Shipbuilding Market Research Report - Global Forecast till 2027

Global Shipbuilding Market Research Report: Information By Ship Type (Cargo, Vessel, Container, Tanker, Multi-Purpose Ship, Car and Passenger Ferry and Others), Process (Designing, Production Planning, Cutting and Processing, Assembling and Launching and Outfitting), End User (Commercial and Military) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2026

ID: MRFR/A&D/8836-HCR | February 2021 | Region: Global | 168 pages

Please note that the assessment period of report has been updated from 2020–2026 to 2020-2027. Cordially fill the sample form for updated data.

Market Scenario


Shipbuilding refers to the manufacturing of ships. It includes the process of designing and manufacturing of ships and other floating vessels. Shipbuilding is a labor-intensive industry. Shipbuilding companies manufacture large ships, particularly seagoing vessels. These vessels are utilized by transport, trade (merchant and cargo), energy, and military sectors. Shipbuilding companies also offer products and provide services for building, maintaining, and converting vessels. Other products manufactured by shipbuilding companies include fishing vessels, tugs, bunker tankers, small general cargo carriers, and small passenger ships.


Market Synopsis


Global Shipbuilding Market is expected to register significant growth during the forecast period owing to factors such as growing international seaborne trade and rising awareness about maritime safety rules. Furthermore, the increasing procurement of advanced vessels by navies across the world is also expected to drive the growth of the market. Additionally, the increasing product launches by prominent technology companies for enhanced management in the shipbuilding industry is also expected to drive the growth of the market. For example, in May 2019, SAP SE and Accenture entered into an agreement to co-innovate and co-develop a new SAP cloud utility solution to help shipbuilding companies effectively manage business processes and customer experiences.


However, issues related to regular maintenance and cleaning and high materials and operations cost might hamper the growth of the global market.


Market USP


Technological advancements in the global shipbuilding industry, such as predictive maintenance, big data, and drones, and the development of autonomous and connected ships are expected to drive the growth of the market.


Market Drivers



  • Growing international seaborne trade

  • Growing maritime tourism industry

  • Increasing use of 3D printing in shipbuilding: 3D printing is a computer-controlled process, in which various materials are layered consecutively to form objects. To increase the efficiency and enhance the quality of the manufactured component, the players operating in the shipbuilding market have begun adopting 3D printing technology. This is expected to help improve the industry design standards.


Market Restraints



  • Issues related toregular maintenance and cleaning

  • High materials and operations cost

  • Regulations & policies related to environment control


Segmentation


By Ship Type



  • Cargo: The cargo segment is expected to grow at the highest CAGR during the forecast period, 2020 to 2026, owing to an increase in the international seaborne trade across the world.



  • Vessel: The increase in defense spending will promote the procurement of naval vessels, which will drive the growth of the segment. Additionally, the continued increase in geopolitical disputes between nations across the globe has led to an increase in production rates of military warships, which will also drive the growth of the segment.



  • Container: Benefits offered by container ships such as increasing operating efficiency and increasing cargo-carrying capacity are expected to drive the growth of the segment.



  • Tanker: The tanker segment is expected to grow at a steady CAGR during the forecast period, 2020 to 2026, owing to the increasing demand for various types of military and cargo ships across the world.



  • Multi-Purpose Ship: Multi-purpose ships are used for transporting a wide range of cargos such as steel, wood, building materials, and bulk cargo.



  • Car and Passenger Ferry: Increasing marine tourism and the rising development of electric passenger ferries owing to the stringent government regulations regarding environmental protection are expected to drive the growth of the segment.



  • Others: The others segment includes tugs, cruise ships, fishing vessels, small passenger ships, and small general cargo carriers.


By End-User



  • Commercial: The commercial segment dominated the market in 2019 and is expected to grow at a higher CAGR during the forecast period, owing to various factors such as the rapidly growing maritime tourism industry across the world and the rising trade activities at the seaports are expected to drive the growth of the segment.



  • Military: The increasing global tensions, territorial expansionism, rise of non-state conflicts, and the associated displacement of the population have boosted the expansion of naval deployments, which is expected to drive the growth of the segment.


By Region



  • North America: North America dominated the shipbuilding market in 2019 due to the presence of prominent companies such as Raytheon Technologies Corporation and Huntington Ingalls Industries, Inc.



  • Europe: The increasing marine tourism industry in the region and the rising development of electric and autonomous ships in the region are expected to drive the market growth in Europe.



  • Asia-Pacific: The market in this region is projected to register the highest CAGR during the forecast period. The growing demand for marine vessels in countries such as China, Japan, India, and South Korea, owing to growing seaborne trade, is expected to drive the market growth in the region.



  • Rest of the World: The increasing seaborne international trade activities and passenger traffic in the UAE, South Africa, Brazil, and Gulf countries are expected to drive the market growth in the region.


Key Players



  • Raytheon Technologies Corporation (US)

  • Huntington Ingalls Industries, Inc. (US)

  • General Dynamics Corporation (US)

  • Damen Shipyards Group (Netherlands)

  • BAE Systems (UK)

  • STX Offshore & Shipbuilding Co., Ltd. (South Korea)

  • Sumitomo Heavy Industries, Ltd. (Japan)

  • FINCANTIERI S.p.A. (Italy)

  • China State Shipbuilding Corporation Limited (China)

  • DSME Co., Ltd. (South Korea)


Other Prominent Players



  • China Shipbuilding Industry Corporation (China)

  • United Shipbuilding Corporation (Russia)

  • LARSEN & TOUBRO LIMITED (India)

  • Northstar Shipbuilding Pvt. Ltd. (India)

  • TSUNEISHI SHIPBUILDING Co., Ltd. (Japan)

  • Shanghai Waigaoqiao Shipbuilding Co., Ltd. (China)

  • Samsung Heavy Industries Co., Ltd. (South Korea)

  • Oshima Shipbuilding Co., Ltd. (Japan)

  • MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan)

  • MEYER WERFT GmbH & Co. KG (Germany)

  • Imabari shipbuilding Co., Ltd. (Japan)

  • Hyundai Heavy Industries Co., Ltd. (South Korea)

  • Hanjin Heavy Industries & Construction Co., LTD. (South Korea)

  • Navantia (Spain)

  • MV WERFTEN Wismar GmbH (Germany)



Report Scope:
Report Attribute/Metric Details
  Market Size   Significant Value
  CAGR   Substantial CAGR
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Ship Type, Process and End User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Raytheon Technologies Corporation (US), Huntington Ingalls Industries, Inc. (US), General Dynamics Corporation (US), Damen Shipyards Group (Netherlands), BAE Systems (UK), STX Offshore & Shipbuilding Co., Ltd. (South Korea), Sumitomo Heavy Industries, Ltd. (Japan), FINCANTIERI S.p.A. (Italy), China State Shipbuilding Corporation Limited (China), DSME Co., Ltd. (South Korea), China Shipbuilding Industry Corporation (China), United Shipbuilding Corporation (Russia), LARSEN & TOUBRO LIMITED (India), Northstar Shipbuilding Pvt. Ltd. (India), TSUNEISHI SHIPBUILDING Co., Ltd. (Japan), Shanghai Waigaoqiao Shipbuilding Co., Ltd. (China), Samsung Heavy Industries Co., Ltd. (South Korea), Oshima Shipbuilding Co., Ltd. (Japan), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), MEYER WERFT GmbH & Co. KG (Germany), Imabari shipbuilding Co., Ltd. (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Hanjin Heavy Industries & Construction Co., LTD. (South Korea), Navantia (Spain) and MV WERFTEN Wismar GmbH (Germany)
  Key Market Opportunities   Technological advancements in the global shipbuilding industry, such as predictive maintenance, big data, and drones, and the development of autonomous and connected ships are expected to drive the growth of the market.
  Key Market Drivers

  • Growing international seaborne trade
  • Growing maritime tourism industry
  • Increasing use of 3D printing in shipbuilding


  • Frequently Asked Questions (FAQ) :


    The market is assessed to be supported by an encouraging income figure by 2026.

    A fortifying CAGR is estimated to boost the worldwide market.

    The surging procurement of progressive vessels by navy bodies worldwide is estimated to enhance the global market.

    General Dynamics Corporation (U.S.), Raytheon Technologies Corporation (U.S.), and Huntington Ingalls Industries, Inc. (U.S.) will steer the market.

    The North American shipbuilding market is estimated to promote the market.