Pune, May 30, 2023 (GLOBE NEWSWIRE) -- Shipbuilding Market Overview:
Shipbuilding involves the construction of different sections or blocks of the ship, which are then assembled to form the complete vessel. This modular construction approach allows for better efficiency and flexibility in the shipbuilding process. Once the sections are completed, they are lifted into place and welded or bolted together. The assembly process also includes the installation of propulsion systems, navigation equipment, communication systems, and various interior fittings.
“Based on SNS Insider analysis, the Shipbuilding Market is on a growth trajectory driven by increasing seaborne trade, economic expansion, rising energy consumption, the demand for eco-friendly ships and shipping services, and the integration of robotics.”
Market Analysis
The shipbuilding industry is poised for substantial growth in the coming years, driven by various factors that are shaping the global maritime landscape. One of the primary drivers of this growth is the increasing volume of seaborne trade, as international commerce continues to expand. With globalization, trade routes are expanding, and the demand for new vessels to transport goods across the world is rising. Furthermore, economic growth in emerging markets and developing countries is contributing significantly to the surge in the shipbuilding market. As these economies flourish, there is an increased demand for ships to support their growing imports and exports. This growth presents lucrative opportunities for shipbuilders to meet the rising demand for vessels of various types and sizes.
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Key Company Profiles Listed in this Report are:
The Key Players are Korea Shipbuilding & Offshore Engineering Co., Ltd., Mitsubishi Heavy Industries, Ltd., Oshima Shipbuilding Co., Ltd., Sumitomo Heavy Industries, Ltd., Damen Shipyards Group, Fincantieri Group, Bae Systems Plc, General Dynamics Corporation, Huntington Ingalls Industries, Inc., Samsung Heavy Industries Co., Ltd., and other players.
Shipbuilding Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 153 Billion |
| Market Size by 2030 | US$ 199.92 Billion |
| CAGR | CAGR of 3.4% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Shipbuilding Market: Key Segmentation | • By End User (Transport and Military) • By Ship Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Passenger Ships and Others) • By Process (Designing, Production Planning, Cutting and Processing, Assembling and Launching and Outfitting) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Impact of Recession on Shipbuilding Market Growth
It's important to note that the impact of a recession on the shipbuilding market can vary depending on the severity and duration of the economic downturn, as well as other factors such as regional demand patterns and the overall health of the global maritime industry. Shipbuilding companies that have diversified their operations, developed strong relationships with clients, and invested in technological advancements may be better positioned to withstand the challenges posed by a recession.
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Key Regional Developments
The shipbuilding market has witnessed a significant shift towards the Asia Pacific region, primarily driven by the growing need for global trade. With China, Japan, and South Korea at the forefront, East Asia has established itself as the dominant force in shipbuilding, leveraging its skilled labor, advanced technology, and efficient infrastructure. While Europe remains influential in certain sectors, the rise of the Asia Pacific region has reshaped the industry's landscape and underscored the critical strategic importance of shipbuilding in today's interconnected world.
Key Takeaway from Shipbuilding Market Study
- The oil tanker segment is set to remain dominant in the market for the foreseeable future. With the continued growth of global demand for crude oil and the increasing interest in offshore drilling activities, shipbuilders are poised to invest further in developing new technologies.
- The market is experiencing a paradigm shift as the transport segment asserts its dominance. The rising demand for global trade, the importance of energy transportation, advancements in eco-friendly shipping, and infrastructure development projects have all contributed to the transport segment's remarkable growth.
Recent Developments Related to Shipbuilding Market
- In a groundbreaking development, Energy Petroleum Shipping (EPS) and Jiangnan Shipyard Group have recently signed a momentous agreement for the construction of the world's largest ammonia carriers. This historic partnership aims to revolutionize the maritime industry and drive the transition towards sustainable shipping.
- Garden Reach Shipbuilders and Engineers (GRSE), a leading shipbuilding company in India, recently launched the INS Androth, which has been dubbed the 'Most Silent Ship'. The vessel is a fast-attack craft that was built for the Indian Navy and is the first ship of its class to feature advanced stealth technology.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Shipbuilding Market, by Type
9. Shipbuilding Market, by Process
10. Shipbuilding Market, by End User
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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