Shipbuilding Market Overview
The global Shipbuilding Market was valued at USD 155.91 billion in 2023 and is projected to grow from USD 160.13 billion in 2024 to USD 197.94 billion by 2030, registering a compound annual growth rate (CAGR) of 2.67% during the forecast period (2024–2030).
The market's growth is driven by the increasing demand for cruise travel and the integration of advanced technologies like 3D printing in ship construction. High competition among market players has intensified the focus on innovation within the industry.
Key Market Drivers
- Technological Advancements and Collaborations
Collaboration between major shipbuilders and technology providers has significantly boosted the adoption of digitalization and advanced processes in the shipbuilding sector. For example, in December 2019, Navantia, a European shipbuilder, partnered with Siemens to digitize its shipbuilding operations. - Growing Regional Tensions
Rising territorial disputes in regions like Asia-Pacific have encouraged governments, particularly in China and India, to invest in the development of advanced naval vessels, driving demand for shipbuilding. - Expansion of Ports and Marine Tourism
The rising need for new port infrastructure, fueled by oil and gas exploration activities and marine tourism, is further contributing to market growth.
Challenges
Despite its promising growth, the shipbuilding market faces challenges such as:
- High maintenance and operational costs.
- Regular cleaning requirements for ships, which add to overall expenses.
Market USP
The adoption of technological advancements, including predictive maintenance, big data, drones, and the development of autonomous and connected ships, is expected to drive the future growth of the market.
Growth Opportunities
- Cargo Segment Growth
The cargo segment is projected to register the highest CAGR during the forecast period (2020–2026). Rising international seaborne trade and the development of new seaports, especially in emerging economies, are increasing the demand for cargo vessels. - Commercial Segment Expansion
The commercial segment, encompassing passenger ships, cruises, yachts, fishing vessels, and transportation ships, is expected to grow at a faster rate due to the increasing global demand for seaborne transportation and tourism activities.
Key Players in the Shipbuilding Market
Prominent companies shaping the shipbuilding Major Players industry include:
- Raytheon Technologies Corporation (US)
- Huntington Ingalls Industries, Inc. (US)
- General Dynamics Corporation (US)
- Damen Shipyards Group (Netherlands)
- BAE Systems (UK)
- STX Offshore Shipbuilding Co., Ltd. (South Korea)
- Sumitomo Heavy Industries, Ltd. (Japan)
- FINCANTIERI S.p.A. (Italy)
- China State Shipbuilding Corporation Limited (China)
- DSME Co., Ltd. (South Korea)
- China Shipbuilding Industry Corporation (China)
- United Shipbuilding Corporation (Russia)
- LARSEN TOUBRO LIMITED (India)
- TSUNEISHI SHIPBUILDING Co., Ltd. (Japan)
- Samsung Heavy Industries Co., Ltd. (South Korea)
- MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan)
- Hyundai Heavy Industries Co., Ltd. (South Korea)
- Navantia (Spain)
Conclusion
The shipbuilding market is on a steady growth trajectory, driven by technological innovations, regional disputes necessitating naval advancements, and the expansion of marine tourism and global trade. However, the industry must address operational challenges to fully capitalize on these growth opportunities.
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