The ongoing advancement in technology to build greater defense capability has created a significant demand for more complex naval vessels with a better and smarter technology. Particularly, major defense manufacturers are focusing on developing sophisticated systems, such as weapons, sensors and communication systems in modern warships. The technologies that are driving the global naval shipbuilding market include 3D printing, shipbuilding robotics, ballast free ship design, LNG fueled engines, solar and wind powered ships, and Bucky paper (thin sheet made up of carbon nanotubes). The market is marked by the ongoing naval conflict between various geographical powers. For instance, the US Navy has proposed FY2022 budget requests $18.1 billion for construction of new ships within its shipbuilding budget.
The "Global Naval Shipbuilding Market Analysis to 2028" is a specialized and in-depth study of the aerospace and defense industry with a special focus on the global market trend analysis. The report aims to provide an overview of Naval Shipbuilding market with detailed market segmentation by ship type and geography. The global Naval Shipbuilding market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Naval Shipbuilding market players and offers key trends and opportunities in the market.
Based on Ship Type, the market can be segmented into Surface Ships (aircraft carriers, cruisers, destroyers, frigates, corvettes, large patrol vessels) and Submarines.
On the basis of Engine Type, the market can be segmented into Internal Combustion Engine, and Electric Engine.
MARKET DYNAMICS Drivers:
Advancement in shipbuilding technologies such as 3D printing, shipbuilding robotics, and ballast free ship design.
Increasing geo-political conflicts and requirement to strengthen the naval forces
High cost of research and development for developing countries
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Naval Shipbuilding market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive Porter's Five Forces analysis, highlighting the factors affecting the Naval Shipbuilding market in these regions.
IMPACT OF COVID-19 ON NAVAL SHIPBUILDING MARKET
The outbreak of the COVID-19 has severely impacted defense-related industries. The disruption in the global supply chain created a significant shortage in supply for the production of naval vessels during the pandemic's peak in 2020. Various key market players started adopting stringent measures to reduce supply chain disruption. For instance, BAE Systems focused on minimizing the impact on their supply ecosystem by meeting their payment obligations and working together in close harmony with the suppliers. However, during 2021, the advent of geopolitical conflicts and the rising need to upgrade naval warfare systems to ensure coastal and maritime security have created sufficient demand for Naval Shipbuilding. For instance, in the US, A September 2021 Congressional Budget Office (CBO) report estimated that the fleet envisaged on June 17, 2021, long-range Navy shipbuilding document would cost an average of $25.3 billion to $32.7 billion per year after FY2021. These figures are 10% to 43% higher than the $22.9 billion in FY2021 that Congress appropriated, on average, for the complete Navy shipbuilding activities over the past three years. Therefore, the plummeting global military Naval Shipbuilding market faces a short-term impact due to COVID-19 and is regaining momentum by the end of 2021.
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The report covers key developments in the Naval Shipbuilding market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership and collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Naval Shipbuilding market are anticipated to lucrative growth opportunities in the future with the rising demand for Naval Shipbuilding in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Naval Shipbuilding market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
Cochin Shipyard Limited
Daewoo Shipbuilding & Marine Engineering Co., Ltd
Huntington Ingalls Industries, Inc.
Hyundai Heavy Industries Co., Ltd.
HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.
MITSUBISHI HEAVY INDUSTRIES, LTD.
Samsung Heavy Industries
Shanghai Waigaoqiao Shipbuilding Co., Ltd.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
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The List of Companies
2.Cochin Shipyard Limited
3.Daewoo Shipbuilding & Marine Engineering Co., Ltd
4.Huntington Ingalls Industries, Inc.
5.Hyundai Heavy Industries Co., Ltd.
6.HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.
7.MITSUBISHI HEAVY INDUSTRIES, LTD.
9.Samsung Heavy Industries
10.Shanghai Waigaoqiao Shipbuilding Co., Ltd.