Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) -- The "Global Ship & Boat Building - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)" report has been added to ResearchAndMarkets.com's offering.
The global shipbuilding industry is estimated to grow at a CAGR of 3.2% reaching $236.4 billion by 2024, with an estimated growth of 2.1% in 2024 alone. Industry revenue is expected to grow at a CAGR of 1.9%, reaching $259.6 billion by 2029.
Overall, the industry has seen geographic shifts with China emerging as a dominant force. Leveraging substantial government subsidies and strategic initiatives, China has modernized its shipyards and enhanced its technological capabilities. This has allowed Chinese shipbuilders to increase production volumes and compete fiercely for international contracts, especially in high-value segments such as LNG carriers and cruise ships. Meanwhile, legacy shipbuilding nations like South Korea and Japan remain competitive, but face increasing pressure from China's expanding influence and lower production costs, compelling them to innovate and specialize further.
Another pivotal trend is the industry's move towards consolidation and technological advancements. Intense global competition and the rising demand for specialized, technologically advanced vessels have pushed many smaller firms to merge with larger entities, resulting in fewer but more robust players in the market.
Concurrently, innovations in materials and automation technology have revolutionized the shipbuilding process. The use of corrosion-resistant alloys and composites has improved vessel durability and fuel efficiency, while automation and digitalization, including robotic welding and automated assembly lines, have significantly increased production efficiency and reduced costs, setting new industry standards.
Shipbuilders rely heavily on trade, as maritime shipping is the most efficient method for moving goods intercontinentally, with large container ships and oil tankers offering substantial capacity. High trade activity boosts shipyard demand, while any dip in trade reduces it, impacting revenue. Militaries also significantly influence shipbuilding, particularly during conflicts, as countries like the US, China, and Russia maintain and expand their naval fleets.
Evolving naval combat trends are shifting focus towards quality over quantity, encouraging demand for advanced support vessels. Meanwhile, anticipated declines in steel prices through 2029 could exert downward pressure on revenue growth and profit, partially offset by rising aluminum prices.
Trends and Insights
- China's shipbuilding capacity has grown substantially due to government support.
- Through subsidies and favorable policies, China has lowered production costs and boosted global competitiveness. Geopolitical tensions and defense budgets influence demand for military vessels.
- Nations bolster naval fleets to enhance national security and global power projection. Regular upgrades and replacements are vital for maintaining fleet readiness and efficiency. Most global shipbuilding occurs in North Asia.
- China, Japan and South Korea dominate the industry, making the region a global hub. These countries cater to both domestic and international markets with robust shipbuilding capabilities. High capital requirements deter new entrants into the global shipbuilding industry.
- Building and maintaining shipyards, acquiring advanced machinery and investing in technology demand substantial upfront investment.
- Any dip in trade could cut into revenue
- Shipbuilders are highly reliant on trade. Maritime shippers are the largest movers of intercontinental trade, as there are no land connections for truck or rail, while there are serious space constraints in air travel.
Key Topics Covered:
About this Industry
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
Industry Performance
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
Products & Markets
- Supply Chain
- Products & Services
- Demand Determinants
- Major Markets
- International Trade
- Business Locations
Competitive Landscape
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Basis of Competition
- Barriers to Entry
- Industry Globalization
Major Companies
- Korea Shipbuilding & Offshore Engineering Co. Ltd.
Operating Conditions
- Capital Intensity
- Technology & Systems
- Revenue Volatility
- Regulation & Policy
- Industry Assistance
Key Statistics
- Industry Data
- Annual Change
- Key Ratios
For more information about this report visit https://www.researchandmarkets.com/r/rtb75x
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