Ship Building Global Market Report 2024

The ship building market size has grown strongly in recent years. It will grow from $207.15 billion in 2023 to $220.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The expansion observed in the historical period can be linked to the economic growth experienced in emerging markets, a rising demand for cruise ships, the growth of seaborne trade, and positive initiatives undertaken by governments.

The ship building market size is expected to see strong growth in the next few years. It will grow to $279.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be associated with a rising demand for e-commerce, the expansion of tourism, and a growing global population. Key trends expected in the forecast period include an emphasis on integrating artificial intelligence (AI), adoption of green shipbuilding technologies, a surge in LNG (liquefied natural gas)-fueled engines, utilization of robotics, implementation of digital twin technology, development of solar and wind-powered ships, increased focus on partnerships and collaborations, and a rise in investments.

The growth of the shipbuilding market is expected to be fueled by the increasing seaborne trade. The rise in population, growing purchasing power of consumers, and improvements in living standards are driving the demand for consumer goods, leading to heightened production and rapid industrialization. For instance, data from Hellenic Shipping News in 2021 indicates that global seaborne coal trade saw a 5.1% year-on-year increase to 984.7 million tons in the first 10 months of 2021, compared to 936.7 million tons in the same period of 2020. The demand for efficient and cost-effective transport alternatives for goods movement is supporting the manufacturing of eco-friendly and advanced ships. Shipping large volumes at a lower cost than road, rail, and air transport further boosts the demand for the shipbuilding market.

The shipbuilding market is expected to benefit from the growing tourism industry. The tourism industry, encompassing leisure, social, or business travel, indirectly impacts the shipbuilding market by generating demand for various types of vessels, infrastructure development, and maintenance services. For example, a report from the United Nations World Tourism Organization in May 2023 reveals that international tourist receipts exceeded USD 1 trillion, marking a 50% increase in real terms over 2021 due to a significant resurgence in global travel in 2022. In the first quarter of 2023, total foreign arrivals reached 80% of pre-pandemic levels. As a result, the growing tourism industry is a driving force behind the shipbuilding market's growth.

The incorporation of 3D printing technology into shipbuilding is a prominent trend in the shipbuilding market. 3D printing, also known as additive manufacturing, is gaining traction across various manufacturing and engineering sectors, including shipbuilding. Companies in the shipbuilding market are engaging in collaborations within the industry to adopt advanced manufacturing technologies, such as 3D printing, to augment their manufacturing capabilities. In 2021, U.S. 3D printer OEM 3D Systems collaborated with the military shipbuilding industry player Huntington Ingalls Industries to develop novel corrosion-proof metal powders for applications in maritime 3D printing. Working alongside Huntington Ingalls Industries' Newport News Shipbuilding division, 3D Systems is formulating innovative Copper-Nickel and Nickel-Copper alloys specifically designed for producing robust and temperature-resistant parts.

Major companies in the shipbuilding and repairing market are introducing new products, including green container ships, to expand their customer base, drive sales, and increase revenue. Green container ships are vessels designed to minimize environmental impact and reduce carbon footprint. For example, in April 2023, Denmark-based shipping company Maersk A/S launched a green methanol-powered container ship. This product, a feeder ship with a 2,100 TEU capacity, is the first of nineteen carbon-neutral vessels powered by green methanol fuel. Maersk has secured suppliers to provide approximately 1 million metric tons of green methanol fuel annually for its methanol-fueled fleet. This initiative is expected to prevent atmospheric emissions of around 2.3 million metric tons of CO2 per year compared to conventional fuel-powered ships.

In September 2022, KH Investment acquired Daehan Shipbuilding for ₩ 200 billion ($148 million) as part of its strategy to build capacity and collaborate with Daehan Shipbuilding employees to establish a new business system. KH Investment secured a 95% stake in the shipyard through a consortium led by Korea Investment Private Equity and SG Private Equity. Daehan Shipbuilding, based in South Korea, specializes in ship construction and repair services, with a focus on building tanker, container, and liquefied natural gas ships.

Major companies operating in the ship building market report are Korea Shipbuilding & Offshore Engineering Co. Ltd., Samsung Heavy Industries, Fincantieri S.p.A, Hanwha Ocean, Imabari Shipbuilding Co. Ltd., Yangzijiang Shipbuilding Ltd., CSSC Offshore and Marine Engineering Group Company Limited, Mitsubishi Heavy Industries, United Shipbuilding Corporation, Tsuneishi Shipbuilding, Cochin Shipyard Limited, Western India Shipyard, Hindustan Shipyard Ltd., Adani Kattupalli Shipyard (Larsen & Toubro) , Shanghai Waigaoqiao Shipbuilding Co., Ltd., Qingdao Captain Marine Co.,Ltd., HBM-Huanan Building Materials (Shenzhen) Co.,Ltd., Headway Technology Co.,Ltd., Star MarinePro Corp. Limited , China Shipbuilding Industry Co., Ltd., TGE Marine Gas Engineering, Emden Dockyard (Emder Werft und Dock GmbH) , Schoenrock Hydraulik Marine Systems GmbH, Gebr. Friedrich GmbH & Co, Neptun Ship Design, I.G. Giourouk GmbH, NORIS Group GmbH, Wessels Reederei GmbH & Co. KG, Lethe GmbH, Ostseestaal GmbH & Co. KG, Hamburgische Schiffbau-Versuchsanstalt GmbH - Hamburg Ship Model Basin (HSVA) , Fosen Yard Emden GmbH, Amur Shipbuilding Plant, Pregol Shiprepair Yard, Lotos Shipbuilding Plant, Vyborg Shipyard Jsc, Nakhodka Shiprepair Yard, JSC Okskaya Shipyard , Zvezda Shipbuilding (SSK), Monterey Boats, Ellicott Dredges, Marine Specialty Painting, Bertram Yachts, BAYONNE DRY-DOCK & REPAIR CORP, Indmar Products Co, Inc., Master Boat Builders, Inc., Crestliner Boats, Advanced Integrated Technologies (AIT) , Back Cove Yachts, Advex Corporation , East Coast Repair & Fabrication LLC, Intech Boating, Flexboat Năutica, Shipyard Rio Tiete Ltd., Naproservice, Flexprin Indústria Com e Serv Marítimos, OKEAN YACHTS, Global Ship Service, Active Nautical , RBNA Classification Society, Drydocks World Dubai, Albwardy Damen Marine Engineering Dubai, Grandweld Shipyards, Abu Dhabi Ship Building (ADSB) , Oceanic Ship Repair and Engineering Services LLC, Premier Marine Engineering Services (L.L.C), The Damen Group, Southern African Shipyards, Dormac Marine & Engineering, DCD Enerji Çevre ve Teknoloji A.S, Southern Engineering Co. Ltd., Nigerdock FZE, West Atlantic Shipyard.

Asia-Pacific was the largest region in the shipbuilding market in 2023. Western Europe was the second largest market in global shipbuilding market share. The regions covered in the ship building market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ship building market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The primary categories of shipbuilding encompass bulkers, tankers, containers, cruises, ferries, and other specialized types. Container ships, for instance, lack hatches, resulting in the absence of a continuous main deck running the length of the vessel. Various applications of shipbuilding include passenger transportation, goods transportation, military applications, and utilization by transport companies and other end-users.

The shipbuilding market research report is one of a series of new reports that provides shipbuilding market statistics, including the shipbuilding industry global market size, regional shares, competitors with a shipbuilding market share, detailed shipbuilding market segments, market trends and opportunities, and any further data you may need to thrive in the shipbuilding industry. This shipbuilding market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The shipbuilding market include revenues earned by entities by construction of ships, conversion, and alteration. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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