Shipbuilding Market to Perceive Substantial Growth During 2026
The
shipbuilding industry primarily includes design and construction of
oceangoing vessels across the globe. Ships are custom made.
Shipbuilding involves construction and modification of ships and
these operations are carried out in facilities known as shipyards.
Commercial ships or vessels can be broadly classified into tankers,
bulkers, LNG carriers, LPG carriers, containers, and others. It takes
two to five years to manufacture a ship.
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Shipbuilding
Market: Drivers & Restraints
Increase
in popularity of cruises is a major factor driving the shipbuilding
market. Moreover, high demand for cargo ships due to the rise in
trade-related agreements between countries also fuels the
shipbuilding market. Seaborne trade continues to increase
internationally, as shipping is pivotal for the global economy.
International trade, bulk transport of raw materials, and import and
export of food and manufactured goods are essential for any economy.
The international shipping industry is responsible for carrying out
around 90% of world trade. According to the United Nations Conference
on Trade and Development (UNCTAD), merchant ship operations
contribute to approximately US$ 380 Bn in freight rates within the
global economy, which is equivalent to nearly 5% of the total world
trade. Rise in seaborne trade has increased opportunities in the
global shipbuilding market. However, high capital investment is
likely to hamper the market.
Shipbuilding
Market: Key Segments
The
global shipbuilding market can be segmented based on type, capacity,
end-user, and region. In terms of type, the shipbuilding market can
be segregated into passenger ships, cargo ships, tankers, naval
ships, and others. The cargo ships segment is projected to expand at
a substantial CAGR during the forecast period due to the rise in
import and export activities between countries. The passenger ships
segment is anticipated to expand at a significant pace during the
forecast period.
Based
on capacity, the shipbuilding market can be bifurcated into up to
100,000 DWT and above 100,000 DWT. Most of the passenger ships such
as cruise have capacity of more than 100,000 DWT. In terms of
end-user, the shipbuilding market can be divided into defense,
Third-party logistics (3PL), tourism companies, and others.
Shipbuilding
Market: Regional Outlook
Based
on region, the global shipbuilding market can be categorized into
North America, Asia Pacific, Europe, Latin America, and Middle East &
Africa. Asia Pacific is expected to account for a leading share of
the shipbuilding market. The shipbuilding market in the region is
anticipated to expand at a considerable pace during the forecast
period. Most of the global ship production is concentrated in
countries such as China, Japan, and South Korea in Asia. China was
maintained its position as the world’s leading shipbuilder in 2017,
with 36.4m DWT of new building orders. In 2017, its total tonnage
output is 38.3m DWT. South Korea the world’s second largest
shipbuilder in 2017, with new building orders of 35m DWT. Its total
tonnage output is 30.8m DWT in 2017. The shipbuilding market in North
America and Europe is projected to expand at significant pace during
the forecast period due to growing popularity of cruises. The
Caribbean, the Mediterranean, and Northern Europe are pointing out as
the main cruise destinations.
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Shipbuilding
Market: Key Players
Key
companies operating in the shipbuilding market include FINCANTIERI
S.p.A., Hyundai Heavy Industries (HHI), Samsung HI (SHI), STX
Offshore & Shipbuilding (STX), Sungdong Shipbuilding & Marine
Engineering, The United Shipbuilding Corporation, Horizon
Shipbuilding, Inc., Fujian Shipbuilding, Mitsubishi Shipbuilding Co.,
Ltd., and Daewoo Shipbuilding and Marine Engineering (DSME).
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