Shipbuilding Market: 3.12% Y-O-Y Growth Rate in 2021

Vendor Landscape

The shipbuilding market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

  • Sumitomo Heavy Industries Ltd. – In February 2021, the company announced the launch of smartris, a drive solution for AGVs (automatic guided vehicles) and AMRs (autonomous mobile robots) that consists of three key components, namely gear, servo motor, and driver
  • Hyundai Heavy Industries Co. Ltd. – In March 2021, the company signed a memorandum of understanding (MoU) for cooperation in hydrogen and ammonia-related businesses with Saudi Aramco
  • Damen Shipyards Group NV – In July 2021, the company concluded a license agreement with US-based Conrad Industries. Conrad Shipyard LLC will construct two Damen Multi Cats 3013 for Great Lakes Dredge and Dock Corporation.

View more about the market’s vendor landscape highlights with a comprehensive list of vendors and their offerings.

Key Market Segmentation

  • Segmentation by Application: 
    • Commercial: 
      • The shipbuilding market share growth by the commercial segment will be significant during the forecast period. The increase in international trade through maritime logistics is driving the growth of the commercial shipbuilding segment. This is owing to the increase in container handling operations at marine ports, which are driving the demand for commercial ships and vessels. In addition, the emergence of new seaports in emerging economies in APAC is also driving the demand for new container vessels, thereby contributing to the growth of the segment under focus. 
    • Defense

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Regional Market Outlook

92% of the market’s growth will originate from APAC during the forecast period. China, South Korea (Republic of Korea), The Philippines, and Japan are the key markets for shipbuilding in APAC. Market growth in this region will be faster than the growth of the market in regions.

Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.

The Shipbuilding Market Covers the Following Areas:

Shipbuilding Market Sizing

Shipbuilding Market Forecast

Shipbuilding Market Analysis

Latest Trends, Driving the Global Shipbuilding Market

  • Market Driver:
    • Increasing seaborne trading:

One of the key factors driving growth in the shipbuilding market is the increasing seaborne trading. Throughout the last couple of decades, the shipping industry has recorded an increase in the total trade volume. The prominent factors propelling trade volumes include rapid industrialization and the liberalization of economies that are increasing the trade volume between two countries. The increasing economic activities, such as foreign direct investments, have heightened consumer purchasing power. This has augmented the demand for consumer products. The improved fuel efficiency and multi-fuel engine have made shipping an efficient method of transportation. The demand for goods and raw materials is increasing from emerging economies owing to the increasing population of these countries. This is further bolstering the rising seaborne trading.

  • Market Trend:
    • Increase in demand for eco-friendly ships:

The increase in demand for eco-friendly ships is another major factor supporting the shipbuilding market share growth. The environmental impact of shipping includes greenhouse gas emissions as well as oil pollution. Therefore, governments and international organizations are introducing many regulations related to reducing the negative effects of ships and vessels on the environment. The rising environmental regulations should increase the demand for eco-friendly ships that adhere to the latest emission norms. The trend is expected to continue during the forecast period.

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Shipbuilding Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 2.73%

Market growth 2021-2025

USD 13.24 billion

Market structure

Fragmented

YoY growth (%)

3.12

Regional analysis

APAC, Europe, South America, North America, and MEA

Performing market contribution

APAC at 92%

Key consumer countries

China, South Korea (Republic of Korea), Japan, The Philippines, and Poland

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

BAE Systems Plc, Damen Shipyards Group NV, Fincantieri Spa, General Dynamics Corp., Huntington Ingalls Industries Inc., Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., Oshima Shipbuilding Co. Ltd., Samsung Heavy Industries Co. Ltd., and Sumitomo Heavy Industries Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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