Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- The "Ship Building Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
This report describes and explains the ship building market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The global ship building market reached a value of nearly $194,333.5 million in 2022, having grown at a compound annual growth rate (CAGR) of 4.9% since 2017. The market is expected to grow from $194,333.5 million in 2022 to $257,922.6 million in 2027 at a rate of 5.8%. The market is then expected to grow at a CAGR of 6.7% from 2027 and reach $357,456.2 million in 2032.
Growth in the historic period resulted from economic growth in emerging markets, an increasing demand for cruise ships, increasing seaborne trade and favorable government initiatives. Factors that negatively affected growth in the historic period were the coronavirus pandemic, cheaper air cargo services and volatile raw material prices.
Going forward, an increasing demand for e-commerce, growing tourism and a growing population will drive the growth. Factors that could hinder the growth of the ship building market in the future includes Russia- Ukraine war and geopolitical tensions.
The ship building market is segmented by product into bulkers, tankers, containers, cruise and ferry and other products. The bulkers market was the largest segment of the ship building market segmented by product, accounting for 34.9% of the total in 2022. Going forward, the cruise and ferry segment is expected to be the fastest growing segment in the ship building market segmented by product, at a CAGR of 6.0% during 2022-2027.
The ship building market is segmented by application into passenger transportation and goods transportation. The goods transportation market was the largest segment of the ship building market segmented by application, accounting for 93.7% of the total in 2022. Going forward, the passenger transportation segment is expected to be the fastest growing segment in the ship building market segmented by application, at a CAGR of 6.0% during 2022-2027.
The ship building market is segmented by end user into logistics companies, cruise operators and other end-users. The logistics companies market was the largest segment of the ship building market segmented by end user, accounting for 93.7% of the total in 2022. Going forward, the cruise operators segment is expected to be the fastest growing segment in the ship building market segmented by end user, at a CAGR of 6.0% during 2022-2027.
Asia Pacific was the largest region in the ship building market, accounting for 48.7% of the total in 2022. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the ship building market will be Middle East and Africa where growth will be at CAGRs of 16.4% and 15.0% respectively. These will be followed by South America and Western Europe where the markets are expected to grow at CAGRs of 14.6% and 7.3% respectively.
The global shipbuilding market is moderately fragmented with a large number of small players operating the market. The top ten competitors in the market made up to 15.87% of the total market in 2021. This market is fragmented with presence of large number of several market vendors. The key players in the industry are entering into collaboration with information communications technology (ICT) companies for the development of innovative technologies to increase the fuel and operational efficiency of ships.
Korea Shipbuilding & Offshore Engineering Co., Ltd. was the largest competitor with 4.20% of the market, followed by Samsung Heavy Industries with 2.95%, Fincantieri S.p.A. with 2.34%, Daewoo Shipbuilding & Marine Engineering Co Ltd with 1.90%, Imabari Shipbuilding Co., Ltd. with 1.30%, Yangzijiang Shipbuilding Ltd with 1.00%, CSSC Offshore and Marine Engineering Group Company Limited with 0.77%, Mitsubishi Heavy Industries with 0.50%, United Shipbuilding Corporation with 0.49% and Tsuneishi Shipbuilding with 0.42%.
The top opportunities in the ship building market segmented by product will arise in the bulkers segment, which will gain $21,794.7 million of global annual sales by 2027. The top opportunities in the ship building market segmented by application will arise in the goods transportation segment, which will gain $59,423.5 million of global annual sales by 2027. The top opportunities in the ship building market segmented by end user will arise in the logistics companies segment, which will gain $59,471.2 million of global annual sales by 2027. The ship building market size will gain the most in China at $12,572.4 million.
Market-trend-based strategies for the ship building market include focus on integration of artificial intelligence (AI), green ship building technologies, surge in LNG (liquefied natural gas)-fueled engines, use of robotics, digital twin technology, solar and wind powered ships, partnerships and collaborations and rising investments.
Player-adopted strategies in the ship building market include focus on expanding developments in eco-friendly and future sustainable ships through strategic partnerships with technical institutes and ship/vessel classification organizations, expanding operational and business presence in the shipbuilding market through innovative product developments and launches, enhancing business operations through new contract wins, expanding business presence in the shipbuilding market through strategic collaborations with technology-based organizations for development of innovative and efficient systems and expanding market presence in the shipbuilding market through joint ventures.
The report covers the following chapters
- Introduction and Market Characteristics
Brief introduction to the segmentations covered in the market, definitions and explanations about the ship building market.
- Key Trends
Highlights the major trends shaping the global ship building market. This section also highlights likely future developments in the market.
- Global Market Size and Growth
Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis
Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
- Market Segmentation
Contains the market values (2017-2032) and analysis for each segment by product, by application and by end-user in the market.
- Regional Market Size and Growth
Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape
Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions
Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies
Describes market Opportunities and Strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations
This section Includes recommendations for ship building providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix
This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) By Product: Bulkers; Tankers; Containers; Cruise And Ferry; Other Products
2) By Application: Passenger Transportation; Goods Transportation
3) By End-User: Logistics Companies; Cruise Operators; Other End-Users
Companies Mentioned: Korea Shipbuilding & Offshore Engineering Co. Ltd; Samsung Heavy Industries; Fincantieri S.p.A; Daewoo Shipbuilding & Marine Engineering Co Ltd; Imabari Shipbuilding Co. Ltd.
Countries: Australia, China, India, Indonesia, Japan, South Korea, USA, Brazil, France, Germany, UK, Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; ship building indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 292 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $194333.5 Million |
| Forecasted Market Value (USD) by 2031 | $357456.2 Million |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Korea Shipbuilding & Offshore Engineering Co. Ltd
- Samsung Heavy Industries
- Fincantieri S.p.A
- Daewoo Shipbuilding & Marine Engineering Co Ltd
- Imabari Shipbuilding Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/lk5vbh
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