The Shipbuilding Market Size was valued at USD 156.65 billion in 2023 and is expected to reach USD 204.35 billion by 2031 with a growing CAGR of 3.38% over the forecast period 2024-2031.
Shipwrights are another term for shipbuilders. The shipbuilding industry is in charge of the design and construction of ocean-going boats all over the world. Asia-Pacific currently dominates the worldwide shipbuilding sector, followed by Europe, North America, and LAMEA. Asia-Pacific is likely to maintain its worldwide market domination, particularly in China, South Korea, and Japan, because to several distinct advantages such as relatively lower wages, significant government support, and strong forward and backward industry connectivity. Shipbuilding is a very capital-intensive business, hence significant government assistance and political stability are required to survive.
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The shipbuilding market refers to the shipbuilding process, which comprises several procedures such as designing and manufacturing ships and other floating vessels. The market manufactures large ships, particularly seagoing boats, which are used by many industries such as transportation, trading, energy, and military. The Shipbuilding Market even offers products for vessel construction and maintenance. The market is also undergoing technical improvements and upgrades in order to increase trade and transportation. Ships are designed to be versatile for a variety of functions. Increased demand for maritime transportation has higher imports and exports, resulting in increased Shipbuilding Market Growth.
MARKET DYNAMICS
KEY DRIVERS
Advances in marine vessel engine technology
Increased need for ship-borne cargo transportation
RESTRAINTS
Cost fluctuations in transportation and inventory
Concerns about marine vessels' environmental impact
OPPORTUNITIES
Increased marine safety standards
Automation is becoming more popular in sea transportation.
CHALLENGES
Insufficient needed resources and inefficient resource management
THE IMPACT OF COVID-19
The outbreak of the COVID-19 epidemic has caused widespread economic decline as a number of countries set up solid roads to contain the virus. This has affected various industries; the manufacturing sector is one of the most affected sectors. It has had a huge impact on global supply chains. Shipping companies face huge losses in the first and second quarters of 2020, due to disruptions in chains and production systems. The rapid spread of COVID-19 to the US, Europe, and Asia economies has led to a nationwide closure and temporary shutdown of production facilities to prevent further spread. In addition, the outbreak of COVID-19 has caused shipwreck disruption in relation to new construction, repairs and conversion projects. The outbreak forced some companies to close their shipping operations in many countries.
Shipbuilding is regarded as one of the most strategic, oldest, open, and competitive markets in the world. Although the shipbuilding sector has extensive expertise in surviving economic ups and downs, the current global economic and political crisis has impacted the shipbuilding industry particularly hard. Because shipbuilding is a capital-intensive business, it requires significant government support and political stability to thrive. The shipbuilding industry is in charge of the design and construction of ocean-going boats all over the world.
Shipbuilding Market Size is classified into several ship types, including cargo, vessel, container, tanker, multifunctional ship, car and passenger ferry, and others. The cargo sub-category is expected to have the highest CAGR during the evaluation period due to increased international seaborne trade globally. The vessel segment is benefiting from defence investment.
The container segment of the ship type benefits from increased operating efficiency and cargo carrying capability. Because of the increased need for military and cargo ships around the world, the tanker segment is expected to grow at a respectable CAGR % during the assessment period. The multipurpose ship category is driven by the transportation of global cargo such as iron, steel, timber, and other bulk cargo. The global surge in marine tourism is driving growth in the automobile and passenger ferry segments. The other group includes tugs, cruise ships, small passenger ships, and general freight carriers.
Based on end-users, the Shipbuilding Market Size is divided into transport and military segments. Transport has dominated the market in recent years and is predicted to grow at a faster CAGR over the forecast period. The rapid expansion of the maritime tourism industry, as well as the increase in trading operations, are driving the segment. The military category is expected to grow at a solid CAGR as worldwide conflicts, terrorist attacks, and population relocation increase, boosting the expansion of naval innovations and driving the market.
By Ship Type
Bulk Carriers
General Cargo Ships
Container Ships
Passenger Ships
Others
By End User
Transport
Military
Others
REGIONAL ANALYSIS
North America, Europe, Asia Pacific, and the Rest of the World are the regions covered. North America has seen significant growth in recent years as a result of key firms such as Raytheon Technologies and Huntington Ingalls Industries, Inc.
Because of rising marine tourism and electric ships, the European market is expected to rise significantly. Because of the significant demand for marine boats in China, Japan, India, and South Korea, the Asia Pacific area is predicted to have the greatest CAGR. The expansion of seaborne international trade operations in other parts of the world, such as the United Arab Emirates, South Africa, Brazil, and the Gulf countries, is likely to strengthen the market in these areas.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The 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
The Major 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.
Mitsubishi Heavy Industries Ltd-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 156.65 Billion |
| Market Size by 2030 | US$ 204.35 Billion |
| CAGR | CAGR of 3.38% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By End User (Transport and Military) • By Ship Type (Bulk Carriers, General Cargo Ships, Container Ships, Passenger Ships and Others) |
| Regional Analysis/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) |
| Company Profiles | 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. |
| DRIVERS | • Advances in marine vessel engine technology • Increased need for ship-borne cargo transportation |
| RESTRAINTS | • Cost fluctuations in transportation and inventory • Concerns about marine vessels' environmental impact |
According to SNS insiders, the Shipbuilding Market size was USD 147.97 billion in 2021 and is expected to reach USD 186.99 billion by 2028 with a CAGR of 3.4% over the forecasted period.
Increased marine safety standards and Automation is becoming more popular in sea transportation.
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North America, Europe, Asia-Pacific, The Middle East & Africa, Latin America are the major region cover.
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Shipbuilding Market Segmentation, By Type
8.1 Bulk Carriers
8.2 General Cargo Ships
8.3 Container Ships
8.4 Passenger Ships
8.5 Others
9.Shipbuilding Market Segmentation, By Process
9.1 Designing
9.2 Production Planning
9.3 Cutting and Processing
9.4 Assembling and Launching
9.5 Outfitting
10.Shipbuilding Market Segmentation, By End User
10.1 Transport
10.2 Military
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12.Company Profiles
12.1 Korea Shipbuilding & Offshore Engineering Co., Ltd.
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 Swot Analysis
12.1.4 The Sns View
12.2 Mitsubishi Heavy Industries, Ltd.
12.3 Oshima Shipbuilding Co., Ltd.
12.4 Sumitomo Heavy Industries, Ltd.
12.5 Damen Shipyards Group
12.6 Fincantieri Group
12.7 Bae Systems Plc
12.8 General Dynamics Corporation
12.9 Huntington Ingalls Industries, Inc.
12.10 Samsung Heavy Industries Co., Ltd.
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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