Shipbuilding Market to be Worth US$ 273.28 Billion by 2030 - Exclusive Report by Coherent Market Insights (CMI)

Burlingame, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, "Shipbuilding Market, By Vessel Type (Commercial vessels, Offshore support vessels, Naval vessels, Cruise ships and passenger vessels, Luxury yachts and leisure boats, Specialized vessels), By Technology (Conventional shipbuilding, Advanced shipbuilding, Eco-friendly and sustainable shipbuilding), By End-User Industry (Oil and gas industry, Defense and security, Commercial shipping and logistics, Tourism and leisure industry, Offshore renewable energy), By Size and Capacity (Small and medium-sized vessels, Large and ultra-large vessels), By Newbuild and Repair & Maintenance (Newbuild vessels, Ship repair and maintenance services), - Size, Share, Outlook, and Opportunity Analysis, “ According to the report, the global shipbuilding market is estimated to be valued at US$ 209.07 billion in 2022 and is expected to exhibit a CAGR of 3.9% during the forecast period (2023-2030).

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Analysts’ Views on Global Shipbuilding Market

Shipbuilding is the construction of ships and other floating vessels. It also includes products and services supplied for the building, conversion, and maintenance of these ships. It encompasses the construction of various types of ships, ranging from cargo vessels and tankers to cruise ships and naval vessels. A dockyard, also known as a boatyard or a shipyard, is a place where ships are built and repaired. These can be cruise liners, military vessels, yachts, and/or other cargo or passenger ships.   Shipbuilding plays a vital role in global trade, transportation, and defense and is recognized as one of the firstborn, most open and extremely competitive markets in the world.

Key Trends and Analysis of the Global Shipbuilding Market:

Digitalization and automation is one of the key trends expected to augment the growth of the global shipbuilding market. For instance, as in many other manufacturing industries, both digitization and automation play an important role in modern shipbuilding. Modern technologies offer significant opportunities for improving shipbuilding processes as well as the sustainability and environmental performance of the process. Ship builders are taking advantage of various modern technologies to drive business innovation and become more efficient in highly competitive market. Ship builders can also optimize fuel efficiency, reduce emissions, and minimize the ecological footprint of ships. This trend is expected to continue over the forecast period.

Global Shipbuilding Market – Drivers

Increasing international trade to augment the market growth

The rapid expansion of international trade and commerce has led to an increasing demand for new and efficient vessels to transport goods across the globe through sea. According to the International Chamber of Shipping (ICS), seaborne trade continues to expand, bringing benefits for consumers around the world through competitive freight costs. There are over 50,000 merchant ships trading internationally, transporting every kind of cargo. The world fleet is registered in over 150 nations, and manned by over a million seafarers of virtually every nationality. Moreover, according to the United Nations Conference on Trade and Development, Report 2022, the international shipping industry is responsible for carriage of around 80% of world trade.

Shipbuilding Market Report Coverage

High demand for commercial vessels to propel market growth

Ships/vessels play an important role in facilitating international commerce and transportation, and the rise in international trade necessitates the construction of various commercial vessels, such as bulk carrier, tanker, and container ship, among others. In May 2023, Mitsubishi Shipbuilding and Nihon Shipyard Co., Ltd. started joint study for the development of an ocean-going liquified CO2 (LCO2) carrier. Nihon Shipyard is pursuing this project with the aim of completing construction of the vessel from 2027 onwards. Demand for LCO2 carriers is expected to grow in the future as a means to transport large volumes of CO2 safely for CCS (Carbon dioxide Capture and Storage) projects, in which captured CO2 is stably stored underground.

Global Shipbuilding Market – Restrain

Supply chain disruptions to hamper market growth

One of the key factors expected to hamper growth of the global shipbuilding market is the supply chain disruptions. For instance, global supply chain disruptions can impact timely delivery of ship components and increase costs. Supply chain disruptions also require local sourcing for materials that were once imported, driving shifts in manufacturing and distribution. Moreover, shipbuilding projects may be delayed due to shortage of key raw materials such as steel, aluminum, and special marine-grade materials. Furthermore, changes in regulatory requirements related to environmental standards, safety protocols, and trade policies may require adjustments in the supply chain, leading to delays and increased costs. This in turn is expected to hinder market growth.

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Global Shipbuilding Market – Opportunities

Increasing demand for military/naval vessels is expected to offer significant growth opportunities for players in the global shipbuilding market. Increasing military and naval modernization efforts across the globe may increase the need for new warships, patrol vessels, and/or submarines, driving the growth of the market. In June 2023, Garden Reach Shipbuilders and Engineers (GRSE), India launched two warships of different classes and laid the keel of a third vessel. GRSE is now building eight ASWSWCs and four SVLs for the Indian Navy and Ships are at various stages of completion. The INS Anjadip was the third vessel of this series to be launched and INS Sanshodhak is fourth and last in the series of SVLs being built by GRSE.

Global Shipbuilding Market - Key Developments

In May 2023, Aramco, a leading integrated energy and chemicals company, signed a shareholders' agreement with Baosteel, a prominent steel conglomerate, for the establishment of an integrated steel plate manufacturing complex in Saudi Arabia.

In February 2022, Daewoo Shipbuilding & Marine Engineering Co. received a combined KRW 1.8 trillion (USD 1.5 billion) worth of orders from Europe. Daewoo Shipbuilding will build two liquefied natural gas carriers and six container ships.

Key Market Takeaways:

Global shipbuilding market shere is expected to exhibit a CAGR of 3.9% over the forecast period. The global shipbuilding market is growing rapidly in response to the growing prominence of long distance freight shipping and growing tourism and leisure industry.

On the basis of Vessel Type: Commercial Vessels Segment is expected to dominate the market over the forecast period and is attributed to the high demand for commercial vessels.

On the basis of Technology: Advanced Shipbuilding is expected to dominate the market over the forecast period and this is attributed to the increase in digitalization and automation.

On the basis of End-User Industry: Defence and Security Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for naval or military vessels across the globe.  

On the basis of Size and Capacity: Large and Ultra-Large Vessels Segment is expected to dominate the market and this is attributed to the increasing international trade.  

On the basis of New-build and Repair & Maintenance: New-build Vessels Segment is expected to dominate the market during the forecast period and this is attributed to the growing demand for technologically advanced vessels across the world.

On the basis of Geography, Asia Pacific is expected to hold a dominant position during the forecast period due to increasing demand for commercial vessels, increasing demand for naval or military vessels, and increasing number of shipbuilding activities in the region.

Competitive Landscape:

Key players operating in the global shipbuilding market include Imabari Shipbuilding Co. Ltd., Hyundai Heavy Industries, China State Shipbuilding Corporation, Samsung Heavy Industries, Tsuneishi Group, China Shipbuilding Industry Corporation, General Dynamics Corporation, Fincantieri S.p.A., Meyer Werft GmbH & Co. KG, Navantia, Damen Shipyards Group, STX Offshore & Shipbuilding Co., Ltd., Mitsubishi Heavy Industries, Kawasaki Heavy Industries, and Daewoo Shipbuilding & Marine Engineering, among others.

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Detailed Segmentation:

• Global Shipbuilding Market, By Vessel Type:
  • Commercial vessels (container ships, tankers, bulk carriers, etc.)
  • Offshore support vessels (anchor handling tug supply, platform supply vessels, etc.)
  • Naval vessels (warships, submarines, patrol boats, etc.)
  • Cruise ships and passenger vessels
  • Luxury yachts and leisure boats
  • Specialized vessels (LNG carriers, drillships, fishing vessels, etc.)
• Global Shipbuilding Market, By Technology:
  • Conventional shipbuilding
  • Advanced shipbuilding (digital shipbuilding, modular construction, etc.)
  • Eco-friendly and sustainable shipbuilding (green shipbuilding, low-emission vessels, etc.)
• Global Shipbuilding Market, By Size and Capacity:
  • Small and medium-sized vessels
  • Large and ultra-large vessels
• Global Shipbuilding Market, By Newbuild and Repair & Maintenance:
  • Newbuild vessels
  • Ship repair and maintenance services
• Global Shipbuilding Market, By End-User Industry:
  • Oil and gas industry
  • Defense and security
  • Commercial shipping and logistics
  • Tourism and leisure industry
  • Offshore renewable energy
• Global Shipbuilding Market, By Geography
• North America
  • By Country:
    • U.S.
    • Canada

• Latin America
  • By Country:
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
• Europe
  • By Country:
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
• Asia Pacific
  • By Country
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
• Middle East
  • By Country:
    • GCC Countries
    • Israel
    • Rest of Middle East
• Africa
  • By Country/Region:
    • South Africa
    • Central Africa
    • North Africa

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