Ship Building Global Market To Reach Value Of About $161.83 Billion In 2023
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The global ship building market is expected to decline from $162.52 billion in 2019 to $150.42 billion in 2020 at a compound annual growth rate (CAGR) of -7.44%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $161.83 billion in 2023 at a CAGR of 2.47%. The increasing seaborne trade is predicted to contribute to the growth of the ship building market.
The ship building market consists of sales of ships and related services by entities (organizations, sole traders, and partnerships) that operate shipyards. Shipyards are fixed amenities with fabrication and drydocks equipment capable of building a ship, defined as watercraft typically suitable or intended for other than personal or recreational use. Only goods and services traded between entities or sold to end consumers are included.
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The global ship building market is further segmented based on product, application and geography.
By Product: Bulkers, Tankers, Containers, Cruise and Ferry, Others.
By Application: Passenger Transportation, Goods Transportation
By Geography: The global ship building market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Trends In The Ship Building Market
The use of 3D printing technology in ship building is a leading trend being observed in the ship building market in recent years. 3D printing, also known as additive manufacturing, is gaining popularity in every sector connected to manufacturing and engineering, including ship building. The companies operating in the ship building market are collaborating with other players in the industry to adopt advanced manufacturing technologies including 3D printing to enhance their manufacturing capabilities.
Ship Building Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides ship building market overviews, analyzes and forecasts market size and growth for the global ship building market, ship building market share, ship building market players, ship building market segments and geographies, ship building market’s leading competitors’ revenues, profiles and market shares. The ship building market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.