Shipbuilding Market Growth, Trends and Forecast by 2031

The shipbuilding market is expected to register a CAGR of 4.1% during 2023–2031. The evolution of cross border trading activities and the increasing government spending on the defense sector is likely to remain a key trend in the market.

Shipbuilding Market Analysis

• The demand for affordable marine transportation, or ships, is critical for economic expansion and sustainable development since the world's population is always growing, especially in emerging economies. Ships also help to distribute the benefits of international trade and commerce.
• The global shipbuilding market is anticipated to observe high growth during the forecast period. The market has expanded as a result of the various developments made by leading shipbuilding companies.
•  Increased trade agreements between nations and ongoing product development support the expansion of the global shipbuilding market.

Shipbuilding Market Overview

• The shipbuilding industry is involved in the production of different types of ships for various applications. These types of ships can include vessels, cargo, roll-on/roll-off ships, crafts, passenger ships, and others.
• As seaborne trade is on the rise and trade barriers are being eased, the demand for ships is expected to grow in the coming years, creating a favorable market environment for manufacturing and other important players.
• The demand for consumer goods is being driven by factors such as population growth, rising purchasing power, and rising living standards, which is resulting in increased production and several trade-driven agreements have been initiated between developed and emerging nations to transport goods. Thus, suppliers have shifted their preference toward waterways as a better and more efficient means of transportation.

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Shipbuilding Market: Strategic Insights

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Shipbuilding Market Drivers and Opportunities

Increasing Cross-Border Trade to Favor the Market

• The main factor driving the shipbuilding market's growth is expanding economies brought about by increased trade.
• The foundation of international trade in maritime transportation, and trade expansion has been a major contributor to the global economy in recent years.
• Maritime transportation has opened up new markets and extended supply chains, accelerating global economic development. The Canadian government is starting to award navy ship contracts, which may result in a rise in the country's requirement for defense ships.
• The government entered into a long-term strategic agreement for the construction of combat and non-combat naval vessels with two Canadian shipyards, Irving Shipbuilding Inc. (Halifax) and Seaspan's Vancouver Shipyards Co. Ltd. (Vancouver).

Increasing Government Spending on the Defense Sector

• Due to the growing geopolitical disturbances, governments of various nations are highly focusing on spending higher amounts on developing naval forces to combat the modern war requirement.
• Growing government procurement of military ships is also having a positive impact on the growth of the shipbuilding market at the global level.

Shipbuilding Market Report Segmentation Analysis

Key segments that contributed to the derivation of the shipbuilding market analysis are ship type, process, and end user.

• Based on ship type, the shipbuilding market is divided into cargo, vessel, container, tanker, multi-purpose ship, car and passenger ferry and others.
• Based on the process, the shipbuilding market is divided into designing, production planning, cutting and processing, assembling and launching and outfitting.
• Based on the type of end user, the shipbuilding market is divided into commercial and military.

Shipbuilding Market Share Analysis by Geography

• The shipbuilding market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering shipbuilding market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the shipbuilding market in these regions.

Shipbuilding Market Regional Insights

The regional trends and factors influencing the Shipbuilding Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Shipbuilding Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Shipbuilding Market Report Scope

Shipbuilding Market Players Density: Understanding Its Impact on Business Dynamics

The Shipbuilding Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Shipbuilding Market are:

1. L & T Ship Building Ltd.
2. Mitsubishi Heavy Industries Limited
3. General Dynamics Corporation
4. BAE Systems PLC
5. Japan Marine United
6. Imabari Shipbuilding

Disclaimer: The companies listed above are not ranked in any particular order.

Shipbuilding Market News and Recent Developments

The shipbuilding market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the shipbuilding market are listed below:

• Mitsubishi Shipbuilding and WinGD concluded a memorandum of understanding (MOU) to undertake joint technical studies on an AFSS, aiming to contribute to the achievement of a new target set by the International Maritime Organization (IMO) of net zero greenhouse gas (GHG) emissions in the global maritime industry by or around 2050. (Source: Mitsubishi Shipbuilding, Press Release, June 2023)
• The MEYER Group reveals visionary ideas and innovative maritime products at Seatrade Cruise Global in Miami this week and underlines its technological leadership in maritime products. For the first time, initiatives towards a climate-neutral cruise ship concept under development in the NEcOLEAP research project at MEYER TURKU are presented. Additionally, ALFRED Maritime, the digital venture of MEYER Group, introduces the AI-based MEYER Energy Management System. Floating piers and terminals by MEYER Floating Solutions and the visionary future concept ORIGIN complete the showcases on the MEYER booth. (Source: The MEYER Group, Press Release, April 2024)

Shipbuilding Market Report Coverage and Deliverables

The “Shipbuilding Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Shipbuilding market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Shipbuilding market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Shipbuilding market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the shipbuilding market
• Detailed company profiles