Global Shipbuilding Market to Record Significant Growth By 2024

July 06, 2020

According to the research report titled ‘Global Shipbuilding Market: Analysis By Ship Type, Application Type, By Region, By Country (2020 Edition): Market Insight, Competition and Forecast (2019-2024)’, available with Market Study Report LLC, global shipbuilding market was worth USD 256.05 billion in 2019 and is expected to record considerable growth during 2019-2024.

The growth in economies, increasing seaborne trade, surging consumption of energy, and burgeoning demand for eco-friendly shipping services and ships are some of the factors which are likely to drive the growth of global shipbuilding market.

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Global shipbuilding market is projected to witness a steady growth over the anticipated timeline. The market growth is majorly driven by utilization of technologies such as automation and artificial intelligence (AI) in this domain across the globe. In addition, adoption of robotic technologies is projected to favor global shipbuilding market expansion in the upcoming years, cites the report.

Global shipbuilding market is bifurcated based on value, ship type, application spectrum, and region.

Based on the application spectrum, global shipbuilding market is divided into leisure & luxury, transportation, defense, and others. The report states that transportation segment holds a significant share in global shipbuilding market. Factors such as increase in non-state actor led conflicts, expansion of territories, and global tensions are positively impacting the market growth. In addition, associated transmutation of the population also fuels industry expansion, favoring of naval deployments, which in turn propels the market size from defense sector.

From the regional point of view, global shipbuilding market is fragmented into Middle East & Africa, Asia Pacific, Europe, and Americas. In terms of CGT, the production of shipbuilding is mainly concentrated in East Asian countries namely Japan, Korea, and China which accounts to the market growth in Asia Pacific. Factors such as rise in maritime tourism, surging seaborne trade, rising compliance regarding maritime safety norms are likely to have a propitious impact on shipbuilding market in Americas.

Major players in global shipbuilding market are United Shipbuilding Corp., STX Offshore & Shipbuilding Co. Ltd, Sumitomo Heavy Industries, Ltd., Fincantieri, Mitsubishi Heavy Industries, China State Shipbuilding Corp Ltd., China Shipbuilding Industry Corp., Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering Co., Ltd, and Hyundai Heavy Industries Co. Ltd among others.

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