IMARC Group, a leading market research company, has recently releases report titled “Ship Building Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, The study provides a detailed analysis of the industry, including the global shipbuilding market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the shipbuilding market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 151.2 Billion |
| Market Forecast in 2028 | US$ 188.4 Billion |
| Growth rate (2023 to 2028) | CAGR of 3.5% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is Ship building?
Ship building represents the process of designing and fabricating large marine vessels, including oil tankers, cargo ships, bulk carriers, passenger ships, container ships, etc., in specialized facilities known as a shipyard. It involves several steps, such as panel construction, block building, section assembly, erection, pre-outfitting, painting, and slipway outfitting. The raw materials used in ship building, include steel, alloys, aluminum, wood, glass fibers, foam plastics, etc. This is an essential and strategic manufacturing activity that helps in the economic growth of a country and even caters to the demands of numerous industries, such as transportation, energy, defense, fishing, etc. Consequently, ship building methods are extensively utilized across the globe.
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Ship Building Market Trends:
The growing international seaborne trade, owing to escalating globalization, is primarily driving the ship building market growth. Additionally, the launch of various initiatives by government bodies aimed at boosting maritime trade through the construction of new port facilities and the signing of free trade agreements is also positively influencing the global market. Besides this, the increasing modernization in the military segment and the rising defense spending in shipbuilding to construct advanced military vessels, including frigates, aircraft carriers, destroyers, cruisers, littoral combat ships, fast patrol vessels, corvettes, and amphibious assault ships are acting as significant growth-inducing factors. Moreover, the elevating adoption of a modular construction approach in shipbuilding that allow multiple shipyards to construct major modules of a ship, followed by final testing and integration and testing, which saves time, improves ship quality, and reduces costs, is further stimulating the market growth. Apart from this, the emerging trend of integrating augmented reality (AR) and virtual reality (VR) technologies to facilitate immersive training for employees and enable engineers to place digital information in a visual environment for validating design concepts is expected to propel the ship building market in the coming years.
Ship Building Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the ship building market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- China Shipbuilding Trading Co. Ltd.
- Damen Shipyards Group
- Fincantieri S.p.A.
- Huntington Ingalls Industries Inc.
- JSC United Shipbuilding Corporation
- Korea Shipbuilding & Offshore Engineering Co. Ltd.
- Larsen & Toubro Ltd.
- Mitsubishi Shipbuilding Co. Ltd.
- Oshima Shipbuilding Co. Ltd.
- Samsung Heavy Industries Co. Ltd.
- Tsuneishi Shipbuilding Co. Ltd.
- Yangzijiang Shipbuilding (Holdings) Ltd., etc
Key Market Segmentation:
The report has segmented the ship building market on the basis of type, end-user and region.
Breakup by Type:
- Oil Tankers
- Bulk Carriers
- General Cargo Ships
- Container Ships
- Passenger Ships
- Others
Breakup by End User:
- Transport Companies
- Military
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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