Dubai, UAE, May 30, 2023 (GLOBE NEWSWIRE) -- As per the latest research report released by Extrapolate, the global Shipbuilding Market was valued at approximately USD 140.72 billion in 2022 and is anticipated to reach nearly USD 193.19 billion by 2032, the market's growth is primarily attributable to the rise in global seaborne trade, projected to grow at a compound annual growth rate (CAGR) of around 3.2% from 2023 to 2032.
Shipbuilding is the process of employing steel or other materials, such as wood and composites, to construct large seagoing boats. A part of shipbuilding and boatbuilding is producing auxiliary maritime equipment, such as sails, engines, electronics, and other fittings.
Shipbuilding, which is frequently carried out in a location known as a shipyard, is the process of making ships and other floating boats. In contemporary shipbuilding, prefabricated components are frequently used.
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Competitive Landscape
The shipbuilding industry is fragmented, with several companies holding a significant market share. Prominent market participants collaborate with research institutions and governmental organizations to gain insights into critical events. The global market presence of top shipbuilding companies is a crucial factor in determining their growth and success.
Prominent players in the shipbuilding market include
- BAE Systems
- Cochin Shipyard Limited
- Damen Shipyards Group
- FINCANTIERI S.p.A.
- HYUNDAI CORPORATION
- MEYER WERFT GmbH & Co. KG
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- NVL B.V. & Co. KG
- Naval Group
- Samsung Heavy Industries
Trending Now: Australia Boosts Shipbuilding Capability Through Combat Systems Agreement
A deal between three of the biggest defense businesses in the state and the Department of Defence will see the complicated combat systems on the Royal Australian Navy's existing guided missile destroyers and Hunter class frigates integrated in Australia.
Combat System Integration (CSI) Collaboration Agreement (CCA), signed by BAE Systems Australia, Lockheed Martin Australia, Saab Australia, and Defence, will provide a long-term, affordable, and agile CSI sovereign industrial capability for the Navy's primary surface combatants. The agreement represents yet another important milestone in Australia's development of continuous naval shipbuilding.
To design, integrate, test, and deliver the integrated combat system for the Hunter class frigates and the significant combat systems upgrade for the Hobart class destroyers, all four entities will collaborate as a single combat systems team as part of the CSI-IPT (Combat Systems Integration – Integrated Project Team).
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Market Segmentation:
The global shipbuilding market is segmented as follows:
Ship Type
- Bunkers
- Cruise
- Commercial Vessels
- Military Vessels
- Tugs
- Small Cargo Carriers
Increased Demand for Goods to Boost Sales for Commercial Vessels in Shipbuilding
The commercial vessels segment accounted for the largest market share in 2022. Commercial vessels serve a multitude of purposes, including transporting essential goods such as food and agricultural products, machinery and equipment, supplies for the construction sector, automobile parts, and general cargo.
Increased international trade and demand for goods and commodities, manufacturers, service providers, and other relevant businesses have led market participants to engage increasingly in collaborations among other strategic partnerships, which is ultimately driving the demand for commercial vessels across the globe.
By End-User
- Logistics & Transport
- Military
Logistics and Transportation to Gain Traction Driven by Rise in Freight Demand
Logistics and transportation businesses dominated the end-user segment in 2022 in terms of revenue. The segment growth's primary factor is the increased demand for freight and other logistics services caused by expanding trade and globalization.
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Growing Import and Export Activities Globally to Fuel Shipbuilding Market Growth
Over time, there has been an increase in maritime transportation demand, leading to an increase in global import and export activity. With globalization firmly established at the core of many economies, opportunities for international goods trade are expanding, offering a superior selection of commodities at various price points.
For instance, the Dublin Port Corporation (DPC) presented its long-term proposal to extend Ireland's largest port in the city's center in November 2021, costing EUR 400 million. The plan, which will be supported by building a sizable new freight terminal, aims to provide 20% of the capacity the port would require by 2040.
Asia Pacific to Experience Rapid Growth Backed by Huge-Scale Shipbuilding Plans
Asia Pacific had the largest market share in 2022 and is expected to grow significantly during the forecast period. The regional growth is primarily attributable to the implementation of shipbuilding plans on a huge scale. India has about 28 shipyards dispersed over a number of regions, while the nation's 12 busiest ports handle about 61% of all cargo. Also, over 60% of the Navy budget is assigned to capital expenditures, whereas the military has spent about 70% of its capital budget on domestic goods during the past five years.
Moreover, China secured more than half of all shipbuilding orders in 2021, solidifying its position as a global powerhouse in the market. Furthermore, Southeast Asia has the highest concentration of ship destruction, with Bangladesh, India, and Pakistan accounting for about 90% of global ship scrapping activities.
R&D Activities in Europe to Propel Trade Across 40 Active Ports
Europe shipbuilding market is anticipated to grow at a rapid CAGR throughout the projection period owing to the rising R&D activities in the region. Furthermore, over 40 active ports in Europe are open to commercial ships. The region accounts for about 6% of the market share in tonnage and about 35% of maritime equipment. Europe's shipbuilding market ranks among the top ferries, cruises, and complex boats producers with cutting-edge technology.
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Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Source
2.3.1. Secondary Source
2.3.1.1. Preliminary data mining
2.3.2. Primary Source
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Adoption of Environmentally Friendly Ships Would Influence the Growth
3.3. Market drivers
3.3.1. Increasing Maritime Activities Between Countries Would Drive the Market
3.4. Market restraints
3.4.1. Infrastructural and Maintenance Factors in Developing Economies Would Restrain the Market Growth
3.5. Market opportunities
3.5.1. Increasing Globalization and Favorable Trade Policies
3.6. Market Challenges
3.6.1. Raw Material Price Volatility Would Pose Challenge for Market Growth
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Shipbuilding Market
Chapter 5. Global Shipbuilding Market Overview, Ship Type, 2018 - 2032 (USD Million)
Chapter 6. Global Shipbuilding Market Overview, By End-User, 2018 - 2032 (USD Million)
Chapter 7. Global Shipbuilding Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 8. North America Shipbuilding Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 9. Europe Shipbuilding Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 10. Asia Pacific Shipbuilding Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 11. Middle East & Africa Shipbuilding Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 12. South America Shipbuilding Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 14. Key Vendor Analysis
Chapter 15. Sourcing Strategy and Downstream Buyers
15.1. Shipbuilding Market Industrial Chain Analysis
15.2. Downstream Buyers
Chapter 16. Marketing Strategy Analysis, Distributors/Traders
16.1. Marketing Channel
16.1.1. Direct Marketing
16.1.2. Indirect Marketing
16.1.3. Marketing Channel Development Trend
16.2. Market Positioning
16.2.1. Pricing Strategy
16.2.2. Brand Strategy
16.2.3. Target Client
16.3. Distributors/Traders List
Chapter 17. Market Effect Factors Analysis
17.1. Product Progress/Risk
17.1.1. Substitutes Threat
17.1.2. Product Progress in Related Size
17.2. Consumer Needs/Customer Preference Change
17.3. Economic/Political Environmental Change
Chapter 18. Future Outlook of the Market
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