Shipbuilding Market Size (2024 - 2029)

The shipbuilding market is projected to experience growth over the forecast period, driven by factors such as increasing seaborne trade, economic expansion, and a rising demand for eco-friendly ships and services. Despite challenges, key markets are implementing strategies to foster growth, with significant government support in regions like Korea. The industry is also witnessing a shift towards advanced manufacturing technologies, including 3D printing, to enhance production capabilities. East Asia, particularly China, Japan, and South Korea, leads in shipbuilding activities, while Southeast Asia is prominent in ship scrapping.

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Market Size of Shipbuilding Industry

Ship Building Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 145.67 Billion
Market Size (2029) USD 184.5 Billion
CAGR (2024 - 2029) 4.84 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Shipbuilding Market Major Players

*Disclaimer: Major Players sorted in no particular order

Shipbuilding Market Analysis

The Shipbuilding Market size is estimated at USD 145.67 billion in 2024, and is expected to reach USD 184.5 billion by 2029, growing at a CAGR of 4.84% during the forecast period (2024-2029).

Over the long term, the shipbuilding market is expected to grow over the forecast period due to increasing seaborne trade and economic growth, rising energy consumption, the demand for eco-friendly ships and shipping services, and the advent of robotics in shipbuilding.

Though the shipbuilding market is facing a tough time, the major markets are still working and trying to turn the market toward a growth direction. In Korea, the government is taking various initiatives to support the shipbuilding industry, as the companies in the nation receive a greater number of orders.

In recent years, the shipbuilding industry saw a significant trend toward the adoption of 3D printing technologies. Every industry related to manufacturing and engineering, including shipbuilding, is embracing 3D printing, also known as additive manufacturing. Companies in the shipbuilding industry are working together with other market participants to embrace cutting-edge manufacturing technologies, such as 3D printing, to improve their manufacturing capacities.

Further, the East Asian region dominates shipbuilding, with China, Japan, and South Korea ranking first and second, respectively. In 2022, China received more than half of all shipbuilding orders, establishing it as a global shipbuilding powerhouse. Southeast Asia is similarly concentrated in ship destruction, with Bangladesh, India, and Pakistan accounting for nearly 90% of global ship scrapping activities.

Shipbuilding Industry Segmentation

Shipbuilding is the construction of large seagoing vessels, primarily of steel, but other materials, such as wood and composites, can also be employed.

The shipbuilding market is segmented by type, by end-user, and by geography. By type, the market is segmented into vessel, container, passenger, and other types. By end user, the market is segmented into transport companies, military, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the World.

The report offers the market sizes and forecast in value in (USD ) for all the above segments.

Type
Vessel
Container
Passenger
Other Types
End User
Transport Companies
Military
Other End Users
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
Brazil
Mexico
United Arab Emirates
Other Countries
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Shipbuilding Market Size Summary

The shipbuilding market is poised for growth over the forecast period, driven by factors such as increasing seaborne trade, economic expansion, and a rising demand for eco-friendly vessels. The industry is experiencing a shift towards advanced manufacturing technologies, including 3D printing, which is enhancing production capabilities. East Asia, particularly China, Japan, and South Korea, dominates the market, with China emerging as a global leader in shipbuilding orders. The region's prominence is supported by significant investments and government initiatives aimed at bolstering the industry. Additionally, the market is witnessing a surge in demand for alternative fuel-capable ships, reflecting a broader trend towards sustainability in maritime transport.

The shipbuilding sector is a crucial contributor to the GDP of manufacturing countries, with India and Canada making notable strides in expanding their naval capabilities. India's shipbuilding industry is linked to various sectors, including steel and aluminum, and is supported by government initiatives to promote self-reliance. Meanwhile, Canada is investing in its naval fleet, partnering with local shipyards to construct new vessels. The market is characterized by fragmentation, with major players like Mitsubishi Heavy Industries and Hyundai Heavy Industries leading the charge in innovation and development. These developments, alongside strategic collaborations and government support, are expected to drive the shipbuilding market forward, addressing both current and emerging industry challenges.

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Shipbuilding Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Increasing Trade Activities Between Countries to Drive the Market

    2. 1.2 Market Restraints

      1. 1.2.1 Fluctuation in Transportation and Inventory Cost May Hamper the Growth of the Market

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in USD)

    1. 2.1 Type

      1. 2.1.1 Vessel

      2. 2.1.2 Container

      3. 2.1.3 Passenger

      4. 2.1.4 Other Types

    2. 2.2 End User

      1. 2.2.1 Transport Companies

      2. 2.2.2 Military

      3. 2.2.3 Other End Users

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Japan

        4. 2.3.3.4 South Korea

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 Rest of the World

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Mexico

        3. 2.3.4.3 United Arab Emirates

        4. 2.3.4.4 Other Countries

Shipbuilding Market Size FAQs

The Shipbuilding Market size is expected to reach USD 145.67 billion in 2024 and grow at a CAGR of 4.84% to reach USD 184.5 billion by 2029.

In 2024, the Shipbuilding Market size is expected to reach USD 145.67 billion.

Shipbuilding Market Report Snapshots

Shipbuilding Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)