According to IMARC Group’s latest report titled “Ship Building Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, The global ship building market size reached US$ 151.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 188.4 Billion by 2028, exhibiting a growth rate (CAGR) of 3.5% during 2023-2028.
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
Breakup by End User:
- Transport Companies
Breakup by Region:
- North America
- United States
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
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This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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