According to the latest report by IMARC Group, titled “Ship Building Market by Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Passenger Ships, and Others), End User (Transport Companies, Military), and Region 2023-2028,” the global ship building market size reached US$ 151.2 Billion in 2022. Ship building comprises the construction of various types of vessels, such as cargo ships, tankers, container ships, cruise liners, and naval vessels. It involves the assembly and integration of numerous components, such as hulls, engines, navigational systems, and interior amenities, to create seaworthy and efficient vessels. Besides this, it includes testing and inspection like sea trials and engine tests, to ensure compliance with safety and quality standards. It is manufactured from various materials, such as wood, alloys, glass, steel, aluminum, and plastics.
Global Ship Building Market Trends:
At present, the increasing focus on ship building, as ships serve as vital waterways for international trade and transporting goods and commodities across the globe, represents one of the major factors strengthening the growth of the market. Apart from this, the rising demand for new and advanced vessels that can fulfil cargo transportation activities is propelling the growth of the market. Moreover, the increasing adoption of smart technologies on ships, such as the Internet of Things (IoT)-enabled sensors and predictive maintenance systems, to enhance safety and reduce downtime is contributing to the growth of the market. Besides this, the growing demand for luxury liners and passenger ships due to the thriving tourism industry is positively influencing the market. In line with this, the rising focus on eco-friendly vessel designs and incorporation of fuel-efficient technologies to reduce carbon emissions is impelling the growth of the market. Looking forward, the market value is projected to reach US$ 188.4 Billion by 2028, expanding at a CAGR of 3.5% during 2023-2028.
- Based on the type, the market has been classified into oil tankers, bulk carriers, general cargo ships, container ships, passenger ships, and others. At present, bulk carriers dominate the market, accounting for the largest share.
- On the basis of the end user, the transport companies exhibit a clear dominance in the market, followed by the military.
- Region-wise, the market has been segmented into North America (United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being China Shipbuilding Trading Co. Ltd., Damen Shipyards Group, Fincantieri S.p.A., Huntington Ingalls Industries Inc., JSC United Shipbuilding Corporation, Korea Shipbuilding & Offshore Engineering Co. Ltd., Larsen & Toubro Ltd., Mitsubishi Shipbuilding Co. Ltd., Oshima Shipbuilding Co. Ltd., Samsung Heavy Industries Co. Ltd., Tsuneishi Shipbuilding Co. Ltd., and Yangzijiang Shipbuilding (Holdings) Ltd.
|Base Year of the Analysis
||Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Passenger Ships, Others
|End Users Covered
||Transport Companies, Military
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||China Shipbuilding Trading Co. Ltd., Damen Shipyards Group, Fincantieri S.p.A., Huntington Ingalls Industries Inc., JSC United Shipbuilding Corporation, Korea Shipbuilding & Offshore Engineering Co. Ltd., Larsen & Toubro Ltd., Mitsubishi Shipbuilding Co. Ltd., Oshima Shipbuilding Co. Ltd., Samsung Heavy Industries Co. Ltd., Tsuneishi Shipbuilding Co. Ltd., Yangzijiang Shipbuilding (Holdings) Ltd., etc.
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