Shipbuilding market growth in On A Valuation 175.4 Billion, Global Market Is Likely To Grow At A Global CAGR Of 4.5% By 2022-2030.
The rapidly rising worldwide cruise travel and growing use of 3D printing in shipbuilding has significantly contributed to the expansion of the shipbuilding market growth. High competition owing to the presence of several players in the market has led shipbuilding providers to focus on innovation.
Furthermore, the increasing collaborations between prominent shipbuilding companies and technology companies are also expected to drive the growth of the market. For example, in December 2019, a European shipbuilder, Navantia, collaborated with Siemens as its technological partner to digitalize the company’s shipbuilding process.
Furthermore, the rising territorial disputes in regions such as Asia-Pacific are encouraging the governments of countries such as China and India to develop advanced naval vessels. Additionally, the increasing development of new ports across the world owing to the rising oil and gas exploration activities and rising marine tourism are also expected to drive the shipbuilding market trends during the review period.
The shipbuilding market growth is a critical component of the global economy, responsible for the construction of vessels that transport goods and people across the world's oceans. The industry has experienced significant changes over the years, driven by technological advancements, shifts in global trade, and regulatory changes. In this blog post, we will take a closer look at the shipbuilding market growth, its current state, and prospects.
Cargo segment to register the highest growth rate: The cargo segment is expected to register the highest CAGR during the study period, 2020 to 2026. Increasing international seaborne trade through maritime logistics and the emergence of new seaports in emerging economies is driving the demand for new cargo vessels, thereby driving the growth of the segment.
Commercial segment is expected to be the fastest growing: By end user, the commercial segment is expected to grow at a higher CAGR during the forecast period. This segment is growing at a higher rate due to increased global demand for passenger ships, cruises, yachts, transportation ships, fishing vessels, and others to manage the growing seaborne activities across the world.
The shipbuilding market drivers prominent players are the, 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), Northstar Shipbuilding Pvt. Ltd. (India), TSUNEISHI SHIPBUILDING Co.Ltd. (Japan)
The Asia-Pacific region dominates the shipbuilding market growth industry, accounting for over 80% of global production. South Korea, China, and Japan are the leading shipbuilding nations, with a combined market share of over 90%. Europe and North America have a much smaller share of the market, with countries like Germany and the United States focusing on niche areas like luxury yachts and naval vessels.
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