7.3. Asia Pacific Shipbuilding Market, by Country (2023-2030) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Shipbuilding Market (2023-2030) 8.1. Middle East and Africa Shipbuilding Market, by Type (2023-2030) 8.2. Middle East and Africa Shipbuilding Market, by End User (2023-2030) 8.3. Middle East and Africa Shipbuilding Market, by Country (2023-2030) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Shipbuilding Market (2023-2030) 9.1. South America Shipbuilding Market, by Type (2023-2030) 9.2. South America Shipbuilding Market, by End User (2023-2030) 9.3. South America Shipbuilding Market, by Country (2023-2030) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. Raytheon Technologies Corporation 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Huntington Ingalls Industries Inc. 10.3. General Dynamics Corporation 10.4. Damen Shipyards Group 10.5. BAE Systems 10.6. STX Offshore & Shipbuilding Co. Ltd. 10.7. Sumitomo Heavy Industries Ltd. 10.8. FINCANTIERI S.p.A. 10.9. China State Shipbuilding Co. Ltd. 10.10. DSME Co. Ltd. 10.11. China Shipbuilding Industry corporation 10.12. United Shipbuilding Corporation 10.13. LARSEN & TURBO LIMTED 10.14. NorthStar Shipbuilding Pvt. Ltd. 10.15. TSUNEISHI SHIPBUILDING Co. Ltd.