Published April 25, 2023
According to the report, the global Ship Building market is expected to grow from $140Billion in 2022, which is expected to reach $255Billion by 2033, growing at a CAGR of 7% from 2023 to 2033.The construction of ships and other floating vessels is referred to as shipbuilding. Typically, a shipyard, a specialized location, is where it happens. Shipwrights and shipbuilders are synonyms. Oceangoing ships are built and designed by the shipbuilding industry all over the world.
The Ship Building market is driven by GDP growth, improved economic growth, international seaborne trade, rising demand for cargo transportation by ship, rise in trade-related agreements, technological developments in marine vessel engines, and trend of automation in marine transportation are major growth drivers for the global shipbuilding market.
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- The global Ship Building Market size was valued at USD 140 Billion in 2022 growing at a CAGR of 7% from 2023 to 2033.
- Asia Pacific dominated the market in 2022
- North America is expected to fastest-growing at the highest CAGR from 2023 to 2033
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The New Normal
To contain the COVID-19 pandemic epidemic, numerous countries implemented stringent lockdowns, which resulted in a generalized economic collapse. Various industries have been disrupted, with manufacturing being one of the most badly hit areas. Due to supply chain disruptions, the shipbuilding industry has suffered since the outbreak. The shipbuilding industry has been negatively impacted by COVID-19 in several different countries. The effect of the virus on the labor force is currently hindering the shipbuilding industry. Shipbuilders have had to incur additional costs as a result of the production disruption and delays in ship deliveries to customers.
In terms of COVID-19 impact, the Ship Building market report also includes the following data points:
- COVID-19 Impact on Ship Building market size
- End-User/Industry/Application Trend, and Preferences
- Government Policies/Regulatory Framework
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in Ship Buildingmarket
Some of the major Ship Building players holding high market share include Hyundai Heavy Industries, Daewoo Shipbuilding, Marine Engineering, and Samsung Heavy Industries.These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders.
The key players profiled in the report are:
- Hyundai Heavy Industries
- Daewoo Shipbuilding
- Marine Engineering
- Samsung Heavy Industries
- Mitsubishi Heavy Industry
- TSUNEISHI SHIPBUILDING Co. Ltd.
- Imabari Shipbuilding
- Northstar Shipbuilding Private Limited
- L&T India
- United Shipbuilding Corporation
Market Segment ByProduct Typewith focus on market share, consumption trend, and growth rate of Ship Building Market:
- Cruise Ships
- Cargo Ships
- Military Vessels
- Fishing Vessels
Based on product type,cruise ships currently hold the largest market share due to the increasing demand for luxury travel and the growing popularity of cruise vacations among consumers.
Market Segment ByEnd-Userwith focus on market share, consumption trend, and growth rate of Ship Building Market:
Based on end-user, the military currently holds the largest market share due to the increasing demand for naval vessels and other military ships, as well as the growing focus on military modernization and technological advancement. Military ships are also typically more expensive and complex to build than commercial or leisure ships, which can drive up the overall value of the military shipbuilding market.
Global Ship Building Geographic Coverage:
- Nordic Countries
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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- Regulatory Compliance: This report includes information on regulatory policies and requirements that affect a particular industry or market. This can be valuable information for businesses seeking to comply with regulations and avoid potential legal issues.
Overall, Ship Building market research reports provide valuable insights and information that can help businesses and individuals make informed decisions in a rapidly changing global marketplace.
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