by Market Overview:
The shipbuilding market involves the construction of ships and floating vessels. Ships play a critical role in transportation of goods and commodities across the world through sea routes. They provide cost effective means of transportation for bulk cargo over long distances.
Market key trends:
One of the key trends in the shipbuilding market is the growing demand for cruise ships from the tourism industry. The cruise industry has witnessed strong growth over the past few years. According to Cruise Lines International Association, over 27 million passengers took ocean cruises in 2019. This robust growth in cruise tourism is driven by rising discretionary incomes of the middle class population in developing economies and their interest in adventure travel. The growing cruise tourism is positively impacting the shipbuilding industry as it results in higher demand for construction of new cruise ships as well as upgradation of existing fleets. Several major cruise line operators have placed large orders to boost their fleet size, which is benefitting shipbuilders.
Segment Analysis
The global Shipbuilding Market Share can be segmented by product into cargo, tankers, and passenger ships. Among these, the cargo ship segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. Cargo ships are extensively used for transportation of bulk commodities like coal, grains, and oil across countries, owing to their high cargo-carrying capacity. Growing international trade, especially of bulk commodities, is driving the demand for cargo ships.
Key Takeaways
The global shipbuilding market size is expected to witness high growth, exhibiting a CAGR of 3.9% over the forecast period 2023 to 2030, due to increasing international trade and seaborne transportation of goods. The market size is projected to reach US$ 209.07 billion in 2023.
Regional analysis
By region, Asia Pacific dominated the global shipbuilding market in 2023 and is projected to continue its dominance during the forecast period. Countries like China, South Korea, and Japan have a strong presence of shipbuilding companies as well as ports, contributing to their large shipbuilding capacities. The region witnesses high demand for ships due to the large volumes of international trade.
Key players
Key players operating in the shipbuilding market are Hyundai Heavy Industries (South Korea), Daewoo Shipbuilding & Marine Engineering (South Korea), China State Shipbuilding Corporation (China), Mitsubishi Heavy Industries (Japan), Samsung Heavy Industries (South Korea), Imabari Shipbuilding Co., Ltd. (Japan), Tsuneishi Group (Japan), China Shipbuilding Industry Corporation (China), General Dynamics Corporation (United States), Fincantieri S.p.A. (Italy), Meyer Werft GmbH & Co. KG (Germany), Navantia (Spain), Damen Shipyards Group (Netherlands), STX Offshore & Shipbuilding Co., Ltd. (South Korea), Kawasaki Heavy Industries (Japan).
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
