USD 143.34 Billion
Report ID:
SQMIG20G2019 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
61
|Figures:
77
Global Shipbuilding Market size was valued at USD 143.34 Billion in 2022 and is poised to grow from USD 147.93 Billion in 2023 to USD 190.32 Billion by 2031, growing at a CAGR of 3.20% in the forecast period (2024-2031).
Large seagoing vessels are constructed utilising steel or other materials, such as wood and composites, in the shipbuilding industry. Shipbuilding and boatbuilding both involve the production of auxiliary nautical equipment, such as sails, motors, electronics, and other fittings. In terms of compensated gross tonnage (CGT) of annual order volume, China has surpassed South Korea. The demand for cost-effective maritime transport (ships) is significant for growth and sustainable development since global population increase, particularly in emerging nations, is a constant. Additionally, ships contribute to a fairer distribution of the advantages of global trade and commerce. Over the course of the year, Chinese shipbuilders got orders for more than 22.8 million CGT, or 45.7 million CGT in total. Shipbuilding, which is frequently carried out in a location called a shipyard, is the process of making ships and other floating boats. Modern shipbuilding makes extensive use of prefabricated components. Large, multi-deck sections of the hull or superstructure are constructed, carried to the dock or slipway for assembly, and then lifted into place. The most recent shipyards pre-install machinery, pipelines, electrical cables, and other components to lessen the amount of labour needed to build or install elements deep within the hull once it has been welded together. Around 15% of the global commerce in goods is conducted within the EU, and import tonnage has constantly climbed by 5%. Currently, the European Union imports goods from 211 different non-EU trade partners on average each year, which represents a 22% rise in the value of goods valued at USD 227 billion. 75% of commodities entering Europe come by water from external partners, making shipping still the most economical method of moving goods from source to buyer.
US Shipbuilding Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 143.34 Billion
Largest Segment
Transport Companies
Fastest Growth
Transport Companies
Growth Rate
3.20% CAGR
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Global Shipbuilding Market is segmented on the basis of Type, End User and region. By Type, the market is segmented into vessel, Container, Passenger. By End User, market is segmented into Transport Companies, Military. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Shipbuilding Market Analysis by Type
The market's largest contributor, vessels, are anticipated to expand at a CAGR of 4.97% throughout the forecast period. The vessel types include cattle transporters, conventional cargo ships, bulk carriers, and other sorts. Bulk carriers are used to transport dry and loose products such as grains of food, ores, coal, cement, and other materials. Because these goods do not need special packaging and have allowed for greater adaptation across the major economies, the dry bulk freight rates have remained stable. For instance, Kawasaki Heavy Industries (KHI), a Japanese construction company, delivered the bulk carrier "Market Cooper''. At Nantong COSCO KHI Ship Engineering (NACKS), Kawasaki and China COSCO Shipping Corporation collaborated on the construction of the 61,000DWT ship.
Most shipbuilders are currently concentrating on lowering carbon emissions as significant shipbuilders invest in cleaner technologies to achieve the goal of zero emissions from operations. The revolutionary ecologically friendly technology present on the LNG-powered cruise ship MSC World Europa include a prototype solid oxide fuel cell (SOFC) system with a 50-kilowatt output. The greenhouse gas emissions that SOFC technology can lower by about 30%. It is anticipated that the LNG Cruise ship, which will be built in France, would start operating by 2022. The principal players concentrate on enhancing overall ship safety, reducing personnel load, and cutting operating expenses.
Shipbuilding Market Analysis by End User
The market share held by the segment of transport businesses is the greatest, and during the forecast period, it is anticipated to expand at a CAGR of 4.8 percent. A result of the rising demand from the freight and logistics industries, transport companies hold the largest proportion of the shipbuilding market. While new dry bulk carriers and oil tankers were less frequently delivered overseas, container deliveries rose. New gas carriers, cargo ships, and chemical tankers were delivered at a higher rate than in previous years. New ship sales and the growth of specific ship categories can be associated proportionally. A requirement of more recent regulation is the creation of Sulphur emission control zones (SECA), where levels of Sulphur emissions must be lower than those made feasible by burning the HFO that is available at the moment.
The military segment is mostly driven by the rapid rise in defense spending. Increased maritime disputes between different states and escalating geopolitical tensions are also important factors in the purchase of navy ships. Demand for destroyer ships is currently higher than that for other military vessels because several nations are eager to buy new ones. Purchasing new ships is part of a country's plan to expand its marine force, which calls for continual maintenance and repair work. Spending on military and naval fleets has increased as a result of the heightened tensions between the nations in this region, which may help the market grow.
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The region that contributes the most money to the worldwide shipbuilding industry is Asia-Pacific, and it is projected that it will expand at a CAGR of 4.93% over the next few years. A total of 12 of India's main ports handle over 61% of the country's total cargo volume, while the country has about 28 shipyards scattered throughout many states. Additionally, over 60% of the navy budget is devoted to capital expenditures, and over 70% of the capital budget for the military has been spent on domestic purchases over the past five years. According to data from China's Ministry of Industry and Information Technology (MIIT), China accounts for a sizable chunk of the global market in terms of delivery orders and order books, with corresponding shares of 43.1%, 48.8%, and 44.7%.
Over the projection period, Europe is anticipated to generate USD 3.41 billion at a CAGR of 4.80%. International commerce is a major priority for the German government. A robust and globally competitive maritime industry is crucial for the economy because it increases Germany's competitiveness and fosters growth and employment. In the shipbuilding and maritime industries, there are over 2,800 enterprises, and nine shipyards support the German navy shipbuilding industry. On deliveries from German shipyards, it generates a value that is 85% domestic. With the country's decision to leave the European Union, the United Kingdom places a higher priority on maritime security than before. More than 400 ports in the UK are used by more than 95% of all imports and exports from the UK.
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Shipbuilding Market Drivers
Replacement and Modernization of Aging Fleet
Growth in Energy Exploration and Offshore Industries
Shipbuilding Market Restraints
Cyclical Nature and Overcapacity
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The competitive landscape in the shipbuilding industry is characterized by intense competition, technological advancements, and the ability to deliver vessels on time and within budget. Shipbuilders that can offer competitive pricing, advanced technologies, efficient production processes, and strong project management capabilities are better positioned to thrive in this highly competitive market.
Shipbuilding Market Top Player’s Company Profiles
Shipbuilding Market Recent Developments
Défense and Naval Shipbuilding Programs
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the shipbuilding industry is a significant sector within the global manufacturing landscape. While the market experienced a slowdown in recent years due to overcapacity and economic uncertainties, it has shown signs of recovery. The demand for new ships is expected to increase in the coming years, driven by factors such as fleet modernization, rising global trade volumes, offshore exploration and production, and the need for eco-friendly vessels. The global shipbuilding market is driven by the demand for new ships, fleet modernization, defense contracts, and the need for environmentally friendly vessels. The industry's growth is influenced by regional dynamics, technological advancements, and compliance with stringent regulations. Shipbuilders must navigate challenges, adapt to market trends, and seize opportunities to maintain competitiveness and sustainable growth in the evolving shipbuilding market.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 143.34 Billion |
Market size value in 2031 | USD 190.32 Billion |
Growth Rate | 3.20% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Shipbuilding Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Shipbuilding Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Shipbuilding Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Shipbuilding Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG20G2019