Who are the key players in Shipbuilding Market?

China State Shipbuilding Corporation, Mitsubishi Heavy Industries Ltd., Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering Co., Ltd and Hyundai Heavy Industries Co. Ltd. are the major companies operating in the Shipbuilding Market. Read More

Which is the fastest growing region in Shipbuilding Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Shipbuilding Market?

In 2024, the Asia Pacific accounts for the largest market share in Shipbuilding Market. Read More

What years does this Shipbuilding Market cover, and what was the market size in 2023?

In 2023, the Shipbuilding Market size was estimated at USD 138.62 billion. The report covers the Shipbuilding Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Shipbuilding Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the major challenges facing the Shipbuilding Industry?

The Shipbuilding Industry faces major challenges such as: a) Stringent environmental regulations b) Rising labor costs, and c) Need for technological advancements to build sophisticated ships Read More

Shipbuilding Market Size

Market Size of Shipbuilding Industry

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 *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. 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. 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