Shipbuilding Market, By Type (Passenger, Merchant, Navy (Surface, Submarine), Offshore (FPSO/FSO, Offshore Supply Vessel), And By Geography

The shipbuilding industry has experienced significant growth, with its global market value reaching approximately US$ 149.76 billion in 2023. Projections indicate that by 2030, this market will expand to around US$ 191.67 billion, demonstrating a compound annual growth rate (CAGR) of approximately 3.6% from 2023 to 2030.

Figure 1. Global Shipbuilding Market Share (%), by Region, 2023

The global shipbuilding market size was valued at US$ 146.68 billion in 2022. Shipbuilding refers to the construction of ships and floating vessels at dedicated facilities known as shipyards. Shipbuilding involves sophisticated engineering and fabrication techniques to design and construct commercial vessels for transporting cargo as well as passengers across oceans and seas. Increasing globalization has facilitated a rise in international trade, positively impacting the demand for ships from major industries such as oil & gas, chemicals, and mining. Moreover, the growth of offshore oil & gas activities worldwide has propelled the production of specialized ships for offshore drilling, production, and transportation. Expanding maritime tourism along with rising disposable incomes is also fueling the construction of cruise and ferry ships. However, factors such as volatile crude oil prices and environmental regulations pose challenges to the shipbuilding industry.

Market Dynamics:

The global shipbuilding market growth is driven by growing international seaborne trade activities. A rise in global demand for energy and raw materials is necessitating marine transportation of oil, LNG, and dry bulk commodities which demands new ship orders. According to the International Energy Agency, the world energy demand is projected to rise by 30% between 2020 and 2030. This along with increasing offshore E&P(exploration and production) activities will drive the demand for specialized vessels like LNG carriers, crude oil tankers and offshore support vessels. However, fluctuations in crude oil prices add an element of uncertainty to investment decisions in the shipping industry. Strict environmental regulations pertaining to emission cuts can increase compliance costs for shipbuilders. Nevertheless, growing investments in development of green ships powered by liquefied natural gas (LNG) and other clean fuels present lucrative opportunities in the coming years. Adoption of advanced engineering technologies such as 3D printing, AI and automation in ship design and production processes is also gaining momentum in the industry.

Key features of the study:

• This report provides an in-depth analysis of the global shipbuilding market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2023-2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global shipbuilding market based on the following parameters company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries, Samsung Heavy Industries, Fincantieri S.p.A, and Mitsubishi Heavy Industries
• Insights from this report would allow marketers and management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global shipbuilding market report caters to various stakeholders in this industry such as investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global shipbuilding market.

Detailed Segmentation:

Global Shipbuilding Market, Type:

• Passenger
• Cruise Liners
• Yachts
• Ferries
• Ro-Ro
• Merchant
• Bulk & General
• Container Vessels
• Tankers/VLCC/LNG/Chemical
• Special Vessels/Dredger/Tugs
• Navy
• Surface
• Frigates, Corvettes
• Patrol Ships
• Aircraft Carriers
• Troop Landing Ships
• Submarine
• Offshore
• FPSO/FSO
• LNG
• FSRU
• Offshore Supply Vessel
• AHTS
• PSV
• Global Shipbuilding Market, By Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
• Company Profiles:
  • L&T Ship Building Ltd.
  • Mitsubishi Heavy Industries Limited
  • General Dynamics Corporation
  • BAE Systems PLC
  • Japan Marine United
  • Imabari Shipbuilding
  • Labuan Shipyard & Engineering
  • Swiftships
  • Damen Shipyards Group
  • Sembcorp Industries Ltd.
  • Cochin Shipyard Limited
  • China Shipbuilding Industry Corporation
  • Fincantieri S.p.A.
  • Dae Sun Shipbuilding & Engineering Co. Ltd.
  • Hyundai Mipo Dockyards Co. Ltd.