Press release
Global Ship Building Market Projected to Surpass $295.63 Billion by 2029 with 5.8% Annual Growth
ship building Market Size
The expansion of maritime commerce is anticipated to fuel the development of the shipbuilding industry. A surge in population, enhanced consumer buying power, and elevated living standards are boosting the need for consumer products, triggering intensified industrialization and increased production. As stated in the REVIEW OF MARITIME TRANSPORT 2023 report by UNCTAD United Nations Conference on Trade and Development, in 2022, marine trade peaked at 12,027 million tons, even as containerized trade dropped by 3.7%. Nonetheless, oil and gas commerce expanded by 6% and 4.6% respectively. Forecasts for 2023 suggest a rise of 2.4% in overall maritime trade and a 1.2% uptick in containerized trade, with projected annual growth rates of 2.1% and 3.2% for overall and containerized maritime trade in 2024 respectively. Consequently, this upward trend in maritime commerce will stimulate the expansion of the shipbuilding industry.
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What is the future CAGR of the ship building market, and how will it impact industry expansion?
In recent times, the ship building market has seen significant growth in size. Its growth is projected to rise from $221.13 billion in 2024 to $236.09 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%. This expansion in the historical period is primarily due to economic growth in burgeoning markets, a rising demand for cruise ships, an uptick in seaborne trade and beneficial government policies.
Over the coming years, the ship building sector is predicted to witness a substantial expansion, reaching a size of $295.63 billion in 2029 with a CAGR of 5.8%. Factors such as the rising e-commerce demand, expanding tourism industry, and population growth are expected to propel this growth. The offering period will be marked by the incorporation of artificial intelligence (AI), the adoption of environmentally-friendly ship building techniques, an increase in LNG (liquefied natural gas) powered engines, utilization of robotics and digital twin technology, solar and wind-powered vessels, various partnerships and collaborations, and growing investments.
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How are the latest trends influencing the growth of the ship building market?
The rising trend in the shipbuilding market in recent years is the implementation of 3D printing technology. Every sector related to manufacturing and engineering including shipbuilding are finding more and more applications for 3D printing, otherwise known as additive manufacturing. The shipbuilding market players are joining forces with other industry entities to utilize advanced manufacturing technologies like 3D printing to increase their manufacturing prowess. For example, in July 2022, the Naval Postgraduate School, an esteemed military education and research institution based in the US, initiated a 3D printing program on board the USS Essex, a Wasp-class amphibious assault ship. The objective of this venture is to trial and assess 3D printing technology in real-time conditions, thereby allowing the ship to manufacture essential parts such as heat sinks, fuel adapters and valve covers, which in turn improves self-sustainability, reduces maintenance duration and boosts combat readiness.
Which key market segments comprise the ship building market and drive its revenue growth?
The ship building market covered in this report is segmented -
1) By Product: Bulkers, Tankers, Containers, Cruise And Ferry, Other Products
2) By Application: Passenger Transportation, Goods Transportation
3) By End-User: Logistics Companies, Cruise Operators, Other End-Users
Subsegments:
1) By Bulkers: Dry Bulk Carriers, Specialized Bulk Carriers
2) By Tankers: Crude Oil Tankers, Product Tankers, Liquefied Natural Gas (LNG) Carriers
3) By Containers: Container Ships, Multi-Purpose Container Vessels
4) By Cruise And Ferry: Ocean Cruise Ships, River Cruise Ships, Passenger Ferries
5) By Other Products: Offshore Support Vessels, Research Vessels, Fishing Vessels, Military Ships
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What regions are at the forefront of ship building market expansion?
Asia-Pacific was the largest region in the shipbuilding market in 2024. Western Europe was the second largest market in global shipbuilding market share. The regions covered in the ship building market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the ship building market?
Major companies operating in the ship building market include Korea Shipbuilding & Offshore Engineering Co. Ltd, Samsung Heavy Industries, Fincantieri S.p.A, Daewoo Shipbuilding & Marine Engineering Co Ltd, Imabari Shipbuilding Co. Ltd, Yangzijiang Shipbuilding Ltd, CSSC Offshore and Marine Engineering Group Company Limited, Mitsubishi Heavy Industries, United Shipbuilding Corporation, Tsuneishi Shipbuilding, Cochin Shipyard Limited, Western India Shipyard, Hindustan Shipyard Ltd, Adani Kattupalli Shipyard (Larsen & Toubro), Shanghai Waigaoqiao Shipbuilding Co., Ltd, Qingdao Captain Marine Co.,Ltd, HBM-Huanan Building Materials (Shenzhen) Co.,Ltd, Headway Technology Co.,Ltd, Star MarinePro Corp. Limited, China Shipbuilding Industry Co., Ltd, TGE Marine Gas Engineering, Emden Dockyard (Emder Werft und Dock GmbH), Schoenrock Hydraulik Marine Systems GmbH, Gebr. Friedrich GmbH & Co, Neptun Ship Design, I.G. Giourouk GmbH, NORIS Group GmbH, Wessels Reederei GmbH & Co. KG, Lethe GmbH, Ostseestaal GmbH & Co. KG, Hamburgische Schiffbau-Versuchsanstalt GmbH - Hamburg Ship Model Basin (HSVA), Fosen Yard Emden GmbH, Amur Shipbuilding Plant, Pregol Shiprepair Yard, Lotos Shipbuilding Plant, Vyborg Shipyard Jsc, Nakhodka Shiprepair Yard, JSC Okskaya Shipyard, Zvezda Shipbuilding (SSK), Monterey Boats, Ellicott Dredges, Marine Specialty Painting, Bertram Yachts, BAYONNE DRY-DOCK & REPAIR CORP, Indmar Products Co, Inc., Master Boat Builders, Inc., Crestliner Boats, Advanced Integrated Technologies (AIT), Back Cove Yachts, Advex Corporation, East Coast Repair & Fabrication LLC, Intech Boating, Flexboat Năutica, Shipyard Rio Tiete Ltd, Naproservice, Flexprin Indústria Com e Serv Marítimos, OKEAN YACHTS, Global Ship Service, Active Nautical, RBNA Classification Society, Drydocks World Dubai, Albwardy Damen Marine Engineering Dubai, Grandweld Shipyards, Abu Dhabi Ship Building (ADSB), Oceanic Ship Repair and Engineering Services LLC, Premier Marine Engineering Services (L.L.C), The Damen Group, Southern African Shipyards, Dormac Marine & Engineering, DCD Enerji Çevre ve Teknoloji A.S, Southern Engineering Co. Ltd, Nigerdock FZE, West Atlantic Shipyard
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What Is Covered In The Ship Building Global Market Report?
• Market Size Forecast: Examine the ship building market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the ship building market for a structured understanding.
• Key Players Overview: Analyze major players in the ship building market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ship building market.
• Segment Contributions: Evaluate how different segments drive overall growth in the ship building market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ship building market.
• Industry Challenges: Identify potential risks and obstacles affecting the ship building market.
• Competitive Landscape: Review strategic developments in the ship building market, including expansions, agreements, and new product launches.
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