What Has Been the Growth Trajectory of the Ship Building Market?
The ship building market has seen considerable growth due to a variety of factors.
• The size of the ship building market has been experiencing robust expansion over the recent years. There's an expected surge from $221.13 billion in 2024 to $236.09 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.8%.
This significant rise during the historic period is due to factors such as the economic advancement in upcoming markets, a spike in the requirement for cruise ships, a rise in maritime trade, and beneficial policies introduced by the government.
What Will Be The Ship Building Market Size In The Future?
The ship building market is expected to maintain its strong growth trajectory in upcoming years.
• The ship building industry is projected to experience robust expansion in the coming years, with an estimated market size of $295.63 billion by 2029, growing at a CAGR of 5.8%.
This anticipated growth can be ascribed to factors like a rising demand for e-commerce, expansion in the tourism sector and population growth. Key forecasted trends include the incorporation of artificial intelligence (AI), environmentally friendly ship building methodologies, a rise in the use of LNG (liquefied natural gas)-based engines, robotics employment, application of digital twin technologies, solar and wind-propelled ships, strategic alliances and collaborations, and escalating investments.
What Are The Leading Drivers Of Growth In The Ship Building Market?
Predictions indicate that the expansion of maritime commerce will stimulate growth in the shipbuilding industry. Population growth, augmented consumer purchasing power, and enhanced living standards are escalating the demand for consumer goods. This leads to increased production levels and accelerated industrialization. For example, a report, REVIEW OF MARITIME TRANSPORT 2023, published by UNCTAD United Nations Conference on Trade and Development in June 2023, stated that in 2022, total seaborne trade had reached 12,027 million tons. Although containerized trade saw a dip by 3.7%, the oil and gas trade expanded by 6% and 4.6% respectively. The forecasts for 2023 suggest a 2.4% rise in total seaborne trade and a 1.2% upturn in containerized trade, followed by expected annual growth rates of 2.1% for total seaborne trade and 3.2% for containerized trade in 2024. Hence, escalating maritime commerce is a significant contributor to the expansion of the shipbuilding industry.
What are the Market Segments in the Ship Building Market?
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 Trends are Shaping the Ship Building Market Size?
A primary trend in the shipbuilding market of late is the emergence of 3D printing technology. Currently, 3D printing - or additive manufacturing - is on the rise in every field linked to manufacturing and engineering, shipbuilding included. Shipbuilding market participants are partnering with other industry peers to integrate advanced manufacturing technologies like 3D printing to boost their manufacturing strengths. For example, in July 2022, the U.S based military education and research institution, Naval Postgraduate School, initiated a 3D printing project aboard the USS Essex, a Wasp-class amphibious assault ship. The objective of this project is to assess and examine the operation of 3D printing technology in underway conditions, enabling the ship to produce crucial components such as heat sinks, fuel adapters, and valve covers, thereby heightening self-reliance, minimizing maintenance duration, and augmenting warfighting readiness.
Who Are the Key Players 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 Nautica
• 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
What are the Regional Insights into the Ship Building Market?
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
